Prince William’s position as Prince of Wales brings with it not only expanded royal responsibilities but also control over one of Britain’s most historic estates. Newly released financial records show the Duchy of Cornwall continued to generate substantial income during his second full year at its helm.According to the Duchy of Cornwall Integrated Annual Report 2025, published earlier this year and reported by People magazine, the estate recorded a distributable surplus of £22.9 million ($30.9 million) for the 2024–2025 financial year. This marked Prince William’s second year receiving income from the Duchy following his appointment as Duke of Cornwall in 2022, when King Charles III ascended the throne.The surplus is used to fund the official duties, charitable work and private expenses of Prince William, Princess Kate and their three children.
How the Prince of Wales is funded
As a senior working royal, Prince William does not receive a salary in the conventional sense. Instead, his public and private expenses are largely covered by income generated by the Duchy of Cornwall. The estate was established in 1337 by King Edward III to financially support the monarch’s eldest heir.Today, the Duchy is valued at more than $1 billion and spans roughly 130,000 acres across 23 counties in England and Wales. Its holdings include agricultural land, residential properties, commercial developments and other assets designed to provide long-term financial stability for the heir to the throne.
Taxation and oversight
Prince William is understood to pay income tax on the full amount he receives from the Duchy, after deducting household-related expenses, though specific figures for those deductions have not been publicly disclosed.Following the death of Queen Elizabeth II in 2022, a royal source told the media that Prince William was “fully immersing himself” in his new role as head of the Duchy. Since then, he has carried out multiple visits to Duchy sites as part of that responsibility.Among those engagements was an overnight visit in May 2024 to Newquay, where Prince William toured the Duchy of Cornwall’s innovative housing development aimed at tackling homelessness. The project reflects a broader emphasis on social impact within the estate’s long-term planning.
Expanding royal patronages
Prince William’s first full year as Duke of Cornwall also brought changes to his public roles, according to the 2024 Duchy report. A lifelong football supporter, he became patron of The Football Association, a position previously held by Queen Elizabeth II. He had served as FA president since 2006.In addition, he took on new patronages with the Welsh Guards Charity and the Royal Cornwall Agricultural Association, became president of the Victoria Cross and George Cross Association, and transitioned from president to patron of Fields in Trust.Looking ahead, the Duchy of Cornwall’s leadership continues to emphasize sustainability. The 2025 Integrated Impact Report* reaffirmed the estate’s commitment to “becoming a net zero estate by the end of 2032,” underscoring environmental targets alongside its financial performance.
