The Prince of Wales from the Duchy of Cornwall made a private income of almost six million pounds this year, according to royal reports.
Prince William and Princess Catherine attend the Royal Horse Races at Ascot in 2023
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Prince William, 41, inherited the Duchy of Cornwall after the death of his grandmother Queen Elizabeth II and his father’s ascension to the throne in September last year, and is now entitled to its accumulated profits every year.
In 2022-23, the duchy made a record profit of £24.048m, up £1.02m on the previous year’s revenue of £23.024m.
Prince William and Princess Catherine visit Wales. Climb mountains and buy pizza. April 2023
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William would be entitled to the full £24m of the duchy’s profits as his private income, but he became Prince of Wales in the middle of the financial year.
As the former Prince of Wales, King Charles is entitled to £11.275m of earnings before he ascended the throne. On the other hand, William, who spent about six months of the financial year as Duke of Cornwall and Prince of Wales, would be entitled to 12.773 million pounds, Kensington Palace announced.
Prince and Princess of Wales with all three children attend Easter service in Windsor in 2023
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But the palace has said it is an “exceptional case due to the change of Dukes of Cornwall” and the dukedom’s team have asked to keep some of the proceeds for “working capital needs”, which will be spent on the day-to-day running of the property.
The Duchess has kept £6.873m, leaving William with a hefty £5.9m income.
The Prince and Princess of Wales watch the coronation concert with their eldest children
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The prince is expected to receive all of the dukedom’s £24m profit next year. This income covers the cost of William’s public and private life, which is estimated at one billion pounds.
2023-07-01 03:33:00
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