Multiple media outlets claim that Prince William made a whopping $30 million from his Duchy of Cornwall estate during the 2023-2024 fiscal year.
According to the Duchy of Cornwall’s most recent integrated annual report, the estate William inherited from his father, King Charles III, when he ascended the throne in September 2022, generated a distributable surplus of £23.6 million, or $30.4 million, from its investments. William was given the title of Duke of Cornwall in addition to the estate.
The report also revealed that William, an avid football fan, has been given the title of supporter of the Football Association (FA), a title his grandmother, Queen Elizabeth II, previously held. The FA oversees England’s professional, youth, and disabled soccer teams. Additionally, William has been appointed president of the Victoria Cross and George Cross Association, and has authority over the Royal Cornwall Agricultural Association and the Welsh Guards Charity. The Victoria Cross and George Cross are the highest military awards bestowed upon both civilians and military personnel.
In order to become a patron, William gave up his position as president of Fields in Trust, an organization that protects parks and green spaces throughout the UK. The Duchy is a private estate that covers William, Kate, and their three children for their official, charitable, and private activities.
King Edward III established the vast estate in 1337 to provide the heir to the throne with funds for future generations. It is now worth more than $1 billion, occupying roughly 205 square miles of land across more than 20 counties in the United Kingdom. It includes arable and livestock farms, residential and commercial properties, as well as forests, rivers, quarries, and coastline.
According to the 2023 report, it is anticipated that the Duchy will be managed in a way that is sustainable, financially viable, and of meaningful value to the local community. After deducting business-related expenses, the Duke of Cornwall voluntarily pays income tax on the annual revenue surplus he earns. Since the estate is not a separate legal entity, it is not subject to corporation tax.
William and his family first experienced the estate’s full surplus in the fiscal year 2023-2024. The Duchy made about $29 million last year, but William only received a portion of that because he acquired the title and estate in the middle of the fiscal year. After the estate asked to keep more than $8.67 million of his cut for working capital purposes, he received just over $7.4 million out of the $29 million.
