Prince William's salary revealed, King Charles dipped into cash reserves in expensive year for royal family
Queen Elizabeth II's Platinum Jubilee, her state funeral and preparations for the coronation increased costs for the royals over the last fiscal year
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Prince William earned more than $7 million over the last year, and his father King Charles III had to dip into the royal reserves for expensive events that included Queen Elizabeth II’s Platinum Jubilee, her state funeral and preparation for the king’s coronation, according to the Sovereign Grant and Duchy of Cornwall annual reports released Thursday.
The royals spent about $136 million between April 2022 and March 2023, a 5% increase from the previous year, the report from the Royal Household said.
"This year’s statement covers a period of significant transition for the Royal Household, reflecting the Platinum Jubilee and State Funeral of Queen Elizabeth II, the Accession of The King, the lead up to Their Majesties’ Coronation, and the coming together of staff from two Households," a statement on the royal family’s website read.
Nearly $109 million came from the taxpayer-funded Sovereign Grant, while around $26 million was tapped from reserve funds.
Queen Elizabeth II's Platinum Jubilee took place in 2022 to celebrate 70 years on the throne. The palace spent nearly $900,000 on the related events, the Sovereign Grant report showed. (Max Mumby/Indigo/Getty Images / Getty Images)
The Sovereign Grant supplies the funds for the monarch’s official duties and for the maintenance of occupied royal households, including ongoing renovations of Buckingham Palace, according to the palace’s website
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William, who is the Duke of Cornwall, inherited the Duchy of Cornwall when the queen died and his father became king. He earns profits from the duchy, which totaled more than $7.5 million last year, according to the Duchy of Cornwall's annual report.
Queen Elizabeth II's state funeral was the most expensive event over the last year. (Chris Jackson/Getty Images / Getty Images)
Charles was the previous Duke of Cornwall.
"It is a time of transition at the Duchy of Cornwall estate," the report said. "After more than five decades under the passionate, focused guidance of the 24th Duke of Cornwall, the duty of care for this land, its communities and its natural environment is passing to the next generation. In 2022 the new Prince of Wales proudly assumed responsibility for the Duchy, its essential work for positive impact and the safeguarding of its unique legacy."
The queen’s Platinum Jubilee took place last year. There were several extravagant celebrations marking her 70 years on the throne, and the Sovereign Grant report showed that the palace spent about $883,000 on the related events.
Her state funeral in September was the most expensive royal event over the last year, costing about $2 million.
King Charles III's May 6 coronation will be included in next year's report. Preparation costs through March were included in this year's. (Samir Hussein/WireImage / Getty Images)
"Following the death of Her late Majesty in September 2022, members of the Royal Family took part in a number of significant events as the world marked Her late Majesty’s passing, including hosting a reception for Heads of State and official overseas guests, mounting a vigil at the Lying in State, the Funeral Service at Westminster Abbey and the Committal Service held in St. George’s Chapel, Windsor Castle," the report added.
Prince William earned $7.5 million from the Duchy of Cornwall last year. (Joe Giddens - WPA Pool/Getty Images / Getty Images)
King Charles’ May coronation costs will go on next year’s report, but preparations for the event through March were included for this year.
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"The year covered in today’s report represents an exceptional period of transition for the Royal Household," Sir Michael Stevens, Keeper of the Privy Purse, said in a statement. "As we look back on those twelve months, we reflect on how the nation came together to celebrate the Platinum Jubilee of Queen Elizabeth II in June, and to mourn Her Late Majesty in September while marking the Accession of The King, as well as the months of preparation leading up to Their Majesties’ Coronation."