Prince William, the 42-year-old heir to the British throne inherited the Duchy of Cornwall estate and Duke of Cornwall title upon King Charles III’s ascension, following the 2022 death of Queen Elizabeth II.
Prince William is raking in the millions this year. A new royal statement is shedding light on just how much money the Prince of Wales has received this year following his new title as the Duke of Cornwall. William took over the Duchy of Cornwall estate (which is estimated to be worth over USD1 billion) when his father, King Charles, was crowned monarch back in 2022—and it came with some massive earnings. In its yearly Integrated Annual Report shared on Thursday, July 24, it was revealed that William received a substantial income of over USD30 million for his first full year in this role.
The estate boasted a surplus of £23.6 million ($30.4 million) after the 2023-2024 financial year, earmarked for private, charitable, and official expenses for the heir to the throne and his family. Despite his significant earnings, Prince William is still liable to pay income tax on his salary after deducting household expenses.
Prince William, his wife Kate Middleton and their three children benefit from the tax-exempt Duchy of Cornwall. It is a private estate that funds Prince William’s public, charitable and private activities. Prince William, as a member of the royal family, does not earn a conventional income. However, the establishment of the Duchy of Cornwall by King Edward III in 1337 was specifically intended to fund the expenses of the heir to the throne.
The Duchy of Cornwall comprises 130,000 acres spanning 23 counties in England and Wales. It includes various assets such as residential properties and commercial ventures. Notably, King Charles’s private residence, Highgrove House in Gloucestershire, is part of this valuable portfolio.
Prince William’s financial surplus amounts to USD30 million, which includes the USD800,000 in rent that his father, Prince Charles, now pays him annually. This arrangement reflects the intricate financial interplay within the royal family.
Preparation and Active Role
Even before officially inheriting the estate, Prince William was actively involved in the Duchy of Cornwall. Reports suggest that he was familiarizing himself with the estate to assume his new responsibilities. A royal source mentioned that Prince William is fully engaged and committed to his forthcoming role.
King Charles reportedly earned USD25 million from the estate in his final year as the Duke of Cornwall. This financial success indicates that the Duchy of Cornwall’s value is steadily increasing. As Prince William assumes a more prominent role, the estate’s appreciation may further boost his financial standing in the years to come.
Titles held by Prince William
Before given the Duke of Cornwall title. He was also given the title of Patron of the Football Association (FA), a title his grandmother Queen Elizabeth II held. The FA oversees England’s men’s and women’s professional, youth and disabled football teams. Prince William has been associated with the UK’s football scene for a long time.
Williams now also presides over the Welsh Guards Charity and the Royal Cornwall Agricultural Association and is now the president of the Victoria Cross and George Cross Association. The Victoria Cross and George Cross Association gives the highest military honour to civilians and military personnel.