What you need to know
Prince William’s role as Prince of Wales comes with significant financial resources.
According to a June 2025 report, Prince William received a whopping $30 million from the Duchy of Cornwall’s estate in his second year of income. The Duchy of Cornwall is the title and property inherited by his father, King Charles, when he ascended the throne in 2022.
The Duchy of Cornwall released its 2025 Integrated Annual Report earlier this year, revealing a distributable surplus of £22.9 million ($30.9 million) in 2024-2025, Prince William’s second year as Duke of Cornwall. This amount covers the official duties, charities and private expenses of Prince William, Duchess Kate and their three children.
As a working member of the royal family, the Prince of Wales does not receive a traditional income. Instead, the majority of his annual expenses are met by the Duchy of Cornwall, an estate created by Edward III in 1337 to fund the heir to the throne. This vast estate, worth more than $1 billion, spans 130,000 acres across 23 counties in England and Wales and includes land, farms, homes, and other assets to support heirs and their families.
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When King Charles ascended the throne in 2022, Prince William became the new Duke and Lord of Cornwall.
Prince William is understood to pay income tax on the entire income he receives from the Duchy of Cornwall, minus unspecified household expenses.
Following Queen Elizabeth’s death, a royal source said Prince William was “fully immersed” in his role as head of the Duchy of Cornwall. The Prince of Wales has made several visits to the mansion since inheriting it, including an overnight trip in May 2024 to visit the site of an innovative housing project in the Duchy of Cornwall aimed at tackling homelessness in Newquay.
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Prince William’s report on his first year in office in 2024 highlighted updates to his patrons, including changes to his role within the Football Association. An avid football fan, he currently serves as patron of the FA, a role once held by his grandmother, Queen Elizabeth. William has been FA chairman since 2006 and his move reflects his senior role as Prince of Wales.
In addition, Prince William has taken over new patronage of the Welsh Guards Charity and the Royal Cornwall Agricultural Society, and has also become chairman of the Victoria Cross Society and the George Cross Society. He also transitioned from president to patron of Fields in Trust.
Looking to the future, the Duchy of Cornwall remains focused on achieving “net-zero property ownership by the end of 2032”, according to the 2025 Integrated Impact Report.
