Prince William received a private annual income of £23 million in the 2023-2024 period, and that's mainly due to him heading up the Duchy of Cornwall. The Duchy is a real estate empire that comprises of over 128,494 acres of land across 20 different counties.
The business comes with his role as the Prince of Wales and used to be run by his father, the now King Charles. It is said to be worth a staggering £1 billion, and Terry Fisher of We Buy Any Home explains why it’s such a runaway success.
Firstly, Terry sets the record straight on his view of the Duchy. "People think of the Duchy as a bit of royal tradition, but it's essentially a high-end property business as the Duchy owns vast areas of land and hundreds of residential and commercial buildings - many of which are rented out at a profit," he explained.
Who started the Duchy?
The Duchy of Cornwall is one of the largest and oldest landed estates in Britain and was created in 1337 by Edward III to support his son and heir Prince Edward, known as the Black Prince, and all his subsequent heirs.
© Getty ImagesWhat’s included in the Duchy?
The portfolio includes farms, holiday lets, retail parks, offices, heritage sites, and large-scale housing developments. Developments like Poundbury in Dorset and Nansledan in Cornwall have seen the Duchy acting as both landowner and developer, creating entire communities from scratch!
"These aren't budget homes," asserts Terry. "We're talking about properties with premium finishes, sustainable designs, and often a very curated lifestyle feel. Homes in Duchy developments can range anywhere from £300,000 to over £1 million depending on size and location."
© GettyWilliam the landlord
Some properties are rented out, technically making Prince William a landlord to many people. "It's not unusual to see Duchy rentals going for £2,000 to £3,000 a month," Terry reveals. "Tenants are paying for the prestige, the build quality, and the long-term stability that comes with a royal-backed landlord."
"The Duchy is known for its responsible management - you’re not chasing landlords for repairs or worrying about sudden evictions," he said. "There's a long-term vision behind these communities, and tenants are part of that."
© GettyAlastair Martin, the Duchy of Cornwall's secretary and keeper of records, has spoken out about William’s heavy involvement in the organisation.
When the heir was welcomed into his new role, after the death of Queen Elizabeth II, he told Alistair: "I'm going to give you my mobile telephone number – if you want me, just get me, just message me."
"And that's how he works and he is very involved," points out Alistair. "There will be weekends when my WhatsApp messages will be in double figures and I will be very responsive. If something has gone well or badly, I will want to tell my boss and he’ll be straight back."
© Getty ImagesGeorge’s inheritance
Prince William’s eldest son, Prince George would be on track to one day inherit the business, following the line of succession. So it will be both a responsibility and a privilege that falls to him and not his siblings, Princess Charlotte and Prince Louis.
