On Wednesday, the Duchy of Cornwall released its integrated annual report for the financial period of April 1, 2023, to March 31, 2024.
As its website states, the Duchy of Cornwall is a massive portfolio of private land and assets created by Edward III in 1337 to cover the Duke of Cornwall’s royal life, from his family’s private life to his public work. The royal family also receives support from the Sovereign Grant.
According to the Duchy’s annual report, it is made up of around 129,604 acres of land and is worth about $1.4 billion today.
The Duchy belongs to the Duke of Cornwall, so Prince William inherited the portfolio and the title when King Charles ascended the throne in September 2022. The 2023-2024 financial period marked William’s first full financial year as the Duke of Cornwall.
The king previously used the Duchy to support William, Prince Harry, and their families, though it now belongs solely to William. Prince George will inherit the Duchy when William becomes king someday.
The annual report revealed that the Duchy had an annual revenue surplus of £23.6 million for 2023-2024, which is about $30.4 million.
The surplus functions as William’s salary, and he pays income taxes on the sum voluntarily, according to the Duchy website. The 2023-2024 report did not specify how much William paid in taxes last year. He also does not have access to the Duchy’s capital gains.
The report came out just as Harry is set to inherit money from his great-grandmother, the Queen Mother, when he turns 40 on September 15.
As The Times reported in 2020, Queen Elizabeth II’s mother created a trust fund for her great-grandchildren — including William and Harry — worth £70 million, or about $90.3 million.
The Times said Harry will inherit an estimated £7 million, or about $9 million, when he turns 40.
Harry and Meghan Markle have separated themselves financially from the monarchy since they stepped back as senior royals, though his $10 million inheritance from Princess Diana’s estate helped support them.
For instance, they paid back the Sovereign Grant the $3 million they used to renovate Frogmore Cottage.
The Duke and Duchess of Sussex have also been making their own money in recent years. They got $100 million from their Netflix deal, and Harry not only got a $20 million deal for his memoir “Spare” but the book sold a record-breaking 1.4 million copies on its first day on the market.
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