Prince William has been revealed as one of the top taxpayers in the UK, contributing around £7 million in income tax annually. His substantial tax bill places him within the top 0.002 percent of taxpayers in the country, as per a recent report. The main source of Prince William’s income is the annual £20 million profit from the Duchy of Cornwall, a historic private land estate valued at approximately £1.1 billion, traditionally inherited by the heir to the throne.
Reportedly, Prince William voluntarily pays the highest marginal tax rate of 45 percent on his personal earnings, even though he is not legally required to do so following an agreement between Queen Elizabeth II and the Treasury in 2013. Following in his father’s footsteps, King Charles, who paid £5.9 million in income tax on his earnings from the duchy, William has chosen to uphold this tax commitment.
The Duchy of Cornwall, established in 1337 by King Edward III to support his heir, now comprises 2,000 to 3,000 properties across 23 counties in England and Wales, covering an estimated 130,000 to 140,000 acres. During his first year overseeing the estate in the 2023-24 financial year, Prince William saw a record surplus of £23.6 million, which is expected to result in a tax liability ranging from £5 million to £7 million on approximately £13.5 million of the surplus.
Recent investigations have raised concerns about the transparency of royal finances, particularly regarding the Duchy’s financial interactions with public institutions. It was discovered that the Duchy has generated revenue by charging fees to the military, NHS, and schools for access to their land, rivers, and coastal waters. While these practices are lawful, they have sparked debates on whether publicly funded organizations should be financially supporting a private royal estate. A spokesperson from Kensington Palace affirmed that Prince Charles pays the top rate of tax on all his personal income, including funds received from the Duchy.
