Prince William earned $30 million in his first year overseeing the royal estate

It’s worth being a prince.

The Duchy of Cornwall, a long-standing private property in England, has published its Integrated Annual Report for 2024. The report recaps what happened on the Duchy of Cornwall property, covering Prince William and his family’s public engagements, charitable efforts and private costs.

The estate reported William’s distributable surplus – the income he generated from the estate – at £23.6 million (nearly $30.4 million) last year.

Alastair Martin, Secretary of the Duchy, explained in a letter from the report the purpose and aims of the Duchy. Read on for more of what he shared.

What is the Duchy of Cornwall?

According to its official website, the Duchy of Cornwall is a private estate that pays for the public, charitable and private activities of the Prince and his family. The Duchy of Cornwall spans 20 English counties in England. The land consists of residential and commercial properties, agricultural land, coastline and more.

It was established in 1337 by Edward III, King of England from 1327 to 1377. The report notes that it was created to provide an income for Edward III’s son, Prince Edward.

Martin explained the four aims of the Duchy under William, which are:

• Increase revenue while maintaining value

• Become a net zero property by 2032

• Be a model property that advocates for the mental health and well-being of tenants

• Address the challenge of homelessness in Cornwall

Duke against Duke

A duchy, or duchy, is a territory ruled by a duke or duchess.

Duke of Cornwall refers to William. Although his official title is Prince of Wales, he is also Duke of Cornwall, according to the official website of the British royal family.

He became the 25th Duke of Cornwall once his father, King Charles III, ascended the British throne in 2022. Prior to his accession, Charles was Duke of Cornwall, and the estate of the Duchy of Cornwall provided for his needs.

This article was originally published on TODAY.com