Prince William and Princess Kate received a $30 million payday this year from the Duchy of Cornwall estate, where William became the Duke of Cornwall upon his father’s accession to the throne. The duchy generated a profit of £23.6 million ($30.4 million) from rents and investments, with this being the first full year of income for the royal couple. In the previous financial year, they received £5.9 million ($7.6 million) as William took over the duchy mid-term.
The Duchy of Cornwall holds over $1 billion in property holdings and over $100 million in financial assets across 52,250 hectares of land. The surplus income generated by the duchy covers the official, charitable, and private lives of the Prince and Princess of Wales and their children. Both William and Kate pay income tax on the funds they receive from the duchy at the standard UK rate after deducting official costs. The finances of the estate often spark debate due to its inherited nature and historical acquisition of land and property.
In 2024, William and Kate have taken on a reduced public-facing role due to Kate’s health challenges, including a cancer diagnosis announced in March. The princess has undergone preventive chemotherapy, leading to canceled engagements and overseas visits for the couple. William paused his commitments to support Kate during this period and resumed his duties after she announced plans to undertake some work from home and public appearances over the summer.
The couple’s reduced working output in the past year may provoke criticism from anti-monarchists who object to royal figures receiving income from the duchy. Republic CEO Graham Smith has expressed concerns about the lack of scrutiny over William and Kate’s multimillion-pound fortunes, citing their perceived lack of work compared to the privileges they enjoy. However, in addition to its financial activities, the Duchy of Cornwall implements social initiatives to support tenants and rural communities, including environmental stewardship investments, mental health programs, and homelessness projects.
Despite the challenges faced by the royal couple, including Princess Kate’s health issues, they have continued to fulfill some public engagements and work towards various causes. The Duchy of Cornwall’s finances, which provide a private income for the royals, remain a subject of debate and scrutiny in Britain. As William and Kate navigate their roles within the royal family, they balance personal challenges with their duties to the monarchy and their commitment to supporting social initiatives through the duchy.
