William’s £1.2 billion Duchy of Cornwall fortune, disclosed for the first time, makes the future King richer than King Charles, with new accounts showing he has paid more than £20 million in tax
Prince William is wealthier than the King with a net worth through the Duchy of Cornwall of £1.2billion. He has contributed more than £20million in tax since becoming Prince of Wales, it has been disclosed.
This was revealed as figures were released for the Sovereign Grant – the Treasury funding utilised by the royal household to cover official duties – alongside the King’s personal wealth from the Duchy of Lancaster and the Duchy of Cornwall, which Prince William inherited upon becoming Prince of Wales.
The statistics demonstrated for the first time that heir apparent William possesses greater wealth than his father, with a net worth through the Duchy of £1.2billion. The prince secured a private income of £21.6 million in 2025-26, the latest Duchy records revealed.
By comparison, Charles was featured in the Sunday Times Rich List as holding a personal fortune of £640 million – a rise of £30 million from the previous year.
In an effort to demonstrate greater openness regarding royal family financing, the King and William have disclosed their private tax contributions. Statistics reveal William paid £7.76m in income and capital gains tax in 2024-25, and £8.34m in 2023-24, reports the Mirror.
This emerges as it has been disclosed that William has determined he will no longer personally profit from the contentious £1.5million annual rental income produced by the derelict Dartmoor Prison. William has requested that the sum be deducted from the multimillion-pound income he is set to receive as heir to the throne from the Duchy of Cornwall from 2026-27 onwards, with the funds being used to rejuvenate the local community instead.
In 2024, it was revealed that the duchy had inked a £37million deal in 2022, prior to Charles ascending to the throne and William becoming the Prince of Wales, to lease Dartmoor Prison to the Ministry of Justice. The agreement involved an annual payment of £1.5 million over 25 years, and a deal with the Ministry of Defence permitting the armed forces to train on Dartmoor land.
However, the category C prison in Devon has been vacant since July 2024 after high concentrations of radon, a harmful gas naturally present in soil and rocks that can lead to lung cancer, were detected in prisoners’ living quarters.
A community-led regeneration fund is set to be launched next year, aimed at delivering social, economic and environmental benefits to Princetown, the remote rural community adjacent to the prison.
The prince’s private secretary, Ian Patrick, stated: “Prince William knows that for many people in Princetown, the prison has long been part of the fabric of the community. Its closure has created genuine uncertainty, not just about jobs and businesses, but about the future of the town itself.
“The duke felt strongly that, while those questions remain unanswered, the benefit of this income should remain in the community, helping local people shape that future.”
As the heir apparent, William is entitled to the yearly profits from the billion-pound Duchy landed estate, which spans 51,800 hectares across 19 counties. He assumed the title of the 25th Duke of Cornwall nearly four years ago.
In the meantime, Kensington Palace has revealed that the number of staff employed by William and his wife Kate’s household has increased to 74 from 68. Diversity statistics indicate that 14.9% of staff come from an ethnic minority background, a rise from 13.2% the previous year, and that 73% of Kensington Palace staff are female, with 27% male.