According to the Sovereign Grant and Duchy of Cornwall annual reports, Prince William earned over $7 million in the past year, while King Charles III had to dip into the royal reserves to cover expenses related to Queen Elizabeth II's Platinum Jubilee, her state funeral, and preparations for the king's coronation.
The Royal Household's report indicated that approximately $136 million was spent between April 2022 and March 2023, a 5% increase compared to the previous year.
The statement released on the royal family's website acknowledged that this year's report covered a significant period of transition, including events like the Platinum Jubilee and State Funeral of Queen Elizabeth II, the Accession of The King, and the preparation for Their Majesties' Coronation.
The funds for these expenses came from the taxpayer-funded Sovereign Grant, which contributed nearly $109 million, while reserve funds provided approximately $26 million.
The Sovereign Grant is responsible for funding the monarch's official duties and the maintenance of occupied royal households, including ongoing renovations at Buckingham Palace.
Prince William, as the Duke of Cornwall, inherited the Duchy of Cornwall when Queen Elizabeth II passed away and his father ascended to the throne. He earned profits from the duchy, amounting to more than $7.5 million last year, as reported by the Duchy of Cornwall's annual report. Previously, Charles held the title of Duke of Cornwall.
The Duchy of Cornwall's annual report mentioned that a transition was taking place on the estate, with Prince Charles assuming responsibility for the duchy's essential work and the safeguarding of its legacy.
The queen's Platinum Jubilee, celebrated last year, involved extravagant events costing around $883,000 according to the Sovereign Grant report. Her state funeral in September was the most expensive royal event of the year, with a cost of approximately $2 million.
Preparations for King Charles' coronation in May were included in this year's report, while the actual costs will be accounted for in next year's report. Sir Michael Stevens, the Keeper of the Privy Purse, described the period covered in the report as an exceptional time of transition for the Royal Household. He highlighted the nation's coming together to celebrate Queen Elizabeth II's Platinum Jubilee, mourn her passing, and mark the Accession of The King, as well as the months of preparation leading up to Their Majesties' Coronation.
