Prince William and Princess Kate received a $30 million payday this year as they gained access to their first full year’s income from the Duchy of Cornwall estate. William became the Duke of Cornwall when his father, King Charles III, acceded to the throne in 2022. The title comes with a large estate of land and investment holdings, the profits from which have historically provided the duke with a private income to fund his personal life and the costs associated with his official duties. For the 2022/2023 financial year, the couple received £5.9 million as the prince took over the duchy part way through the term. In the past year, Prince William and Princess Kate have had a reduced public-facing role due to Kate’s health challenges.
The finances of the Duchy of Cornwall, which generates a surplus profit of £23.6 million from rents and investments, often become a point of discussion in Britain. The estate holds over $1 billion in property holdings and over $100 million in financial assets. The surplus income from the duchy is used to cover the official, charitable, and private lives of the Prince and Princess of Wales and their children. Like his father, William pays income tax on the funds he receives from the duchy. The reduced working output of the prince and princess in the past year may raise concerns among anti-monarchists who are opposed to the income going into royal hands.
Despite facing challenges with Kate’s health, Prince William and Princess Kate have continued to undertake some public appearances and engagements. Kate attended events such as the Trooping the Colour celebrations and the Wimbledon Tennis Championship’s men’s singles final. The duchy also enacts several social initiatives to support tenants and rural communities, including environmental stewardship investments, mental health programs, and a new housing project to tackle homelessness. However, the couple’s reduced public-facing role and the income they receive from the duchy may continue to be a point of contention for critics.
The CEO of Republic, a prominent anti-monarchist group in Britain, has criticized Prince William for drawing income from the duchy, stating that it shows a lack of serious scrutiny. He has accused William of not working enough and raking in multimillion-pound fortunes while enjoying the privileges of his position. Despite these criticisms, the duchy’s annual report provides transparency on the funds generated and how they are used to support the royal family’s activities. As Prince William and Princess Kate navigate their roles and responsibilities, they continue to face scrutiny and discussion surrounding their finances and public appearances.
Overall, the finances and activities of the Duchy of Cornwall, Prince William, and Princess Kate are closely monitored and debated in Britain. The estate’s profits, generated from land and investments, provide a significant income for the royal couple to support their official duties, charitable endeavors, and personal lives. As they face challenges and criticisms, Prince William and Princess Kate remain committed to fulfilling their roles and contributing to social initiatives supported by the duchy. Despite the controversies and debates surrounding the royal family’s finances, they continue to engage with the public and undertake important work to support their communities and causes.
