Prince William’s finance team holds meeting after heir to throne inherits £23m-a-year Duchy income

The Prince of Wales, who has inherited a £23 million-a-year income from the Duchy of Cornwall, has held a meeting with the estate’s finance committee

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William has become the 25th Duke of Cornwall.

After the death of Queen Elizabeth II last week, William's father ascended the throne to become King Charles III.

As heir to the throne, William is now entitled to the annual surplus generated by the Duchy’s vast portfolio of land, buildings and financial investments.

He has also taken charge of overseeing the management of the estate, with the meeting understood to be a sign of the seriousness with which takes his new role.

Prince William with Kate, Princess of Wales
Prince William with Kate, Princess of Wales
Prince William and Kate, Princess of Wales with Prince Harry and Meghan, Duchess of Cornwall – behind Prince Edward
Prince William and Kate, Princess of Wales with Prince Harry and Meghan, Duchess of Cornwall – behind Prince Edward

In 2021-2022, the annual Duchy income came to £23million for Charles, then the Prince of Wales and now King.

The Court Circular recorded that William spoke to the Duchy’s finance committee via video link on Wednesday.

The yearly private income will cover the cost of both William’s public and private life.

He already received an undisclosed sum of money each year from the Duchy through his father, but now William is entitled to the full surplus.

William, 40, has been preparing for the role as Duke of Cornwall for many years.

The Duchy is valued at more than £1billion and is one of the largest and oldest in Britain.

It extends across 23 counties in England and Wales and includes the Oval cricket ground and 67,000 acres of Dartmoor.

It was established by Edward III to provide a private income for his son and heir to the throne Edward, later known as the Black Prince.

Its purpose remains the same today.