Royal family members Prince William and Duchess Kate release their annual Christmas card
Prince William and Princess Kate have unveiled their annual family Christmas card.
The royal checkbook appears to be on track for Prince William.
The Prince of Wales, who receives income from the Duchy of Cornwall’s estate, collected around $30 million in 2025, according to the Duchy of Cornwall’s 2025 Integrated Impact Report, first published in June.
Founded by Edward III in 1337, the Duchy of Cornwall is one of two royal duchies and is a type of land management and financial investment company that can take on the functions of a limited company or trust. The company’s income typically goes to the British royal family, the Duke of Cornwall, who oversees its operations.
2025 will be Prince William’s second year as owner of the Duchy of Cornwall, after his father Charles III ascended the throne in 2023. Prince Charles is the current monarch of the United Kingdom and currently owns the Duchy of Lancaster.
According to the Integrated Impact Report, the Duchy of Cornwall had a “distributable surplus of £22.9m” in the 2024-2025 financial year, equivalent to approximately $30.9m.
The report notes that the estate is exempt from corporate tax because it is not designated as an “independent legal entity” for tax purposes. However, Prince William “voluntarily pays” income tax on the principality’s net surplus profits.
“While this was a slight year-on-year decline, we are pleased that the principality has remained resilient amidst continued economic uncertainty,” the estate said in a statement in June. “Throughout the year, the Duchy of Cornwall team has worked with Kensington Palace, the Royal Foundation and the Earthshot Awards to ensure the Duke’s priorities are delivered consistently across the organization.”
According to the Duchy of Cornwall’s official website, the Duchy of Cornwall manages 128,922 acres of land across 19 counties. Crown land includes “arable land and livestock farms, residential and commercial land, as well as forests, rivers and coastlines”.
Inspired by Prince William’s environmental philanthropy, the Duchy of Cornwall has taken several environmentally friendly initiatives, including creating “environmentally sustainable” areas and pledging to become a net zero organization by 2032.
