Prince William received a whopping $30 million income from his Duchy of Cornwall estate during the 2023-2024 financial year, multiple outlets report.
According to reports, the Duchy of Cornwall, inherited by William in September 2022, earned a £23.6 million ($30.4 million) surplus from investments in its latest Annual Report.
Along with the estate, William was given the Duke of Cornwall title.
The report also revealed William — an avid football fan — has been given the title of Patron of the Football Association. The title was previously held by his grandmother, Queen Elizabeth II.
This FA oversees England’s men’s and women’s professional, youth and disabled soccer teams.
Furthermore, he has been given authority over the Welsh Guards Charity and the Royal Cornwall Agricultural Association and was named president of the Victoria Cross and George Cross Association.
The Victoria Cross and George Cross Association gives the highest military honor to civilians and military personnel.
William gave up his title of president of Fields in Trust, however, to become a patron. Fields in Trust is an organization that protects parks and green spaces across the UK.
Officially, The Duchy is a private estate that covers William, Kate Middleton and their three children for their “official, charitable and private activities.”
The expansive estate is valued at more than $1 billion and was established in 1337 by King Edward III to provide funds for the heir to the throne for generations to come. Physically, it covers roughly 205 square miles of land across the United Kingdom, which includes over 20 counties.
According to the 2023 report, it is comprised of “arable and livestock farms, residential and commercial properties, as well as forests, rivers, quarries, and coastline.”
The Duchy is expected to be managed “in a way that is sustainable, financially viable and of meaningful value to the local community,” the report added.
The Duke of Cornwall voluntarily pays income tax on the annual revenue surplus he receives after he deducts business-related costs. The estate is exempt from corporation tax, as it is not a separate legal entity.
The 2023 – 2024 year marks the first time William and his family saw the full surplus of the estate.
Last year, The Duchy garnered about $29 million, though William only saw a portion of that because he inherited the title and estate halfway through the fiscal year.
Out of the $29 million, he brought home just over $7.4 million after the estate requested to keep more than $8.67 million of his cut for “working capital purposes.”
King Charles, meanwhile, snagged a $14.225 million payday.
Prince William’s financial success continues to grow as he received a substantial $30 million income from his Duchy of Cornwall estate in the 2023-2024 financial year. The estate, which he inherited in September 2022, earned an impressive £23.6 million ($30.4 million) surplus from its investments, according to the latest Annual Report. In addition to the financial prosperity, Prince William was also bestowed with the Duke of Cornwall title, further solidifying his role within the estate.Not only is Prince William a prominent figure within the Duchy of Cornwall, but he has also taken on significant roles outside of the estate. His passion for football has led to him being named as the Patron of the Football Association, succeeding his grandmother, Queen Elizabeth II. As the Patron, Prince William oversees England’s men’s and women’s professional, youth, and disabled soccer teams, showcasing his dedication to the sport.In addition to his role within the Football Association, Prince William has been given 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 honors civilians and military personnel with the highest military honors. Although he relinquished his title of president of Fields in Trust, Prince William remained a patron of the organization, which focuses on protecting parks and green spaces across the UK.The Duchy of Cornwall serves as a private estate for Prince William, Kate Middleton, and their three children, supporting their official, charitable, and private activities. The estate, valued at over $1 billion, was established in 1337 by King Edward III to provide financial stability for generations of heirs to the throne. Covering approximately 205 square miles across the UK, the Duchy comprises arable and livestock farms, residential and commercial properties, as well as forests, rivers, quarries, and coastline.The management of the Duchy focuses on sustainability, financial viability, and meaningful contributions to the local community. Prince William voluntarily pays income tax on the revenue surplus he receives, after deducting business-related costs, while the estate is exempt from corporation tax as it is not a separate legal entity. This year marked the first full surplus for Prince William and his family, with previous years seeing partial payments due to the timing of his inheritance.Overall, Prince William’s continued success within the Duchy of Cornwall and his various patronages showcases his dedication to his roles and the communities he serves. As he navigates his responsibilities and contributions, his impact on the estate and beyond is sure to be a source of inspiration for many. Stay tuned for more updates and insightful information.
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Source: Tampa Bay Times
