Prince William received a whopping $30 million from his Duchy of Cornwall estate in the 2023-2024 financial year, multiple outlets reported.
According to reports, the Duchy of Cornwall – property William, 42, inherited from his father, King Charles III, when he ascended the throne in Sept. 2022 – received the most distributable income of 23.6 million ($ 30.4 million) from its investments. , according to its latest Consolidated Annual Report.
Along with the property, William was given the title of Duke of Cornwall.
The report also revealed William – a keen football fan – has been given the title of Football Association Ambassador. The title was previously held by his grandmother, Queen Elizabeth II.
The FA oversees England’s men’s and women’s professional, youth and disabled football teams.
In addition, he has been given powers over the Welsh Guards Charity and the Royal Cornwall Agricultural Association and has been named president of the Victoria Cross and George Cross Association.
The Victoria Cross and George Cross Association bestows the highest military honor on civilians and soldiers.
William gave up his title as president of Fields in Trust, however, to become a patron. Fields in Trust is an organization that protects parks and green spaces in the UK.
Officially, The Duchy is a private estate that covers William, Kate Middleton and their three children for their “official, charitable and private activities.”
The extended estate is worth more than $1 billion and was established in 1337 by King Edward III to provide funds for the heir to the throne for future generations. Physically, it covers an area of about 205 square kilometers across the United Kingdom, which includes more than 20 counties.
According to the 2023 report, it consists of “arable and livestock farms, residential and commercial areas, as well as forests, rivers, cliffs and beaches.”
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It is expected that the Duchy will be managed “in a way that is sustainable, cost-effective and of value to the local community,” the report added.
The Governor of Cornwall offers to pay income tax on the remaining annual income he earns after deducting business-related expenses. The property is exempt from corporation tax, as it is not a separate legal entity.
The year 2023 – 2024 is the first time William and his family will see a full return on assets.
Last year, the Duchy collected $29 million, although William only saw a portion of it because he inherited the title and property in the middle of the financial year.
Of the 29 million dollars, he brought more than 7.4 million after the estate asked to keep more than 8.67 million of his money for “working projects”.
Meanwhile, King Charles earned $14.225 million.
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