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According to the recently published 2023 annual report of the Duchy of Cornwall, Prince William received a private income of nearly £6 million (equivalent to A$11,434,000) this year. Following his grandmother’s passing and his father Charles’ ascent to the throne, William, aged 41, became the Duke of Cornwall, entitling him to any surplus profits from the dukedom.
The Duchy’s report states that in the financial year 2022 to 2023, the net profits recorded were £24.048 million ($45,800,000), an increase of £1.02 million ($1,944,260) compared to the previous year’s £23.024 million ($43,886,000). Ordinarily, the Prince of Wales would receive the full $45.8 million profit as his private income. However, due to the timing of his ascension halfway through the financial year, he received a reduced amount.
In a one-off adjustment associated with the change in Dukes of Cornwall, the Palace requested that the Duchy team retain a portion of the surplus for working capital purposes, which includes the day-to-day costs of running the estate. As a result, Prince William’s income for the year amounted to £5.9 million (approximately $11 million).
In his foreword for the Duchy’s financial accounts, the Duke of Cornwall expressed his appreciation for his father, the King, and acknowledged the significant impact he has had on the dukedom. William also expressed his commitment to tackling climate change and praised the estate’s efforts in contributing to this crucial challenge. He further pledged to make a meaningful difference in his new position, particularly in addressing social issues like mental health and homelessness. Recently, Prince William launched a large-scale five-year initiative called Homewards, aimed at ending homelessness across the UK.
Through Homewards, in collaboration with his Royal Foundation charity, the Prince of Wales intends to provide six flagship locations in the country with the necessary resources, tools, and partnerships to address and prevent homelessness. The campaign seeks to develop a transformative approach that can be scaled up nationwide and beyond. Prince William emphasised the importance of ensuring everyone has a safe and secure home, dignified treatment, and the support they need. He expressed his confidence in making homelessness rare, brief, and unrepeated through collective efforts and collaboration with the six designated locations involved in the initiative.
