Prince William received a $30 million income from his Duchy of Cornwall estate during the 2023-2024 financial year. The estate, which William inherited from his father, King Charles III, when he ascended the throne, garnered a distributable surplus of $30.4 million from its investments. In addition to the estate, William was given the Duke of Cornwall title and was named Patron of the Football Association. He also received authority over the Welsh Guards Charity and the Royal Cornwall Agricultural Association, as well as being named president of the Victoria Cross and George Cross Association.
The Duchy of Cornwall, a private estate valued at over $1 billion, covers William, Kate Middleton, and their three children for their official, charitable, and private activities. Established in 1337 by King Edward III to provide funds for the heir to the throne, it covers roughly 205 square miles of land across the UK. Comprised of arable and livestock farms, residential and commercial properties, as well as forests, rivers, quarries, and coastline, the estate is expected to be managed in a sustainable and financially viable manner, providing meaningful value to the local community.
The Duke of Cornwall voluntarily pays income tax on the annual revenue surplus he receives from the estate, after deducting business-related costs. The estate, however, is exempt from corporation tax as it is not a separate legal entity. The 2023-2024 financial year marked the first time William saw the full surplus of the estate, as in the previous year he only received a partial amount due to inheriting the title and estate midway through the fiscal year. In the previous year, the Duchy garnered about $29 million, with William bringing home just over $7.4 million after the estate retained a portion of his cut for working capital purposes.
In addition to being appointed Patron of the Football Association, William holds authority over the Welsh Guards Charity and the Royal Cornwall Agricultural Association. He has also been named president of the Victoria Cross and George Cross Association, which gives the highest military honor to civilians and military personnel. The Duchy of Cornwall, which encompasses various properties and land throughout the UK, is managed in a way that is sustainable, financially viable, and provides meaningful value to the local community.
The Duchy of Cornwall, established by King Edward III in 1337, covers William, Kate Middleton, and their three children for their official, charitable, and private activities. The estate, valued at over $1 billion, is managed in a sustainable and financially viable manner to benefit the local community. William voluntarily pays income tax on the revenue surplus he receives from the estate, with the estate being exempt from corporation tax. The 2023-2024 financial year marked the first time William received the full surplus of the estate, after inheriting the title and estate midway through the previous fiscal year.
