Prince William, the heir to the British throne, has received a private income of nearly £6 million from the Duchy of Cornwall this year, according to royal accounts. The Duchy, which generated record profits of £24.048 million in the fiscal year 2022-2023, allows the Prince to receive surplus profits annually. However, due to his transition to becoming the Duke of Cornwall and Prince of Wales, a portion of the surplus was retained for estate maintenance purposes, leaving William with an income of £5.9 million.
A Historic Inheritance:
Prince William, aged 41, inherited the Duchy of Cornwall following the passing of his grandmother, the late Queen Elizabeth II, and the ascension of his father, King Charles, in September of last year. As the Duke of Cornwall, he is entitled to the surplus profits of the Duchy, which has been a traditional source of private income for the heir to the British throne.
Record Profits for the Duchy:
The Duchy of Cornwall reported record profits of £24.048 million in the fiscal year 2022-2023, an increase of £1.02 million compared to the previous year’s earnings of £23.024 million. The Duchy encompasses vast estates across 23 counties in England and Wales, including notable properties such as the Oval cricket ground and 67,000 acres of Dartmoor.
A One-Time Adjustment:
Due to the unique circumstances of Prince William’s transition to becoming the Duke of Cornwall and Prince of Wales midway through the financial year, a portion of the surplus profits was retained by the Duchy for “working capital purposes.” As a result, the Duchy retained £6.873 million, and Prince William’s private income amounted to £5.9 million for this year.
Prince William’s Commitment to Change:
In his foreword for the Duchy’s financial accounts, Prince William expressed his gratitude to his father, King Charles, for leaving a lasting impact on the Duchy and driving forward positive change. He pledged to continue this legacy, particularly in addressing pressing issues such as climate change, mental health, and homelessness through initiatives like his Homewards program.
The Homewards Program:
Earlier this week, Prince William launched the Homewards program, which aims to end homelessness in the UK. Visiting six locations across the country, he highlighted his commitment to supporting Duchy tenants, businesses, and communities during challenging times.
Looking Ahead:
Next year, Prince William is expected to receive the full surplus profit of £24 million from the Duchy. This income contributes to covering the costs of both his public and private life, and its total value is estimated to be over £1 billion.
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