Recently, Prince William came under scrutiny after it was revealed that the British government funded his flights there. This revelation sparked debate, given that William has access to significant funds to cover his official, charitable, and personal expenses.
A report released this week highlighted that William received £23.3 million from the profits of the Duchy of Cornwall last year. This historic estate, established in 1337, consists of land and financial assets that provide the monarch's eldest son with a private income. The Sovereign Grant Report, published annually in Britain, details the monarchy's official expenses. It included an appendix listing royal travel costs exceeding £17,000, revealing that William's commercial flights to and from New York City in September 2023 were funded by the publicly financed Foreign, Commonwealth, and Development Office.
However, at the time, it was primarily promoted as an opportunity for him to attend an event associated with his Earthshot Prize, an environmental charity initiative. Despite substantial profits, one detail not included in the Duchy report was the extent to which they are willing to use their own money. The Prince and Princess seek to deliver real impact and help people using their voice and platform, but impact and platform don't necessarily translate to using their own money.
We know that the Waleses do put their hands in their pockets to help out. They regularly undertake private philanthropy, including in the last 12 months making donations to earthquake appeals in Turkey and Syria, to Hurricane Ian recovery, to charities linked to the wars in Ukraine, to the London Air Ambulance, to support the Shout mental health support tech service they helped set up, and to James's Place, a charity that supports men in crisis. To put it another way, this is less than William and Catherine earn in less than a day and a half.
The thing is, the Prince and Princess of Wales have spent the last couple of years very busily rejigging the way they work—more getting their hands dirty on some of the biggest challenges facing the world, like the climate crisis and mental health, and less opening Sheffield Scout Hall to make the monarchy seem like a can-do, useful outfit. Charles and Queen Camilla fall under this banner too, all of them busy plugging away at making Crown Inc. seem relevant and like a net profit for British society.
The reasons for not disclosing tax data on the Duchy of Cornwall's income contrast with that of his father, King Charles, who during his time at the helm of the Duchy was more transparent about paying taxes. When Charles was at the helm, the estate's financial reports included detailed accounts of taxes paid along with household expenses. For example, in 2022, Charles, the then Prince of Wales, paid approximately £4.8 million in taxes. Kensington Palace has claimed that William paid an appropriate amount of tax on his income; however, sources indicate that the current level of secrecy aligns with what is considered necessary.
William's income continues to grow steadily, reflecting his increasing fortune as the future British king. At a glance, his earnings over the past year as heir to the throne highlight this impressive financial growth. This surplus for the 2023-2024 financial year covers the official, charitable, and private expenses of Prince William, Catherine Middleton, and their children.
As a member of the royal family, William does not receive a traditional salary; instead, his expenses are primarily covered by the Duchy's income. Although it is confirmed that he pays capital gains tax, the Duchy itself enjoys tax exemptions on its profits, provided they are reinvested back into the business. William is also believed to pay income tax on the distributable surplus or his private income from the estate.
