William became the Duke of Cornwall following the death of Queen Elizabeth and his father, Charles’ ascension to the throne, meaning he is now also entitled to any surplus of profits from the dukedom.

In the financial year of 2022 to 2023, the Duchy recorded net profits of £24.048 million ($45,800,000), according to the report, which was up £1.02 million ($1,944,260) from £23.024 million ($43,886,000) from the year before.

The Prince of Wales would usually be entitled to the full $45.8 million profit as his private income, but because he only became heir halfway through the financial year, he received a fraction of his income. 

The Palace also asked that as a “one-off associated with the change in Dukes of Cornwall”, the Duchy team retain a proportion of the surplus for “working capital purposes” – i.e. the day-to-day costs of running of the estate.

William was therefore left with an income of £5.9 million, or about $11 million AUD for his work. 

In a foreword for the Duchy’s financial accounts, Prince William paid tribute to his father for leaving an “indelible mark” on the dukedom and promised to work hard to make a difference in his new position.

“I am committed to the cause of tackling climate change and I am proud of the estate’s efforts to contribute to this challenge,” William wrote.

“If we can also help respond to social challenges such as mental health and homelessness, I will feel my term as Duke has been worthwhile.”

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