In his first full year as Duke of Cornwall, Prince William has seen substantial earnings from the Duchy of Cornwall estate. The estate, a historic collection of properties and assets, has provided William with a significant income, underscoring the financial responsibilities and benefits that come with his new title.
The Duchy of Cornwall, established in 1337 by King Edward III, was created to provide income for the heir to the throne. Today, it spans 130,000 acres across 23 counties in England and Wales, comprising farms, houses, and other assets. The estate’s primary purpose remains to fund the public, charitable, and private activities of the Duke of Cornwall.
For the 2023–2024 financial year, William’s first overseeing the Duchy, the estate reported a distributable surplus of $30.4 million. This figure represents the income generated from the estate, which William can use to cover his household expenses before paying taxes.
According to the estate’s Integrated Annual Report, the Duchy is worth over $1.3 billion in total. The surplus income the prince and his family live on highlights the estate’s robust financial health. “This year has been the first full year with the ‘new team’ in post, and it has been a busy year,” said Duchy’s secretary Alastair Martin.
Prince William’s approach to managing the Duchy of Cornwall reflects a blend of tradition and modernity. Unlike his father, King Charles III, who voluntarily paid income and corporation taxes on his earnings from the Duchy, William has chosen not to disclose the exact amount of taxes he paid. This decision marks a departure from the transparency practiced by his predecessor.
Additionally, William introduced modern communication methods to the estate’s management. Reports indicate that he uses WhatsApp to stay in touch with the Duchy’s administrators, contrasting King Charles’ preference for landline calls. In addition, William has decided not to rehire Queen Camilla’s sister, Annabel Elliot, as the interior designer for the Duchy’s properties, a position she held since 2005.
While the Duchy of Cornwall enjoys a crown exemption, meaning the Duke is not obligated to pay income or corporation tax, the choice not to disclose tax payments has drawn some criticism. This move has raised questions about financial transparency, especially given the significant income involved. King Charles paid over $6.4 million in taxes on his Duchy income for the year ending in 2021.
Nevertheless, as the Duke of Cornwall, William is within his legal rights not to disclose this information due to the crown exemption.
William’s substantial earnings come when the overall funding for the British monarchy is set to increase. The Sovereign Grant, which finances the official duties of the monarchy, will rise by over $60 million in the 2024–2025 fiscal year. This increase is attributed to a surge in profits from the Crown Estate, a vast collection of land and properties across the UK, separate from the Duchy of Cornwall.
The Sovereign Grant, partly funded by taxpayers, supports various royal expenses, including travel, staff salaries, and maintaining royal residences. This funding boost comes amid economic challenges in the UK, leading to some public scrutiny.
Despite the financial gains, Prince William struggles to balance his significant income with public expectations and responsibilities. The Duchy of Cornwall’s income supports his family’s lifestyle and funds various charitable initiatives and public engagements.
Prince William’s $30 million earnings from the Duchy of Cornwall highlight his new title’s financial power and responsibilities. As he continues to manage the estate, the balance between tradition, modernity, and transparency will be crucial in shaping his legacy as Duke of Cornwall.
