Prince William gets a significant pay rise with his new title

Prince William is making millions this year. A new royal statement is shedding light on how much the Prince of Wales has been earning this year thanks to his new title as Duke of Cornwall. William took over the Duchy of Cornwall estate (estimated to be worth more than $1 billion) when his father, King Charles, ascends the throne in 2022—and it comes with some hefty earnings.

In its Integrated Annual Report published on Thursday, July 24, the Duchy of Cornwall revealed that William received more than $30 million in income in his first year as Duke of Cornwall, according to Everybody. The report shows that after the 2023-24 financial year, the estate will have a surplus of £23.6 million ($30.4 million) – a large sum set aside to pay for the personal, charitable and official expenses of the heir to the throne and his family. However, Prince William will still have to pay income tax on his new salary after deducting the costs of running the household, according to Everybody.

As a working member of the royal family, Prince William has no traditional income. However, King Edward III established a large estate in 1337 to pay for the expenses of the heir to the throne. EverybodyThe estate comprises 130,000 acres spanning 23 counties in England and Wales, as well as assets such as residential homes and commercial businesses on the estate. This valuable portfolio is also reported including King Charles’s private home, Highgrove House in Gloucestershire. Part of Williams’ $30 million surplus includes the $800,000 in rent his father now pays him each year.

Even before Prince William took over ownership of the estate from his father, he is believed to have visited the Duchy of Cornwall to prepare for his new title. “He will be playing a very active role in this,” a royal source previously told the Daily Mail. Everybody. “He was completely immersed in it.”

Considering that King Charles reportedly made $25 million from the estate in his final year as Duke of Cornwall, it seems the Duchy of Cornwall is only going to increase in value and could fill Prince Williams’ bank account with even more in the years to come.