It pays to be the prince. The Duchy of Cornwall dropped its Integrated Annual Report recently, revealing Prince William‘s royal salary.
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Prince William raked in a cool $30 million from his first full year running the Duchy of Cornwall estate, a perk he inherited when his dad, King Charles, took the throne.
The Duchy of Cornwall released its Integrated Annual Report on Thursday, July 24, showcasing a distributable surplus of £23.6 million ($30.4 million) for the 2023-2024 financial year—Prince William’s inaugural full year as the Duke of Cornwall.
This amount supports the official, charitable, and private expenses of Prince William, Kate Middleton, and their three children.
Of course, the Prince of Wales does not receive a traditional salary. Instead, his annual expenses are primarily funded by the Duchy of Cornwall. Established by King Edward III in 1337, this estate was designed to provide financial support for the heir to the throne.
Valued at over $1 billion, the Duchy spans 130,000 acres across 23 counties in England and Wales. It includes a diverse array of assets, such as land, farms, and houses, ensuring the heir and their family’s needs are met.
Prince William Reportedly Pays Income Tax on His lavish Royal Salary… After Household Expenses
Prince William reportedly pays income tax on his entire salary from the Duchy of Cornwall, after deducting unspecified household expenses.
In 2022, when King Charles ascended the throne, Prince William became the Duke of Cornwall and head of the estate. Following Queen Elizabeth’s death, he is reportedly fully immersing himself in his new role.
The report also pointed out changes in Prince William’s patronages, notably his new role with The Football Association. As a passionate football enthusiast, he now assumes the position of FA patron, a role previously held by his grandmother, Queen Elizabeth. William had served as FA president since 2006, and this transition underscores his elevated status as the Prince of Wales.
Furthermore, Prince William will take on new patronages with the Welsh Guards Charity and the Royal Cornwall Agricultural Association. He will also become president of the Victoria Cross and George Cross Association. Additionally, he will transition from president to patron of Fields in Trust.
Meanwhile, King Charles, 75, has been keeping busy with public duties after taking a break following his cancer diagnosis in early February.