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The future monarch, who turns 70 this year, was presented with the accolade at the lavish ceremony in London.
He joked he could throw the gong at a burglar.
The choir sang David Bowie’s Star Man as the royal took to the stage.
He told the audience: “First of all I really wanted to apologise for being wrongly dressed. I feared none of you would be able to compete with my incredibly snazzy dinner jacket.
“When I was first told of GQ magazine’s wish to give me a Man Of The Year award I felt sure it must have been some kind of mistake.
“I thought it must be some sort of ill-deserved fashion award. Particularly as in fashion terms I’m like a stopped clock, I’m fashionable once every 25 years.
He said he then learned it was for philanthropy, adding: “It really is incredibly kind of you and GQ magazine to do this.”
Charles told how establishing his charities was not easy but that he persevered.
“As you can imagine there is nothing more satisfying than seeing the difference you can make to so many young people’s lives,” he said.
“If you can actually provide them with an opportunity, help them to develop self-confidence and self-esteem, suddenly their lives can be transformed.”
The royal said above all else he was “enormously grateful to so many of the wonderful generous people who have enabled me to set up a whole range of charities”.
“Without these wonderfully generous people, corporations, individuals, goodness knows who, we would not have been able to do all this.
“We are incredibly lucky in this country to have so many people like that who can make such a fantastic difference in so many areas of life.”
He joked of the award: “I can see it’s something I can throw at the burglar if he comes in.”
Dylan Jones, Editor of GQ said, “The Prince of Wales has given his service to charities and philanthropic endeavours with such steadfast revolve, clarity of purpose and dedication to others, at home and on the world stage.
“We are particularly honoured to be able to dedicate The Prince of Wales with this award during British GQ’s 30th Anniversary this year.”
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