Royals William and Kate release annual Christmas card
Prince William and Princess Kate released their annual family Christmas card.
The royal checkbook seems to be in good shape for Prince William.
The Prince of Wales, who receives his income from the Duchy of Cornwall estate, raked in approximately $30 million in 2025, according to the estate’s 2025 Integrated Impact Report, which was first released in June.
The Duchy of Cornwall, established in 1337 by King Edward III, is one of two royal duchies, a type of land management and financial investment firm that can carry the functions of a corporation or trust. The company’s income is typically payable to the British royal, or Duke of Cornwall, overseeing its operations.
2025 marks Prince William’s second year as the Duchy of Cornwall’s owner after his father, King Charles III, ascended to the throne in 2023. As Britain’s reigning monarch, Charles now owns the Duchy of Lancaster.
Per the Integrated Impact Report, the Duchy of Cornwall garnered a “distributable surplus of £22.9 million” for the 2024-2025 financial year, which equals roughly $30.9 million.
The estate is exempt from corporation tax as it is not designated a “separate legal entity for tax purposes,” the report noted. However, Prince William “voluntarily pays” income tax on the duchy’s net surplus earnings.
“While marginally down on the previous year, the Duchy is pleased to have remained resilient amid continued economic uncertainty,” the estate said in a June statement. “Across the year, the Duchy of Cornwall team has continued to enjoy working with Kensington Palace, The Royal Foundation and The Earthshot Prize to ensure The Duke’s priorities are implemented consistently across the organizations.”
The Duchy of Cornwall manages 128,922 acres of land across 19 counties, according to the estate’s official website. The royal duchy’s properties include “arable and livestock farms, residential and commercial properties, as well as forests, rivers and coastline.”
Inspired by Prince William’s environmental philanthropy, the Duchy of Cornwall has taken on several ecologically-friendly initiatives, such as creating “environmentally sustainable” neighborhoods and pledging to become a net-zero organization by 2032.
