Prince William received a private income this year of nearly £6 million – which converts to more than $7.5 million, according to the Duchy of Cornwall’s 2023 annual report.
The Prince of Wales became the 25th Duke of Cornwall after his grandmother Queen Elizabeth II died and his father, King Charles III, took over the throne.
Once William inherited the title, he received any surplus of profits from the dukedom.
The Duchy recorded net profits of £24.048 million – or roughly $30.34 million – for the financial year of 2022 to 2023, per the report.
Last year, the account garnered roughly $29 million, which meant there was an increase of nearly $1.29 million.
William, 41, normally would have received the full $30.34 million surplus, but that reportedly changed since he inherited the estate halfway through the financial year.
The Duchy split up the total so that King Charles – who was the former Duke of Cornwall – was entitled to less than half at $14.225 million while William received $16.115 million.
However, the Duchy then requested to keep more than $8.67 million – or £6.873 million – of William’s salary for “working capital purposes,” Kensington Palace said in a recent statement, according to the Daily Mail.
As a result, William’s income reportedly dwindled down to a little more than $7.4 million – or £5.9 million.
Next year, William is expected to retain the full $30 million and some change.
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William raved about his father – the “longest-serving Duke of Cornwall in history” – in a forward to the annual report.
“My father left an indelible mark on the Duchy,” the heir to the throne began, adding, “I am very much looking forward to continuing his work, as well as exploring new opportunities to make a difference.”
The Duchy is reportedly valued at more than $1 billion and consists of roughly 205 square miles across the United Kingdom – and 23 countries.
It’s unclear exactly what William and his wife, Kate Middleton, will do with the added income, but it could help support schooling for their three kids: sons George, 9, and Louis, 5, and daughter Charlotte, 8.
Most recently, William and Kate brought along George for a tour at Eton College in Windsor, England. The tuition costs roughly $58,600 a year.
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