William’s Duchy finance team meeting after inheriting £23m per year income
The Prince of Wales is the 25th Duke of Cornwall, following in the footsteps of the King.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The Prince of Wales, who has inherited a £23 million-a-year income from the Duchy of Cornwall, held a meeting with the landed estate’s finance committee on Wednesday.
William has become the 25th Duke of Cornwall following his father’s accession.
As heir to the throne, the prince is entitled to the annual surplus generated by the Duchy’s vast portfolio of land, buildings and financial investments.
He has also taken charge of overseeing the management of the estate, with the meeting understood to be a sign of the seriousness with which takes his new role.
In 2021-2022, the annual Duchy income came to £23 million for Charles, then the Prince of Wales and now King.
The Court Circular recorded that William spoke to the Duchy’s finance committee via video link on Wednesday.
The yearly private income will cover the cost of both William’s public and private life.
He already received an undisclosed sum of money each year from the Duchy through his father, but now William is entitled to the full surplus.
William, 40, has been preparing for the role as Duke of Cornwall for many years.
“I am very passionate about my farming and I just want to learn more about it,” he said in an ITV documentary with Charles in 2019.
Charles admitted he was “deeply touched” that William had taken an interest in the Duchy.
He added: “It practically reduced me to tears. Because I suddenly thought, ‘well, just hearing that from him, has made the last 50 years worthwhile’.”
The television documentary marked five decades of the then Prince of Wales being in charge, with Charles adding: “He’s quite lucky because I found myself there at 21. I had a bit of baptism of fire really.
“He goes and visits different parts of the Duchy of Cornwall, and so he is learning, I hope, as time goes by.”
The Duchy is valued at more than £1 billion and is one of the largest and oldest in Britain.
It extends across 23 counties in England and Wales and includes the Oval cricket ground and 67,000 acres of Dartmoor.
It was established by Edward III to provide a private income for his son and heir to the throne Edward, later known as the Black Prince, and its purpose remains the same today.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.