New financial disclosures have revealed the substantial income generated by the Duchy of Cornwall estate under the stewardship of Prince William, the Prince of Wales. The historic estate, which provides funding for the heir to the British throne, recorded a significant distributable surplus during his second full year in charge.
Financial Performance of the Duchy
According to the recently published Duchy of Cornwall Integrated Annual Report for 2025, the estate achieved a distributable surplus of £22.9 million (approximately $30.9 million) for the financial year 2024–2025. This marks the second consecutive year Prince William has received income from the Duchy since becoming the Duke of Cornwall in September 2022, following the accession of his father, King Charles III, to the throne.
The surplus funds are utilised to cover the public, charitable, and private expenditures of Prince William, his wife Catherine, Princess of Wales, and their three children. Unlike a traditional salary, this is the primary mechanism financing the senior working royal's official life.
A Billion-Pound Estate with Historic Roots
The Duchy of Cornwall is no ordinary property portfolio. Established in 1337 by King Edward III, its original purpose was to grant financial independence to the monarch's eldest son and heir. Today, it is a vast and diverse estate valued at over $1 billion.
Its holdings are impressive in scale and variety:
- It encompasses roughly 130,000 acres of land spread across 23 counties in England and Wales.
- The portfolio includes agricultural farms, residential and commercial properties, and natural landscapes.
- These assets are managed not for short-term profit but for long-term, sustainable growth to support the current and future heirs.
Prince William is understood to pay income tax on the funds he receives from the Duchy, after the deduction of official expenses related to his household and duties.
Expanding Duties and a Focus on Sustainability
Since taking over the Duchy, Prince William has actively engaged with its operations. A royal source noted after Queen Elizabeth II's passing that the Prince was "fully immersing himself" in this new responsibility. This has involved multiple visits to Duchy sites, including an overnight trip to Newquay in May 2024 to inspect an innovative housing project aimed at combating homelessness.
His first full year as Duke also saw an expansion in his royal patronages, aligning with his personal interests and the Duchy's communities. Key new roles include:
- Patron of The Football Association (FA), a role previously held by his grandmother.
- Patron of the Welsh Guards Charity and the Royal Cornwall Agricultural Association.
- President of the Victoria Cross and George Cross Association.
Looking forward, the Duchy's leadership has underscored a strong commitment to environmental goals. The 2025 report reaffirmed its ambitious target of "becoming a net zero estate by the end of 2032," integrating sustainability directly into its long-term financial planning.
