Behind Prince William’s role as heir to the British throne is a centuries-old estate that quietly funds his public and private life.
Prince William and Kate Middleton receive their primary income from the Duchy of Cornwall, a historic estate created to support the heir to the British throne. Financial details were released in the Duchy’s Integrated Annual Report for the 2024–2025 financial year, which outlines how much income the estate generated and how it supports the Prince and Princess of Wales and their family following William’s inheritance of the Duchy in 2022.
Duchy of Cornwall Income Shows How Prince William Is Funded
William inherited the Duchy of Cornwall in September 2022, following the death of Queen Elizabeth II and the accession of King Charles III. According to the latest report, the estate generated about $30.9 million (£22.9 million) during the 2024–2025 financial year.
The money generated covers William and Kate’s official duties, household and living expenses, and charitable work, as well as costs related to their three children—Prince George, 12, Princess Charlotte, 10, and Prince Louis, 7.
The Duchy of Cornwall was established in 1337 by King Edward III to provide income for the monarch’s eldest son. Today, the estate is valued at more than $1 billion and comprises around 130,000 acres across more than 20 counties in England, mainly in the South West. Despite its name, only about 13 percent of the land is located in Cornwall.
What the Duchy of Cornwall Is and How It Operates
The Duchy of Cornwall describes itself as a private estate, a status recognized by the British government. Because of that classification, it does not pay corporation tax. The Prince of Wales pays income tax on the surplus generated by the estate.
Public officials have questioned the Duchy’s structure over the years. In 2013, former Public Accounts Committee chair Margaret Hodge told Sky News, “What started off 700 years ago as a medieval estate, today demonstrates all the features of a modern big corporation.” In 2018, Lord Berkeley said in Parliament that the Duchy sometimes operates as a private estate and at other times as a Crown body. In 2020, former government minister Norman Baker told the BBC that the Duchy functions as “a money-making machine for the Prince of Wales.”
In addition to managing the Duchy, William and Kate will take on expanded responsibilities beginning in spring 2026, when they become Grantors of Royal Warrants. As Grantors, they will be able to award Royal Warrants to companies that have supplied goods or services to the Royal Household regularly for at least 5 of the previous 7 years.
According to the Royal Warrant Holders Association, a Royal Warrant allows recipients to display the Royal Arms on their branding, packaging, advertising, and premises for a five-year period. Royal journalist Richard Palmer told Town & Country in July that the designation is “the gold standard of endorsements,” adding that “Kate’s warrant will be especially sought after.”
