Kathrine Frich
The figures come after another demanding year for the Royal Family.
A newly released royal report has shed light on the finances of the Prince of Wales, offering a glimpse into how the heir to the throne is supported.
How he earns
Prince William does not receive a wage in the traditional sense. As heir to the British throne, his income comes from the Duchy of Cornwall, an estate created in 1337 by King Edward III to provide financial support for the monarch’s successor.
The Duchy is valued at about £1.26 billion and spans roughly 135,000 acres across 23 counties, largely in south-west England. Its holdings include farmland, residential and commercial property, according to the Duchy.
William inherited control of the estate after King Charles III acceded to the throne following the death of Queen Elizabeth II.
The 2025 figure
According to the Duchy of Cornwall’s latest annual report, Prince William earned £22.9 million during the 2024–2025 financial year, his second year as Duke of Cornwall. That figure represents a slight drop from £23.6 million the previous year.
The income is used to fund “official, charitable, and private activities” for the Prince of Wales, his wife Catherine, Princess of Wales, and their three children, Prince George, Princess Charlotte and Prince Louis, the report said.
While the exact tax bill is not disclosed, William is understood to pay income tax on his earnings.
What it covers
The Duchy’s surplus supports the family’s public duties as well as household and administrative costs. It is not a personal allowance in the way a salary would be, but rather a fund linked directly to the estate’s performance.
As Duke of Cornwall, William is responsible for overseeing the land and assets, with profits fluctuating depending on commercial conditions.
The report emphasised that the income is distinct from taxpayer-funded support.
A turbulent backdrop
The financial update follows a difficult period for the Royal Family. Public attention has been drawn to controversies involving Prince Andrew, Duke of York, who was stripped of royal titles and privileges over his association with the late financier Jeffrey Epstein.
Andrew has denied allegations made by Epstein victim Virginia Giuffre, but the case has continued to cast a shadow over the monarchy.
Against that backdrop, the disclosure of William’s income has renewed debate about royal finances and transparency.
Sources: Duchy of Cornwall annual report, royal household statements
