The Prince of Wales received a private income from the Duchy of Cornwall of nearly £6 million this year, royal accounts reveal.
Prince William, 41, inherited the estate after the death of his grandmother the late Queen Elizabeth II and the accession of his father the King last September, and is now entitled to its surplus profits every year.
The Duchy generated record profits of £24.048 million in 2022 to 2023 – up £1.02 million from £23.024 million the year before.
Usually, the Prince would be entitled to the full £24 million Duchy profit as his private income, but he became heir to the throne halfway through the financial year.
King Charles, as the former Prince of Wales, was entitled to £11.275 million of the surplus before his accession, while William, who spent about six months of the last financial year as the Duke of Cornwall and Prince of Wales, to £12.773 million, Kensington Palace said.
But the Palace said as a "one-off associated with the change in Dukes of Cornwall", the Duchy team asked to retain a proportion of the surplus for "working capital purposes" – the day-to-day running of the estate – this year.
The Duchy kept £6.873m, leaving William with an income of £5.9 million.
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© GettyIn a foreword for the Duchy's financial accounts, the Prince paid tribute to his father for leaving an "indelible mark" on the Duchy and being passionate about driving forward change.
He has vowed to make a difference in his new role, writing: "I am committed to the cause of tackling climate change and I am proud of the estate’s efforts to contribute to this challenge.
"If we can also help respond to social challenges such as mental health and homelessness, I will feel my term as Duke has been worthwhile."
© Kensington Palace / Andy Parsons
© GettyEarlier this week, William launched his Homewards programme in six locations across the UK, which aims to end homelessness for good.
He added: "I recognise that I have taken the helm at a challenging time for many Duchy tenants, businesses and communities."
William said, like his father, he "will support the Duchy family through this, seeking to ensure the estate continues to evolve and move forward as a modern enterprise that delivers on our vision of sustainable stewardship – for communities, enterprise and nature".
Next year the Prince is expected to receive the full £24 million Duchy profit. This income covers the cost of William's public and private lives, and is valued at more than £1 billion.
© GettyIt's one of the largest and oldest landed estates in Britain and was created in 1337 by Edward III to support his son and heir Prince Edward, known as the Black Prince, and all his subsequent heirs.
It extends across 23 counties in England and Wales and includes the Oval cricket ground and 67,000 acres of Dartmoor.
With additional reporting by PA.
