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.
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Source: Tampa Bay Times
