Prince William's Seven-Figure Salary Revealed
The British royal family reported all of its spending to the public on Thursday, including the $7.5 million income paid to Prince William, the Duke of Cornwall. The Sovereign Grant and Duchy of Cornwall annual reports were published on the royal family's website, revealing that the monarchy has spent about $136 million between April of 2022 and March of 2023. That was an increase over the previous year, but it can be chalked up to some major events for the royals.
"This year's statement covers a period of significant transition for the Royal Household, reflecting the Platinum Jubilee and State Funeral of Queen Elizabeth II, the Accession of The King, the lead up to Their Majesties' Coronation, and the coming together of staff from two Households," a statement on the royals' website reads. The reports reveal that King Charles III had to draw money from the royal reserves to pay for all the crown's expenses, including salaries for family members and momentous events. About $26 million came from that reserve fund, while the other $109 million came from the taxpayers of the U.K.
The report also included the income for the Duchy of Cornwall, which Prince William inherited when Queen Elizabeth II passed away in September. His profits from that duchy totaled about $7.5 million last year. The royals made a statement about this sum as well, noting that before Prince William, King Charles was the Duke of Cornwall for many years.
"It is a time of transition at the Duchy of Cornwall estate," the report said. "After more than five decades under the passionate, focused guidance of the 24th Duke of Cornwall, the duty of care for this land, its communities and its natural environment is passing to the next generation. In 2022 the new Prince of Wales proudly assumed responsibility for the Duchy, its essential work for positive impact and the safeguarding of its unique legacy."
A financial official for the monarchy, Sir Michael Stevens, issued an accompanying statement to emphasize that this was not a typical year for the royals. He suggested that expenses won't be this high in the years to come, saying: "The year covered in today's report represents an exceptional period of transition for the Royal Household. As we look back on those twelve months, we reflect on how the nation came together to celebrate the Platinum Jubilee of Queen Elizabeth II in June, and to mourn Her Late Majesty in September while marking the Accession of The King, as well as the months of preparation leading up to Their Majesties' Coronation."