It certainly pays to be the Duke of Cornwall. Photo / Kensington Palace via Getty Images
It certainly pays to be the Duke of Cornwall. Photo / Kensington Palace via Getty Images
It has been revealed that Prince William’s private income this year has come in at £6 million ($12m), according to the Duchy of Cornwall’s 2023 annual report.
William, 41, inherited the Duke of Cornwall title after his grandmother, the late Queen Elizabeth II, passed away and his father, King Charles, ascended the throne.
However, not only has the Prince gained a new title to add to his resume, he’s also entitled to any surplus of profits that come from the dukedom, reports news.com.au.
According to the report, the Duchy recorded net profits of £24.048 million ($49.6m) in the financial year of 2022 to 2023, which had increased by £1.02m from £23.024m the year before.
The Prince of Wales would usually be set to inherit the full £24.048m profit as his private income. However, because the future heir only gained his title halfway through the financial year, he isn’t entitled to the lump sum.
The Palace additionally requested that as a “one-off associated with the change in Dukes of Cornwall”, the Duchy team keep a portion of the surplus for “working capital purposes”, for example, the day-to-day expenses of running the estate.
Prince George, Catherine, Princess of Wales, Prince Louis, Princess Charlotte and Prince William watch an RAF flypast from the balcony of Buckingham Palace during Trooping the Colour on June 17. Photo / Getty Images
The Prince of Wales was therefore left with an income of £5.9m.
The Duke of Cornwall expressed his gratitude to his father in the statement regarding the Duchy’s financial accounts, commending his predecessor for leaving an “indelible mark” with the title and pledged to work just as hard to make a real difference with his newly-acquired dukedom.
With the help of the Royal Foundation charity, the Prince of Wales announced he will provide “space, tools and relationships” to six flagship locations across the UK to help prevent homelessness by using a “transformative approach”.
The campaign, named Homewards, will attempt to make a “tried and tested model that can be scaled across the UK and beyond”.
“In a modern and progressive society, everyone should have a safe and secure home, be treated with dignity and given the support they need,” William shared.
“Through Homewards, I want to make this a reality and over the next five years, give people across the UK hope that homelessness can be prevented when we collaborate.
“It’s a big task, but I firmly believe that by working together it is possible to make homelessness rare, brief and unrepeated and I am very much looking forward to working with our six locations to make our ambition a reality.”
