Prince William’s impressive annual salary has been revealed, shedding light on his financial situation in a year marked by both personal challenges and public responsibilities. The 42-year-old heir to the British throne and his wife, Princess Katherine, are once again in the spotlight, this time due to their substantial income from the Duchy of Cornwall.
According to the duchy’s annual report, the estate comprises approximately 129,000 acres of land and is valued at approximately $1.4 billion. The report reveals that for the 2023-24 financial year, the duchy reported an annual surplus of $23.6 million, which equates to approximately $3.4 million. This surplus is used to support the official, charitable, and private lives of William, Katherine, and their three children: Prince George, Princess Charlotte, and Prince Louis. The surplus essentially functions as William’s salary, and he voluntarily pays income tax on it. However, the report does not specify the exact amount of taxes paid last year, and William does not have access to the duchy’s capital gains.
This is the first year that William and Katherine have received the full surplus amount. Last year, William received around £6 million from the duchy, after he was appointed Duke of Cornwall upon the late Queen’s death. The duchy had also asked to keep a larger share for the day-to-day running of the estate.
The finances of the Duchy of Cornwall are often the subject of heated debate in Britain when the annual report is published. Although the estate’s income is not considered public funds, debates arise due to the inherited nature of the estate and the historical methods of land acquisition. The duchy comprises over $1 billion of property on 52,000 hectares, with financial assets of just over $130 million.
Prince William, born on 21 June 1982 at St Mary’s Hospital in London, is the first child of Prince Charles of Wales and Princess Diana of Wales. His birth during the reign of Queen Elizabeth was a major historical event, marking the first birth of the Prince and Princess of Wales in almost eight decades. The last such event took place in July 1905 with the birth of Prince George, son of Prince George and Princess Mary. William’s arrival was therefore celebrated by both the royal family and the public.
As he prepares for future roles, Prince William may soon begin receiving his father’s red boxes, preparing for a possible regency role if the king’s health deteriorates. Technically, Katherine would become queen consort. The role of queen consort is primarily to provide moral and practical support to the monarch, although she may be referred to simply as Her Majesty The Queen, similar to Queen Camilla’s current title.
Interesting side note: Queens consort traditionally retain their titles even if they outlive their husbands. If Prince William keeps his first name after he ascends to the throne, he will officially be known as King William V. While Queen Elizabeth and King Charles kept their first names after their coronations, some members of the royal family have chosen different names. For example, William’s great-grandfather, King George VI, was born Albert Frederick Arthur George but chose the name George to ensure continuity.
Prince William’s full name is William Arthur Philip Louis, so it’s conceivable that he could opt for a first name like King Arthur, King Philip, or even King Louis. However, it seems more likely that he’ll stick with the name King William V. A child once asked Prince William on a Zoom call what name he might choose, and while he hasn’t commented on the question, it remains a fascinating topic of speculation.
