Prince William and his wife, Kate Middleton, acquired new responsibilities as King Charles ascended the throne after the late Queen Elizabeth’s death.
When King Charles became king, he made Prince William second in line to the throne, meaning that Prince William would inherit a lucrative title.
According to its website, the Duchy of Cornwall is a “private estate established in 1337 which funds the public, charitable and private activities of the Prince of Wales and his family.”
King Charles took over running the estate in 1969 upon his 21st birthday and enjoyed its income until he transferred it to Prince William. His son, Prince William, is now using the proceeds to pay for his expenses.
Prince William became the 25th Duke of Cornwall in 2022, and an annual report has just been released showcasing the income that he has earned in his first full year of income from the estate.
The Duchy’s annual report revealed a surprisingly large number of surplus funds that would be passed along to Prince William.
Prince William’s annual income from the Duchy is approximately USD 30 million
While the annual report showcases that around 130,000 pounds were sent to charitable endeavors, Prince William will receive a distributable surplus of £23.6 million or approximately USD 30 million for the fiscal year of 2023-2024.
These funds are typically used for any official, charitable, and private expenses that Prince William and Kate Middleton may have for themselves and their children, Prince George, Princess Charlotte, and Prince Louis.
Prince William and Kate sponsor several charities and constantly seek new ones worth their time and money.
The royal couple recently shared on X (formerly Twitter) some new patronages they are taking on, including the Welsh Guards Charity, The Fields in Trust, and the Football Association.
The Duchy dates back to 1337 when Edward III started it to fund his son, Prince Edward’s lifestyle. It has continued in the monarchy since then and has remained a lucrative endeavor.
People.com reports that Prince William pays taxes on these funds after certain household expenses are subtracted.
Prince Harry is expected to inherit more than Prince William
While a $30 million paycheck is considerable for any Prince, Prince William’s younger brother, Prince Harry, is expected to inherit a tidy sum for his upcoming birthday.
This coming September 15, Prince Harry will inherit a significant amount from the money that Queen Elizabeth’s mother put aside in a trust many years ago.
The Times reports that tax breaks helped the fund grow and that Prince Harry will receive his share when he turns 40, which will happen later this year.
As the Mirror reports, Prince Harry is expected to inherit more than half of the fund’s money, bringing his total to around $8.5 million.