Following his ascension to the title of Duke of Cornwall when King Charles III took the throne in 2022, Prince William has unveiled his salary for the 2023-2024 financial year. The Duchy of Cornwall Integrated Annual Report shows William's salary as $30.4 million (£23.6 million), a figure that covers official, charitable, and private expenses for him, his wife Kate Middleton, and their children.
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Prince William's Multimillion-Dollar Salary as Duke of Cornwall Revealed
Prince William, the eldest son of King Charles III and the late Princess Diana, has inherited a considerable income as the Duke of Cornwall, a title traditionally held by the heir to the British throne. The Duchy of Cornwall, an estate that generates substantial profits, has published its latest Integrated Annual Report, shedding light on William's financial standing.
According to the report, William received a salary of $30.4 million (£23.6 million) for the 2023-2024 financial year. This figure represents the official, charitable, and private expenses incurred by William, his wife Kate Middleton, and their children, Prince George, Princess Charlotte, and Prince Louis.
Prince William's Multimillion-Dollar Salary as Duke of Cornwall Revealed
The Duchy of Cornwall is a vast estate that encompasses over 135,000 acres of land across England and Wales. The estate's primary source of income is from rentals and agricultural activities, which generate substantial profits. During the 2022-2023 financial year, the estate saw nearly $29 million in profit.
William's salary is derived from a portion of the Duchy of Cornwall's profits. However, the precise amount of tax he pays on his income remains undisclosed. While it is not a legal requirement to disclose this information, King Charles has been sharing the amount he has paid in taxes since 1993.
Prince William's Multimillion-Dollar Salary as Duke of Cornwall Revealed
When Charles was Prince of Wales, he released a detailed breakdown of his household costs and the amount of tax he paid annually. This practice has been hailed as a testament to the royal family's commitment to transparency and accountability.
In contrast to his father, William has opted not to reveal the amount of tax he has paid. This decision has drawn some criticism, particularly in light of the ongoing cost-of-living crisis in the United Kingdom. Critics argue that William, as a public figure and beneficiary of public funds, has a responsibility to be transparent about his financial affairs.
Despite the criticism, William's decision not to disclose his tax payments is ultimately a matter of personal choice. He has stated that he will pay his fair share of taxes, but that he believes it is inappropriate to publicly declare the exact amount.
The Duchy of Cornwall Annual Report also confirmed that William has decided not to rehire Annabel Elliot, the sister of Queen Camilla, as an interior designer on the Duchy payroll. Elliot has previously worked on interior design projects for the royal family.
Sources close to William have indicated that this decision was not a reflection of Elliot's work performance. Rather, it is part of a broader effort by William and Kate to reduce the number of staff employed by the Duchy.
The Duchy of Cornwall is expected to continue generating substantial profits in the coming years, ensuring that William and his family will enjoy a comfortable financial existence. However, the public's expectation of transparency and accountability from the royal family will likely remain an issue for William as he continues to ascend the ranks of the monarchy.
