Prince William and Princess Kate received a significant financial boost this year, securing a $30 million payday from the Duchy of Cornwall estate.
This is their first full year's income from the estate, following William's ascension to the title of Duke of Cornwall when his father, King Charles III, became monarch in 2022.
The Duchy of Cornwall is traditionally passed to the monarch's eldest son. It comes with an extensive estate of land and investments, providing a private income for the duke to support his personal life and official duties.
According to the duchy's latest annual report, as cited by NewsWeek, the Duchy of Cornwall generated a surplus profit of £23.6 million ($30.4 million) from rents and investments this year.
While this figure is slightly down from last year's £24 million ($30.9 million), it is the first time William and Kate have received the full amount.
For the 2022/2023 financial year, the couple received £5.9 million ($7.6 million) as William took over the duchy partway through the term.
The Duchy of Cornwall holds over $1 billion in property across 52,250 hectares (around 129,112 acres) and more than $100 million in financial assets.
The surplus income supports the official, charitable, and private lives of the Prince and Princess of Wales and their children. Like his father, William pays income tax on the duchy funds he receives after deducting official costs.
In 2024, William and Kate have taken on fewer public roles due to Kate's health challenges.
She was diagnosed with cancer in March and began preventive chemotherapy treatment, leading to the cancellation of high-profile engagements and overseas visits. William paused his schedule to support his family during this time.
Public Debate over Royal Wealth
The finances of the Duchy of Cornwall frequently spark debate in Britain.
While the income is not public money, its inherited nature and the historical acquisition of its land and properties are often scrutinized. Critics argue about the propriety of such wealth being handed down through the royal family.
The couple's reduced public engagements have also drawn criticism from anti-monarchist groups.
Graham Smith, CEO of Republic, Britain's main anti-monarchist organization, criticized William for drawing the duchy income, arguing that he does not work hard enough to justify it.
"William likes to claim he works hard, adding one issue after another to his list of missions. The truth is he barely works at all," Smith told Newsweek in 2023.
Despite the criticism, the Duchy of Cornwall also undertakes several social initiatives to support tenants and Britain's rural communities. These include environmental stewardship investments, mental health programs, and a new housing project to tackle homelessness.
