ROYALSIt Pays to Be Heir: Prince William Annual Estate Report Shows How Much the Future King Makes
The Prince of Wales receives millions of pounds per annum thanks to being heir apparent to the throne.
Prince William's first year as the heir to the British throne set the future king into a "super nice windfall." Reports reflect His Royal Highness made some 30 million pounds from the Duchy of Cornwall estate from the fiscal year 2023-2024.
The Prince of Wales received 30 million pounds from 2023-2024 solely from his Duchy of Cornwall.
The Duchy of Cornwall's estate is valued at approximately 1 billion pounds. This valuation includes its extensive portfolio of land, property, and investments. The exact value can fluctuate based on market conditions and the performance of its diverse assets. The Duchy's annual income, which is used to support the activities of the Prince of Wales and his family, also reflects the estate's significant worth and is subject to regular public financial reporting.
The Duchy was set up in 1337 by the medieval monarch King Edward III solely so an heir apparent could have a private income to support their position, household and real estate portfolios. The Duchy is automatic and immediately went to William once Edward III's 21st-century successor, King Charles III, assumed the throne in 2022. It is only provided to an heir apparent to the Crown, which is an individual in line to the throne who cannot be replaced in the birth order.
For centuries, this was only ever a firstborn son to a reigning monarch, meaning if there were elder sisters, the Duchy lay dormant. This is why a then-Princess Elizabeth did not receive the estate when her father, King George VI, acceded to the Crown. A 2013 Act of Parliament removed male primogeniture from the monarchy, but there is no future example in place yet for a firstborn princess to succeed a monarch.
The Prince of Wales visited Duchy of Cornwall grounds where housing units for the homeless will start to be constructed this year.
Although not required, William is understood to be paying personal income tax on the Duchy after the household expenses portion is subtracted from the tally. This is thought to be in play to keep the royal family more in touch with their subjects and is a totally modern phenomenon that only came into play when Queen Elizabeth II started paying voluntary income tax in 1993.
The Prince of Wales visited his Cornwall landholdings in May where he toured grounds that have been set for his homeless housing project Homewards.
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Prince William immediately inherited the Duchy of Cornwall upon Queen Elizabeth II's death and King Charles III's accession.
As Prince of Wales thus far, the father-of-three launched "Homewards," which seeks to end homelessness across the U.K. over the next five years. He is also spearheading his "Earthshot Prize" initiative to promote environmental sustainability, which always comes with a gala event each autumn, with Cape Town, South Africa, selected to host this year's ceremony in November.
Prince William will become monarch when his father passes away, and the Duchy of Cornwall will automatically go to Prince George at that moment.
The Prince of Wales is set to use a vast sum of his annual Duchy income to fund his 'Homewards' homeless initiative.
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People reported on William's income.
