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There are plenty of things you supposedly can't put a price on, but what about royalty? The latest Royal Family accounts have revealed the astronomical sums that Prince William and Princess Kate collected last year. According to financial documents, the Duke and Duchess of Cambridge earned over $6.1 million in the last fiscal year. However, Prince William recently deviated from a Royal tradition in a move that has raised some eyebrows among critics of the monarchy.
One of the main sources of income disclosed in the lengthy financial reports was from the Duke of Cornwall estate. This vast private landed estate was established in the 14th century to support whoever holds the title of Prince of Wales, and it is now worth a staggering $2.46 billion. Therefore, since William was named the new Duke of Cornwall upon his father Charles' ascension to the throne in 2022, both he and Kate have received massive pay increases, effectively pocketing the Duchy's annual surplus. Last year alone, the couple was paid the equivalent salary of at least 635 nurses for two weeks' work.
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Adding to their wealth, just a few weeks ago the Princess of Wales appeared at the Wimbledon men's tennis final, and their public engagements are estimated to have earned them nearly $1.6 million since then. However, the couple's extreme personal wealth has also raised some questions about transparency and become something of an image problem for the monarchy.
Prince William has declined to reveal what percentage of his $6.1 million income from the Duchy of Cornwall was paid in taxes for the 2023-2024 financial year. This breaks with a 30-year tradition established by King Charles, who as the previous heir to the throne would disclose how much he personally contributed in yearly taxes from the Duchy surplus. As the legal owner and beneficiary, William is entitled to the profits generated by the vast Duchy of Cornwall estate, which owns lands and properties across 23 counties in England and Wales. These funds help support the official, charitable, and private activities of the Prince and Princess of Wales and their family.
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When asked by Kensington Palace about William's decision not to disclose his tax payments like his father did, sources stated it was simply "the approach they have opted for at the moment." However, some see it as problematic. Former BBC Royal correspondent Peter Hunt questioned William's choice to withhold more financial information than Charles provided. According to Hunt, “Royal non-disclosure triumphs over transparency. William's obsession with privacy trumps any concern over how this lack of answers to basic tax questions may look in the future years ahead."
Indeed, the British Royal Family has long faced accusations of operating with less-than-full financial disclosure when it comes to their vast wealth and assets. While the Duchy of Cornwall is classified as a private estate exempting it from some reporting requirements, transparency experts argue more accountability is needed given its close ties to the public institution of the monarchy. When King Charles was last Duke of Cornwall, he openly shared how much of the Duchy profits he personally contributed to Britain's public coffers through income taxes each year.
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The cash profits from the Duchy of Cornwall also help fund William and Kate's official royal duties like their Kensington Palace offices and household costs, acting as a sort of private income stream for the future King of England as well. However, the newly released annual financial statement also revealed that over the past year, William and Kate embarked on an undisclosed amount of personal philanthropy. This included donations to charitable causes supporting victims of the war in Ukraine, earthquake relief efforts in Turkey and Syria, and groups like the London Air Ambulance and mental health organizations.
In another sign he is adapting to modern communication norms, it also emerged that Prince William has taken to conducting official Duchy business increasingly over WhatsApp messages unlike his father Charles, who still prefers telephone calls according to Alistair Martin, the outgoing Secretary and Keeper of the Records for the Duchy of Cornwall. As Martin noted, "He's very involved. There will be weekends where my WhatsApp messages will be in double figures and I will be very responsive if something has gone well or badly. I will want to tell my boss and he'll be straight back."
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In the end, while the finances and activities of the British Royal Family will likely always courts some level of mystery and discretion, continued resistance to basic forms of transparency like tax disclosures threatens further damage their public reputation at a time when the monarchy faces renewed cries for modernization and reform. Greater financial accountability could help address these challenges as William prepares to one day assume the throne as King.
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