Ever wondered how the British royal family make their money? You might not like the answer.

Prince William is very rich. I mean, of course he's rich, he's the future King of England.

He grew up in a castle, wears literal crowns, plays polo, and holds multiple fancy titles. Prince William's titles include Prince of Wales, Duke of Cornwall, Duke of Rothesay, Earl of Carrick, Baron of Renfrew, Lord of the Isles, and Prince and Great Steward of Scotland.

Those are all things that sound very rich, so it should come as no surprise that the Prince is worth a pretty penny (or two). But it turns out he's actually rich-rich — much wealthier than previously thought — thanks to the dollar bills one of his new titles affords him.

One of the fun things about being royal is that you inherit new titles and subsequent income streams whenever you move up the ladder. For Wills, this meant taking on an estate worth one billion pounds once his father, King Charles III, ascended the throne.

But new information from an investigation conducted by Channel 4's Dispatches and the Sunday Times has revealed that King Charles and Prince William are actually making millions of dollars from public services and charities through their property empire, including lease agreements with state schools as well as the NHS. And I can't imagine these new details will bode well for the royals.

Rich boys ride horses and play polo. Image: Getty.

What is Prince William's salary?

Technically, William doesn't have a classic salary. Instead, he receives surplus income from the estate tied to his title as the Duke of Cornwall. The very, very, extremely large estate is called the Duchy of Cornwall.

The Duchy of Cornwall published its Integrated Annual Report in July this year, revealing a surplus of £23.6 million for the 2023-2024 financial year. That means William has made a staggering A$46 million from his first full year as the Duke of Cornwall.

GIRL. That is so much money!!! Imagine pocketing millions of dollars, simply for existing and having a title? How decadent.

Of course, the money is used to cover the annual expenses of William and by extension, his wife, Princess Catherine, and children, Prince George, Princess Charlotte, and Prince Louis.

As you may have guessed, the estate is exempt from corporation tax. However, William voluntarily pays income tax on the annual revenue surplus after business-related costs have been deducted. So, like, coffee for the staff? I don’t know. Let's get into how he actually makes the money… and the shocking new allegations.

Prince William inherited the Duchy of Cornwall when his father became King. Image: Getty.

What is the Duchy of Cornwall?

A "duchy" is described as "the territory of a duke or duchess." Since William is the Duke of Cornwall, he has an estate titled the Duchy of Cornwall.

The Duchy of Cornwall was established by King Edward III in 1337 to provide funds for the heir to the throne. This is some serious generational wealth.

This estate, worth more than £1 billion, spans more than 128,000 acres — with 160 miles of British coastline — across 23 counties in England and Wales. It includes forests, rivers, farms, houses, quarries and other commercial properties reportedly £345 million worth.

The Isles of Scilly and 67,000 acres of Dartmoor have been part of the Duchy since the 14th century. It also owns The Oval Cricket Ground and Dartmoor Prison.

There are also a number of holiday properties on the land, which the report said aided in the Duchy "bouncing back" from the pandemic.

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The report said core activities and a record year for trading enterprises had delivered a higher than ever-before level of revenue surplus to deliver £23.6 million this financial year.

"Indeed, the bounce-back from the pandemic has been quicker than anticipated for many of our tenants, and therefore for us," Alastair Martin, the Duchy’s Secretary and Keeper of the Records, said.

In 2022, the Prince said he was committed to “fully immersing” himself in his new role as the Duke of Cornwall. Last year, it emerged that he was exploring how homes in the Duchy could be used to help those in need.

And immerse himself he has. When it comes to his income relating to the Duchy of Cornwall, the recent investigation findings by Channel 4 have revealed that both King Charles and Prince William have secured rental agreements totaling millions of pounds with the armed forces, the NHS, and public schools.

The report found that, since 2004, the Duchy of Cornwall has billed the navy over £1 million for constructing and using jetties to moor warships along the Cornish coastline, and will also earn £600,000 from six separate leases established with local state schools.

It was also revealed that, just last year, the Duchy of Lancaster finalised an agreement to house a new fleet of electric ambulances in one of its warehouses for a total of £11.4 million over 15 years.

As you can imagine, many are calling out the royal family, given the report points out that, while they claim to not be taxpayer-funded, they are receiving income from public services.

Dame Margaret Hodge spoke to the BBC expressing her concern and has called for a "full transparent review" of both the duchies.

How much money does Prince William have?

Prince William's net worth has previously been estimated to be about £100 million. Now that he's earning the big bucks, this has increased exponentially to include his £1 billion duchy.

Along with his new salary as the Duke of Cornwall, William also has plenty of savings from his years serving as the Duke of Cambridge. Plus, some inheritance and trust fund money.

Queen Elizabeth II's mother, known as the Queen Mother, left two-thirds of her money in a trust fund for her great grandchildren. The Guardian reported that Prince Harry and Prince William split about £6 million (nearly $8 million) of this trust at age 21. The two Princes also share another trust fund worth £8 million, distributed when they turn 40. It has been revealed that Harry was given a larger share of the trust fund, as the Queen Mother knew William would inherit more money from his titles.

Princess Diana also left her sons with a large sum, reportedly giving them $10 million each in a "discretionary fund." William reportedly started receiving annual dividends of $450,000 a year at 25.

Prince George will likely inherit the Duchy of Cornwall from William when he becomes King. Image: Getty.

When he was younger, William also earned money independently. From 2006 to 2013, he served in the British military, where he earned a standard salary for personnel. After that, he worked for the charity East Anglian Air Ambulance, but reportedly donated his salary.

The Prince became a full-time working royal in 2017, spending his time in public engagements as a patron to charities and representative for the country and Crown. His official living, travel, and household expenses were then paid for from what is called the Sovereign Grant. It's a taxpayer-funded pool of money to support official duties of the monarch.

Now, he's got the added bonus of earning money from his title as the Duke of Cornwall. And, of course, there are sure to be financial streams we know nothing about.

Such is the mysterious life of a royal.

Feature Image: Getty.

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