Prince William and Princess Kate received a $30 million payday this year as they gained access to their first full year’s income from the Duchy of Cornwall estate.
William became the Duke of Cornwall when his father, King Charles III, acceded to the throne in 2022. The title is held by the monarch’s eldest son and is passed automatically upon accession.
The title comes with a large estate of land and investment holdings, the profits from which have historically provided the duke with a private income to fund his personal life and the staff, travel and costs associated with his official duties.
According to its newly published annual report, this year, the duchy generated a surplus profit of £23.6 million ($30.4 million) from rents and investments. This was down by £400,000 ($516,485) from last year. However, this is the first year that William and Kate have received the full amount.
For the 2022/2023 financial year, the couple received £5.9 million ($7.6 million) as the prince took over the duchy part way through the term.
Prince William (R) visits Duchy of Cornwall land in Dartmoor in Devon, England, in July 2023. The prince took over stewardship of the duchy when his father became king in September 2022. Prince William (R) visits Duchy of Cornwall land in Dartmoor in Devon, England, in July 2023. The prince took over stewardship of the duchy when his father became king in September 2022. Kensington Palace
The finances regularly become a talking point in Britain when the Duchy of Cornwall’s annual review is published each year. Though it is not public money, the inherited nature of the estate and the ways in which the duchy historically acquired land and property is debated.
The duchy holds over $1 billion in property holdings across 52,250 hectares (slightly over 129,112 acres) of land and over $100 million in financial assets.
According to the organization, the surplus income “meets the cost of the official, charitable, and private lives of their royal highnesses the Prince and Princess of Wales and their children.”
Like his father, William pays income tax on the Duchy funds he receives at the standard U.K. rate once the official costs have been deducted.
So far, 2024 has seen William and Kate take on a reduced public-facing role as the princess has experienced health challenges, leading to a cancer diagnosis, which was announced in March.
High-profile engagements and overseas visits were canceled as Kate began her course of preventive chemotherapy treatment, and William paused his diary to spend time with her during this period to support their family.
As the prince resumed his schedule of commitments, Kate announced in June that while continuing her treatment, she hoped to begin undertaking some work from home and public appearances over the summer.
Princess Kate and Prince William photographed in London in November 2023. The couple received $30 million from the Duchy of Cornwall’s 2022/2023 financial year operations. Princess Kate and Prince William photographed in London in November 2023. The couple received $30 million from the Duchy of Cornwall’s 2022/2023 financial year operations. Aaron Chown – WPA Pool/Getty Images
The princess attended the Trooping the Colour celebrations on June 15 and the Wimbledon Tennis Championship’s men’s singles final on July 14.
The reduced working output of the prince and princess in the past year is likely to anger anti-monarchists who have in the past objected to the duchy income going into royal hands.
In 2023, CEO of Republic (Britain’s main anti-monarchist group) Graham Smith told Newsweek that for William to draw the duchy income showed a “lack of serious scrutiny.”
“William likes to claim he works hard, adding one issue after another to his list of missions. First, he’ll tackle Middle East peace, then the environment, and now homelessness. The truth is he barely works at all,” he said.
“It takes a deep sense of entitlement and a complete lack of serious scrutiny for William, Kate, and the others to rake in multimillion pound fortunes, to enjoy the status and privileges of their positions while doing so little.”
In addition to being a property holding and financial investment organization, the Duchy of Cornwall enacts several social initiatives to support tenants and Britain’s rural communities.
These include environmental stewardship investments, mental health programs, and a new housing project to tackle homelessness.
James Crawford-Smith is Newsweek‘s royal reporter, based in London. You can find him on X (formerly Twitter) at @jrcrawfordsmith and read his stories on Newsweek‘s The Royals Facebook page.
Do you have a question about King Charles III and Queen Camilla, William and Kate, Meghan Markle and Prince Harry, or their family that you would like our experienced royal correspondents to answer? Email royals@newsweek.com. We’d love to hear from you.
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