The first-in-line to the throne has received a significant financial boost due to his first full year's income from the Duchy of Cornwall estate, estimated to be $30 million.
- July 24, 2024
AceShowbiz - Prince William, the new Duke of Cornwall, has received a substantial income of $30 million from the Duchy of Cornwall estate during the 2023-2024 financial year. This income comes after his father, King Charles III, ascended to the throne in 2022.
According to the Duchy of Cornwall's Integrated Annual Report, the estate generated a distributable surplus of £23.6 million ($30.4 million) for the financial year. This sum covers the official, charitable and private expenses of Prince William, his wife Kate Middleton and their three children.
As a working member of the royal family, Prince William does not receive a traditional salary. Instead, his expenses are primarily covered by the Duchy of Cornwall, an estate established in 1337 by King Edward III to provide funds for the heir to the throne. The estate spans over 130,000 acres and includes land, farms, houses and other assets.
Prince William is understood to pay income tax on the entire income he receives from the Duchy of Cornwall, after deducting household expenses.
In addition to his estate income, Prince William has also been appointed as the Patron of the Football Association, a role previously held by his grandmother, Queen Elizabeth II. He will also assume new patronages with the Welsh Guards Charity and the Royal Cornwall Agricultural Association, and become president of the Victoria Cross and George Cross Association.
The substantial income from the Duchy of Cornwall estate has provided Prince William with a significant financial windfall. However, it is important to note that he is responsible for covering all official, charitable and private expenses associated with his role as the heir to the throne.
