Since 1337, the Duchy of Cornwall has been a source of income for the heir to the British throne.
The Duchy of Cornwall, a historic private estate in England, recently released its 2024 Integrated Annual Report. The report highlights the activities on the Duchy of Cornwall estate, detailing Prince William and his family's public engagements, charitable work, and personal expenses.
Last year, the estate reported a distributable surplus of 23.6 million British pounds (nearly $30.4 million) generated by William.
In a letter included in the report, Alastair Martin, the Duchy's secretary, explained the estate's purpose and goals. Read on to learn more about his insights.
What is the Duchy of Cornwall?
As stated on its official website, the Duchy of Cornwall is a private estate funding the public, charitable, and personal activities of the prince and his family. Spanning 20 counties in England, the estate includes residential and commercial properties, farmland, coastline, and more.
Established in 1337 by Edward III, the estate was created to provide an income for his son, Prince Edward.
Martin outlined the Duchy's four goals under William’s leadership:
1. Increase income while preserving value
2. Achieve net zero emissions by 2032
3. Serve as a model estate promoting tenant mental health and well-being
4. Address homelessness in Cornwall
Duchy versus Duke
A duchy is a territory ruled by a duke or duchess.
The Duke of Cornwall refers to Prince William. Although his official title is Prince of Wales, he also holds the title Duke of Cornwall, as stated on the British royal family's website.
William became the 25th Duke of Cornwall when his father, King Charles III, ascended the throne in 2022. Before becoming king, Charles held the title and the Duchy of Cornwall estate supported him.