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The British royal family dropped their yearly financial reports on Thursday, June 29, and among the findings is Prince William‘s annual salary.
Per the Duchy of Cornwall report, William, 41, receives nearly £6 million, which amounts to approximately $7.5 million, a year.
“The Duchy is a private estate that provides an income to The Duke of Cornwall and his family to fund his official, charitable and private activities,” a statement in the report reads. “It is managed in harmony with the natural environment and for the benefit of its local communities so that it can be passed on with pride to the next generation.”
William was named the Duke of Cornwall — a title that previously belonged to his father, King Charles III — in September 2022 when Charles, 74, assumed the throne as king. (His Majesty succeeded mother Queen Elizabeth II after her death at the age of 96.) William is the 25th Duke of Cornwall, primarily using his title to focus on tackling climate change initiatives across the estate.
According to the report, the duchy was established through King Edward III’s Great Charter of 1337 to bequeath land and various assets to his son, Prince Edward. “The land, property and other assets of the Duchy, and the proceeds of any disposals of assets, are subject to the terms of the original Charters and the Duchy of Cornwall Management Acts,” the statement added. “These govern the use of the Duchy’s assets for the benefit of the present and future Dukes of Cornwall. The Prince of Wales, as The Duke of Cornwall, is entitled to the annual net revenue surplus of the Duchy.”
Such funds help William cover living expenses for his family with wife Princess Kate, including their three children: Prince George, 9, Princess Charlotte, 8, and Prince Louis, 5.
Charles’ household also released its annual spending report on Thursday for the period between April 2022 to March 2023. In the statement, it was revealed that the royals spent a total of $136 million to cover operating expenses and historic events, which had risen 5 percent from the previous year’s budget. While $108.9 million of the spending was covered by the Sovereign Grant — which is funded by taxpayer dollars — the rest was taken from the king’s reserve funds.
The memo — which was sent to Parliament on Thursday — also noted that the capital expenditure had more than doubled from the previous year due to “reserving based on the timing of capital works as part of the program.” It also attributed significant portions of the cost to Buckingham Palace renovations as well as preparing for monumental events from the queen’s Platinum Jubilee to Charles’ coronation.
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The royals celebrated the late queen’s Jubilee in June 2022, commemorating her impressive 70 years on the throne, which cost approximately $882,000. Elizabeth died the following September and was laid to rest at a state funeral weeks later. According to a May report from the U.K. Treasury, the memorial cost an estimated £161.7 million, which converts to approximately $204 million.
Charles ascended the throne immediately following his mother’s passing. His coronation was held on May 6, with his wife, Queen Camilla, being blessed and anointed by his side. “There was increased support for the Platinum Jubilee celebrations, the funeral of her late Majesty and preparations for the Coronations of Their Majesties on May 6,” the Thursday brief read.
Sir Michael Stevens — who is the keeper of the privy purse — noted in a statement earlier this month that 2022-2023 was an “unprecedented year” due to Elizabeth’s death, resulting in “unbudgeted costs” and the “subsequent transfer” of Charles and Camilla’s staff into the Royal Household. Stevens also noted that “increased inflationary pressures” impacted the cost, which is expected to be mitigated in the next financial year.
The comptroller and auditor general ultimately found that the completed financial statements and accounting were “appropriate” based on international standards.