King Charles, Prince William’s father, acquired the title and estate of the Duchy of Cornwall when he rose to the throne. As a result of this inheritance, Prince William got an astounding thirty million dollars from the estate during his first full year of ownership.
There was a distributable surplus of £23.6 million ($30.4 million) for the 2023-2024 financial year, which was Prince William’s first full year as the Duke of Cornwall, according to the Integrated Annual Report that was issued by the Duchy of Cornwall on Thursday, July 24 (local time). This amount meets all of Prince William, Kate Middleton, and their three children’s expenditures, including those that are official, charitable, and private in nature.
A conventional salary is not something that the Prince of Wales, who is 42 years old, receives since he is a working member of the royal family. On the other hand, the Duchy of Cornwall, which was formed by King Edward III in 1337 with the purpose of providing income for the heir to the throne, is responsible for covering a significant portion of his yearly costs. This enormous estate, which is valued more than one billion dollars, is spread out over 23 counties in England and Wales and encompasses 130,000 acres. It consists of land, farms, residences, and other assets that are intended to provide for the heir and their family.
It is generally accepted that William is required to pay income tax on the whole amount of income he gets from the Duchy of Cornwall, after deducting the costs that are incurred by his family, which have not been revealed.
In 2022, when King Charles ascended to the throne, Prince William was elevated to the position of Duke of Cornwall and became the newly appointed ruler of the estate.
According to a source inside the royal family, Prince William was “fully immersing himself” in his duties as head of the Duchy of Cornwall after the passing of Queen Elizabeth. The Prince of Wales has made a number of visits to the estate since he inherited it. One of these visits was an overnight excursion in May, during which he went to the location of the innovative housing project that the Duchy of Cornwall is implementing in Newquay with the intention of solving the issue of homelessness.
In addition, the study noted recent developments regarding William’s patronages, such as a change in his position at The Football Association.
An avid supporter of football, William will now take on the role of patron of the Football Association, a post that was formerly held by his grandmother, Queen Elizabeth. Since the year 2006, William has served as the president of the FA. This modification is a reflection of his important function as Prince of Wales.
More than that, William will take on additional patronages with the Royal Cornwall Agricultural Association and the Welsh Guards Charity, and he will also take on the role of president of the Victoria Cross and George Cross Association. In addition, he will move from the position of president of Fields in Trust to that of patron.
