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Sovereign William Receives Confidential Pay of £6 Million in 2023 Annual Report
Sovereign William, the Duke of Cornwall, received a confidential pay of just under £6 million ($11,434,000) this year, according to the Duchy of Cornwall’s 2023 annual report.
Following the passing of his grandmother and his father’s ascension to the throne, William, 41, became the Duke of Cornwall, making him eligible for any surplus of profits from the dukedom.
In the fiscal year of 2022-2023, the Duchy recorded net profits of £24.048 million ($45,800,000), an increase of £1.02 million ($1,944,260) from the previous year.
Typically, the Prince of Wales would be entitled to the full £45.8 million profit as his confidential pay.
However, since William became the successor only partially through the fiscal year, he did not receive the full amount.
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The castle also requested that a portion of the surplus be retained by the Duchy team for working capital purposes, such as the daily expenses of running the estate.
As a result, William was left with a pay of £5.9 million (approximately $11 million).
In the foreword for the Duchy’s financial records, the Duke of Cornwall honored his father, the Prince of Wales, praising his predecessor for leaving an indelible mark on the dukedom.
William pledged to work hard to make a difference in his new position, stating, “I’m committed to the cause of tackling climate change, and I’m proud of the estate’s efforts to contribute to this challenge.
If we can also help address social challenges such as mental health and homelessness, I will feel my term as Duke has been worthwhile.”
This news comes just days after William launched a five-year initiative aimed at ending homelessness.
Through his royal foundation, Noble Cause, the Prince of Wales announced that they would help provide six-liter areas across the country with the necessary tools and connections to prevent homelessness.
The mission, called Back Home, aims to create a proven and scalable model that can be implemented throughout the UK.
William stated, “In a modern and compassionate society, everyone should have a safe and secure home, be treated with respect, and given the support they need.
Through Back Home, I want to make this a reality.”
Over the next five years, William hopes to give people across the UK hope that homelessness can be prevented through collaboration.
While acknowledging the enormity of the task, he firmly believes that by working together, it is possible to make homelessness rare, temporary, and non-recurring.
The Prince of Wales expressed his excitement about working with the six areas to turn this ambition into reality.
In summary, according to the Duchy of Cornwall’s 2023 annual report, Prince William received a confidential pay of nearly £6 million ($7.5 million).
The duchy recorded net profits of £24.048 million ($30.34 million) for the fiscal year of 2022-2023, with an increase of almost $1.29 million compared to the previous year.
Due to the timing of William’s inheritance, the total surplus was split, with Prince Charles receiving less than half at $14.225 million, and William receiving $16.115 million.
A portion of William’s pay was retained for working capital purposes.
The Duke of Cornwall expressed his admiration for his father’s work and his commitment to continuing his legacy.
The Duchy of Cornwall is valued at over $1 billion and encompasses approximately 205 square miles across the United Kingdom and 23 countries.
It remains unclear how William and his wife, Kate Middleton, plan to utilize the additional income, but it could potentially support their children’s education, including Prince George, Prince Louis, and their youngest child.
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