Prince William has reportedly earned $30 million from his Duchy of Cornwall estate during the 2023-2024 financial year. King Charles III, on the other hand, received a $14.225 million payday.
According to its latest Integrated Annual Report, this whooping income stems from a distributable surplus of £23.6 million ($30.4 million) generated from the estate’s investments.
The Duchy of Cornwall, which the Prince of Wales inherited from his father, King Charles III, when he ascended the throne in September 2022, has proven to be a lucrative asset. Along with the estate, William also received the Duke of Cornwall title.
The estate, established in 1337 by King Edward III to provide financial support for the heir to the throne, is valued at over $1 billion and spans approximately 205 square miles across more than 20 counties in the United Kingdom. It includes a diverse range of assets such as arable and livestock farms, residential and commercial properties, forests, rivers, quarries, and coastlines.
Prince William’s Duchy of Cornwall estate surplus soars
The 2023-2024 financial year marks the first full year that William and his family received the entire surplus of the estate. The Duchy generated around $29 million in the previous year, but William only received a portion of this amount as he inherited the estate halfway through the fiscal year. Out of the $29 million, he brought home just over $7.4 million after the estate retained more than $8.67 million for “working capital purposes.”
The Duchy’s income supports William, Kate Middleton, and their three children for their “official, charitable and private activities.”
The 2023 report details that the Duchy comprises “arable and livestock farms, residential and commercial properties, as well as forests, rivers, quarries, and coastline.” It is managed to be “sustainable, financially viable and of meaningful value to the local community” and the estate is exempt from corporation tax.
Prince William has been appointed Patron of the Football Association, a title previously held by his grandmother, Queen Elizabeth II. This organization oversees England’s men’s and women’s professional, youth, and disabled soccer teams. Additionally, William now has authority over the Welsh Guards Charity and the Royal Cornwall Agricultural Association.
He was also named president of the Victoria Cross and George Cross Association, which bestows the highest military honors to both civilians and military personnel.
The article originally appeared on Hindustan Times.