Prince William's 2023 salary revealed in new report

In this Thursday Nov. 21, 2019 file photo, Prince William waves as he arrives at the Tusk Conservation Awards in London. (Toby Melville/Pool via AP, File)

It's good to be the king, but inheriting his billion-dollar estate in the meantime can't hurt, either.

Newly released financial reports show that William, the Prince of Wales, drew a salary of $42.1 million last fiscal year, his first since inheriting the vast and lucrative Duchy of Cornwall.

Prince William took custody of the lands the year before last, coinciding with his father's ascension to the throne in September 2022. Previously, the King was Cornwall's longest serving duke, marking 70 years in the role in 2022.

Published Wednesday, the Duchy's 2024 financial report shows an income surplus of £23.6 million, on a net asset value of £1.1 billion ($1.98 billion).

"We are pleased this was achieved while still spending a record amount on repairs and maintenance and investing in our staff and our sustainability programmes," reads a release from the Duchy.

A royal nest egg

The Cornwall estate, which extends across more than 50,000 hectares of land in south and southeast England and Wales, was first established in the 14th century to provide an income for the heir to the throne.

Each time a new monarch arises, control of the estate is passed to their eldest son, though it's worth noting that the seat of the monarchy itself has since 2013 done away with an inheritance structure that favoured sons over their elder sisters, known formally as male primogeniture.

Revenues from the Cornwall estate come primarily from property rentals, reports from the Duchy's administration read. Minus costs of administration, repair and investment on the properties and payroll for roughly 150 staff, those revenues are used "to fund the public, private and charitable activities of The Duke and his immediate family."

Known as the Duchy's "distributable surplus," the profits are reliably in the tens of millions of pounds. The estate's website notes that, though this surplus is not subject to compulsory income tax, surrendering that tax is typically something the duke "chooses to do voluntarily."

The Duchy's surplus has fluctuated somewhat in recent years, dipping through the COVID-19 pandemic but reaching a 10-year high of £24 million in the 2022-23 fiscal year.

A separate estate, the Duchy of Lancaster, exists to provide a similar form of income to the present king or queen.