Gone are the days when the head of the English monarchy would send knights in shining armour to collect their dues or paid in gold doubloons. Well, sort of.
The reality of the royal family is that they are literally paid to sit on the throne—and really well, too, as Prince William’s staggering salary from the last financial year has been revealed.
As per the Duchy of Cornwall’s 2024 Integrated Annual Report, the private estate earned a distributable surplus of £23.6 million (AU$46.3 million) which Prince William is entitled to as the Duke of Cornwall.
The 42-year-old inherited this honorific title (alongside also being known as the Prince of Wales) when his father, King Charles III, ascended the throne immediately after the passing of Queen Elizabeth II in September 2022.
The Duchy was founded in 1337 by King Edward III as a way to bestow land onto the heir to the throne. The private estate consists of farmlands, townships and commercial enterprises, including 570km2 of land on Britain’s southwestern tip, the Manor of Kennington in Central London and an archipelago off the coast called the Isles of Scilly, to name a few.
According to the official organisation, the excess revenue “funds the public, charitable and private activities of the Prince of Wales and his family”.
The breakdown between his personal and state spending from this income is not reported, though Prince William has “no access to the Duchy’s capital value and pays income tax on the annual revenue surplus that he receives from the Duchy.”
The multi-million-dollar salary also contributes to household expenses. However, the report does not stipulate if that money is spent towards privately educating their three children, Prince George, 11, Princess Charlotte, 9, and Prince Louis, 6, their security detail or additional items. (See: the luxury fashion labels that serve as the crown jewel in Kate Middleton’s princess wardrobe).
The announcement comes just days after King Charles was criticised for announcing the United Kingdom’s Labour government agenda in gilded traditional garments.
The 75-year-old came under fire for declaring the administration, formed under his name, will “help the country move on from the recent cost of living challenges” while wearing the Imperial State Crown, which features a purple velvet cap, 2,868 diamonds, 269 pearls, 17 sapphires, 11 emeralds, and five rubies.
Looks like Prince William just found the budget to upgrade his electric scooter!
