Prince William may look like he’s volunteering his time and efforts, but the newly-minted Prince of Wales does indeed get a salary, and a mighty fine one at that! The heir to the British throne received a private income from the Duchy of Cornwall of nearly £6 million this year, which converts to more than $7.5 million, according to the Duchy of Cornwall’s 2023 annual report.
The deluge of dollars came after Prince William inherited the Duchy landed estate following the death of his grandmother, the late Queen Elizabeth II, and the accession of his father, King Charles III. Along with the estate, William received the title of the 25th Duke of Cornwall, which entitles him to any surplus of profits from the dukedom.
The Duchy generated record profits of £24 million in 2022-23 – up £1 million from the year before, per the report. Typically, William would have been eligible to receive the entire £24 million as his personal income. However, things got a bit messy with his finances when he unexpectedly became the heir to the throne halfway through the financial year.
Charles, previously known as the Prince of Wales, was entitled to £11.275 million of the surplus before ascending the throne. William, who held the titles of Duke of Cornwall and Prince of Wales for approximately six months during the previous financial year, was entitled to £12.773 million.
However, due to the transition in the Dukes of Cornwall, the Duchy team requested to retain a portion of the surplus amounting to £6.873 million for operational expenses this year. As a result, William’s income was reduced to £5.9 million.
“Their royal highnesses have been working through with their Duchy and household team their plans and priorities for the Duchy and the household in the years to come, and how these support their work and charitable priorities, such as The Royal Foundation and its programmes,” a Kensington Palace spokesman said, per The Independent. “And it’s why the household is not publishing a partial annual report.”
In the detailed financial accounts of the Duchy, William paid tribute to his father for leaving an “indelible mark” on the Duchy and being passionate about driving change. William added, “I recognise that I have taken the helm at a challenging time for many Duchy tenants, businesses and communities.”
William then pledged to “support the Duchy family through this, seeking to ensure the estate continues to evolve and move forward as a modern enterprise that delivers on our vision of sustainable stewardship – for communities, enterprise and nature”.
Next year, William is expected to receive the full £24 million Duchy profit.