Surprising Revelations: Prince William's Staggering $75 Million Salary Exposed, King Charles' Expenses Soar by 5%!

Prince William Chris Jackson/WPA Pool/Shutterstock

The yearly financial reports of the British royal family were released on Thursday, June 29. One significant revelation from the Duchy of Cornwall report is Prince William's annual salary. At 41 years old, William receives nearly £6 million, equating to approximately $7.5 million, annually.

“The Duchy serves as a private estate that generates income for The Duke of Cornwall and his family, supporting his official, charitable, and personal endeavors,” states the report. "It is managed in accordance with the natural surroundings and for the betterment of local communities, ensuring it can be proudly passed down to future generations."

In September 2022, William was appointed the Duke of Cornwall, succeeding his father, King Charles III, who previously held the title. This came after the passing of Queen Elizabeth II, at the age of 96, when His Majesty assumed the throne. As the 25th Duke of Cornwall, William primarily utilizes his prestigious position to address climate change initiatives throughout the estate.

According to the report, the duchy was established in 1337 by King Edward III's Great Charter in order to pass on land and assets to his son, Prince Edward. The statement mentioned that the land, property, and other assets of the Duchy, as well as any proceeds from the sale of assets, are governed by the original Charters and the Duchy of Cornwall Management Acts. These regulations ensure that the Duchy's assets are used for the benefit of current and future Dukes of Cornwall. As The Duke of Cornwall, the Prince of Wales, William, is entitled to the annual net revenue surplus of the Duchy. This financial support helps William cover the living expenses of his family, including his wife, Princess Kate, and their three children: Prince George, Princess Charlotte, and Prince Louis.

Charles' household released its annual spending report on Thursday for the period spanning from April 2022 to March 2023. According to the statement, the royals expended a total of $136 million to cover operating expenses and historic events, marking a 5 percent increase from the previous year's budget. While $108.9 million of the spending was financed by the Sovereign Grant, which is derived from taxpayers' money, the remaining funds were sourced from the king's reserve funds.

The memo, transmitted to Parliament on Thursday, also acknowledged that capital expenditure had more than doubled compared to the previous year due to reserving based on the timing of capital projects as part of the program. It further attributed significant portions of the expenses to renovations at Buckingham Palace and preparations for momentous occasions such as the queen's Platinum Jubilee and Charles' coronation.

Duke and Duchess of Cambridge with their three children, Prince George, Princess Charlotte, and Prince Louis James Whatling / MEGA

The late queen's Jubilee in June 2022, which marked her impressive 70-year reign, was celebrated by the royals at a cost of around $882,000. Sadly, Queen Elizabeth passed away in September and was honored with a state funeral a few weeks later. The U.K. Treasury's May report revealed that the memorial expenses amounted to an estimated £161.7 million, equivalent to roughly $204 million.

Immediately after his mother's passing, Charles ascended the throne and his coronation took place on May 6. Alongside him, Queen Camilla was blessed and anointed. The Thursday brief mentioned a heightened support for the Platinum Jubilee celebrations, the late Majesty's funeral, and the preparations for Their Majesties' coronations on May 6.

Sir Michael Stevens, the holder of the privy purse, acknowledged in a statement earlier this month that the year 2022-2023 was highly unusual due to the passing of Queen Elizabeth, leading to unexpected expenses and the relocation of Charles and Camilla's staff to the Royal Household. Stevens also mentioned that rising inflationary pressures influenced the costs, which are anticipated to be managed more effectively in the upcoming fiscal year. Ultimately, the comptroller and auditor general verified that the financial statements and accounting were in line with international standards.