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It has been a year marked by both personal challenges and significant public responsibilities for 42-year-old Prince William, heir to the British throne. However, the details of William and his wife Princess Catherine's substantial income from the Duchy of Cornwall were revealed this week, once again putting the royal couple in the spotlight.
According to the annual report from the Duchy of Cornwall, the estate is made up of around 52,000 hectares (approx. 129,000 acres) of land across 20 counties in England and Wales. The value of the Duchy is estimated at around $1.4 billion. The report revealed that for the 2023-2024 fiscal year, the Duchy had an annual revenue surplus of £23.6 million (approx. $3.4 million USD).
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This money from the Duchy is used to fund the official work, charitable endeavors, and private lives of William, Catherine, and their three children - Prince George, Princess Charlotte, and Prince Louis. Importantly, the revenue surplus from the Duchy essentially functions as William's salary. William voluntarily pays income taxes on the sum he receives each year from the Duchy, though the recent report did not specify the exact amount paid in taxes for the past fiscal year. While William has access to the Duchy's annual revenue, he does not have access to its capital gains or assets.
This fiscal year marked the first time that William and Catherine have received the full amount available from the Duchy, as last year William only began receiving funds halfway through after becoming the Duke of Cornwall upon the death of Queen Elizabeth in September 2022. In that partial year, William's income from the Duchy was approximately £6 million. The Duchy also retained an extra portion last year for day-to-day operational expenses.
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The finances of the Duchy of Cornwall often cause controversy and debate in the UK when its annual report is published. While the estate's income is not considered public money, questions are rightfully raised about the inherited nature of such a valuable estate and the historical methods used to acquire its vast land and property holdings over centuries.
Born on June 21st, 1982 at St Mary's Hospital in London, Prince William's arrival into the world held great significance. He was the first child born to Prince Charles and the late Princess Diana in nearly eight decades, generating much excitement within the Royal Family and across the UK. William's birth also came during the reign of his paternal grandmother Queen Elizabeth II.
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Now, as King Charles III adjusts to his new role, there is speculation that Prince William as heir to the throne may start receiving his father's red boxes of state papers to read for a potential regency role, should the King's health issues worsen in future. Technically, if William were to suddenly become King, his wife Catherine would become Queen Consort rather than Queen.
The distinction is that a Queen Consort acts in a supportive role to the reigning Monarch, as Catherine will when Charles passes away and William accedes to the throne. She would be officially known as Her Majesty The Queen Consort, retaining a version of the Queen title. Other notable past Queen Consorts include Queen Elizabeth, the late Queen Mother, and current Queen Consort Camilla.
Should Prince William decide to keep his given first name when he eventually becomes King, he will be officially known as King William I. However, as some past monarchs have done, William could potentially choose a different regal name from his list of other first names - Arthur, Philip, or Louis. His great-grandfather King George VI, born Albert Frederick Arthur George, went by his fourth name when he ascended the throne in recognition of his father and to establish continuity between reigns.
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Only time will tell what name Prince William, currently third-in-line but destined for the throne, will eventually take when he is called upon to serve as Britain's next King. For now, William and Catherine continue their important royal duties while also caring for their young family, all the while preserving the monarchy for future generations. Despite annual revelations about the couple's finances, their dedication to public service and the stability of the institution remain unchanged.
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