Hey there, royal enthusiasts! Get ready to be amazed by the jaw-dropping income Prince William raked in from his Duchy of Cornwall estate in the 2023-2024 financial year. Reports are buzzing with the news that the estate, inherited from his father, King Charles III, brought in a whopping distributable surplus of £23.6 million ($30.4 million) from its investments, as per the latest Integrated Annual Report.
But that's not all! Along with the estate, Prince William also snagged the prestigious Duke of Cornwall title. Talk about a royal upgrade!
Adding to the excitement, Prince William has been crowned as the Patron of the Football Association, taking over from his grandmother, Queen Elizabeth II. As a football fanatic, William now oversees England's men's and women's professional, youth, and disabled soccer teams. Game on!
But wait, there's more! Prince William's royal duties don't stop there. He's also been entrusted with the Welsh Guards Charity, the Royal Cornwall Agricultural Association, and named president of the Victoria Cross and George Cross Association. These roles highlight his commitment to honoring military personnel and civilians with the highest military honors.
However, in a noble gesture, Prince William stepped down from his position as president of Fields in Trust to become a patron. Fields in Trust is a commendable organization dedicated to safeguarding parks and green spaces across the UK.
Officially, The Duchy of Cornwall serves as a private estate that supports Prince William, Kate Middleton, and their three adorable children in their official, charitable, and private endeavors. Valued at over $1 billion, this historic estate was established in 1337 by King Edward III to provide financial support for the heir to the throne for generations to come.
Spanning approximately 205 square miles across the UK, the Duchy comprises arable and livestock farms, residential and commercial properties, forests, rivers, quarries, and coastline. It's a royal playground like no other!
The management of the Duchy focuses on sustainability, financial viability, and meaningful contributions to the local community. Prince William voluntarily pays income tax on the annual revenue surplus he receives, after deducting business-related expenses. Interestingly, the estate is exempt from corporation tax as it is not a separate legal entity.
The 2023-2024 financial year marked a significant milestone for Prince William and his family as they witnessed the full surplus of the estate for the first time. In the previous year, the Duchy generated around $29 million, with Prince William taking home just over $7.4 million after the estate retained a portion for working capital purposes.
Meanwhile, King Charles enjoyed a handsome $14.225 million payday from the Duchy. Talk about royal riches!
So, there you have it, folks! Prince William's financial prowess and expanding list of titles are making waves in the royal realm. Stay tuned for more updates on the royal family's adventures and responsibilities!
