The Prince of Wales and His Source of Income
It is never easy to count the money of the royals, but often they are the ones who go to meet the curiosity of the “common mortals”. This is the case of the members of the House of Windsor, who with the Sovereign Grant Report make public (among other things) the expenses incurred for the maintenance of the monarchy and the revenues every year. It is thus discovered that Prince William has become very rich since he became the Prince of Wales and that this year he had an extra six million pounds. Thanks to the income related to the Duchy of Cornwall, his new source of income. After the death of Elizabeth II and the ascent to the throne of his father, in fact, William became the 25th Duke of Cornwall and, together with the title, he began to receive the proceeds from the profits of the duchy itself.
The Duchy of Cornwall and Its Profits
According to the report made public by Buckingham Palace, for the 2022-2023 financial year the duchy recorded net profits of 24 million pounds, which in the last year were divided between the prince and his father, in virtue of the succession: to Charles a little more than 14 million, to William 16 million. Both, however, have pocketed less, because the duchy has asked and obtained to have more circulating liquidity; hence, the prince’s extra 6 million. William, his wife Kate and their three children ©Getty Images. Next year, on the other hand, William will have the whole amount for himself. “My father left an indelible mark on the duchy,” William said in a statement accompanying the annual report, “I can’t wait to continue his work, as well as explore new opportunities to make a difference”. The duchy is very vast; it comprises 23 regions, with an estimated value of 1 billion pounds. It was created in 1337 by Edward III, to support his son Edward Woodstock, known as the Black Prince, and his heirs. The income from the duchy alone today covers the costs of William’s public and private life, but he does not have direct access to the capital; the prince, like everyone else, pays income tax and surpluses he receives.
Not Everything Is As It Seems
Not everything, in short, is as it seems. Not even when you are a future king.