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Prince William’s Income Raises Eyebrows, Calls for Transparency
Prince William, the Duke of Cambridge, has come under scrutiny for his income and lack of transparency.
While he enjoys a salary of £6 million, it has been revealed that he could potentially earn more than £20 million next year.
Criticism has arisen due to William’s failure to publish an annual report on the royal family.
Specifically, he was criticized for not providing a report on his first year as heir to the throne.
The Republic, a campaign advocating for an elected head of state, has called on William to disclose his income and expenses in full, and to redirect his earnings from the Duchy to local communities across the country.
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The Duchy, which manages the royal family’s landholdings, reported a record profit of £24.048 million in 2022-23, up from £23.024 million the previous year.
Normally, William would be entitled to £24 million as his private income.
However, complications arose when he became the heir apparent halfway through the financial year.
As a result, the surplus was divided between the former Prince of Wales, now the King, and William.
The Palace explained that a portion of the surplus was retained for working capital purposes and the day-to-day management of the estate, leaving William with an income of £5.9 million.
The timing of the annual figures coincided with the launch of William’s Homewards campaign, a five-year initiative aimed at eradicating homelessness in six locations across the UK.
In contrast to William, his father, Prince Charles, has been diligent in publishing an annual review of Clarence House, detailing his income and expenditures from the Duchy’s funds.
Kensington Palace justified the lack of a report this year by stating that it was a transitional period following the late Queen’s death.
Graham Smith, CEO of Republic, criticized William’s lack of transparency, stating that the change in monarch and heir should not be an excuse.
He emphasized that, as a recipient of public funds, William has a responsibility to report his income and expenditure.
Smith called for the Duchies of Cornwall and Lancaster to be returned to the people, with revenue being invested in local communities.
In the Duchy’s financial accounts, William expressed admiration for his father’s dedication to driving change within the estate.
He also highlighted his own commitment to addressing climate change and social challenges such as mental health and homelessness.
However, specific details regarding social housing plans on the Duchy’s land were not provided.
Looking ahead, William is expected to receive a profit of £24 million from the Duchy next year.
However, it has been suggested that this record-breaking figure may not be sustainable.
Alastair Martin, the Duchy’s secretary and registrar, explained that the boost was due to one-off additional income and that future surpluses would not reach the same level.
In addition to his income from the Duchy, William will also receive funding from his father for his official duties and private life as the Duke of Cambridge for the first six months of the 2022-23 financial year.
The exact figures for Charles’ bill and his tax bill relating to the Duchy have not been disclosed.
Kensington Palace recently revealed the gender balance within its staff, with 64% female and 36% male employees.
While the roles of the 50 individuals working for William and Kate were not specified, it was noted that around 16.3% of their employees come from ethnic minority backgrounds, an increase from 13.6% the previous year.
The Duchy, valued at over £1 billion, is one of the largest and oldest landed estates in Britain.
Established in 1337 by Edward III to support his son and heir, Prince Edward (known as the Black Prince), it spans 23 counties in England and Wales, including the Cricket Oval and 67,000 acres of Dartmoor.
The lack of transparency surrounding Prince William’s income has sparked calls for greater accountability.
As he continues to navigate his role as Duke of Cambridge, it remains to be seen how he will address these concerns and fulfill his commitments to social causes.
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