Prince William will have been delighted as he received a whopping $30million salary increase after being made the Duke of Cornwall .
The Prince of Wales' income came from his Duchy of Cornwall estate during the 2023-2024 financial year, according to the Integrated Annual Report published today. The documents show how the Duchy of Cornwall gained a distributable surplus of £23.6million ($30.4million) from its investments .
William inherited the estate when his father King Charles ascended the throne. Along with the Duchy of Cornwall estate, William was also given the title of Duke of Cornwall.
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The Integrated Annual Report also revealed that William has been given the title of Patron of the Football Association. The title was previously held by his grandmother, the late Queen Elizabeth II.
William has been given authority over the Welsh Guards Charity and the Royal Cornwall Agricultural Association, as well as being named president of the Victoria Cross and George Cross Association. He will also transition from president to patron of Fields in Trust.
The $30.4million covers the official, charitable and private expenses of William, Kate Middleton and their three children - Prince George, Princess Charlotte and Prince Louis. As a senior working member of the British Royal Family, William doesn't receive a traditional income.
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Instead, his annual expenses are largely covered by the Duchy of Cornwall. The estate was established by King Edward III in 1337 to provide funds for the heir to the throne and is valued at more than $1billion.
The Prince of Wales is understood to pay income tax on the salary he received from the Duchy of Cornwall. The estate is exempt from corporation tax. The 2023-2024 financial year is the first time William has seen the full surplus of the estate.
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