Prince William, the Duke of Cornwall visits the site of a Duchy of Cornwall housing project, in Nansledan, on May 9, 2024, in Newquay, Cornwall, England.Though the 42-year-old royal is officially known as the Prince of Wales, he is also the Duke of Cornwall, and generates annual income from the private Duchy of Cornwall estate. The Duchy portfolio consists of, mostly in the south-west of England, including farmland, residential and commercial properties, and coastline.
In an Integrated Annual Report for the April 2023 to March 2024 fiscal year, Duchy secretary Alastair Martin wrote that this year’s income amounted to £23.6 million , falling slightly short of the 2022/2023 figure, which reached £24 million . The Duchy is an independent source of income, not funded by the U.K. public as per the Sovereign Grant, and its revenue is used to fund lifestyle and charitable endeavors of the incumbent Duke and his family. Prince William pays an undisclosed amount ofHe became the 25th Duke of the estate, which was established by Edward III in 1337, to support his son and heir Prince Edward.
“Over the years, I have had the privilege of introducing the 25th Duke to the Duchy, with visits to the estate to meet tenants, and more recently as he and his advisers attended meetings of various Duchy Committees,” Martin wrote of Prince William. “This year has been the first full year with the ‘new team’ in post, and it has been a busy year.