Royals British Royal Family Prince William's Annual Salary Revealed in New Royal Report The heir to the throne earned tens of millions in his first year managing the Duchy of Cornwall estate By Stephanie Petit Stephanie Petit Stephanie Petit is a Royals Editor, Writer and Reporter at PEOPLE. People Editorial Guidelines Updated on July 24, 2024 07:31PM EDT Prince William received a staggering $30 million from his first full year's income from the Duchy of Cornwall estate, a title and estate he inherited when his father, King Charles, ascended the throne. The Duchy of Cornwall published its Integrated Annual Report on Thursday, July 24 (local time), revealing a distributable surplus of £23.6 million ($30.4 million) for the 2023-2024 financial year, Prince William's first full year as the Duke of Cornwall. This sum covers the official, charitable and private expenses of Prince William, Kate Middleton and their three children. Prince William on June 20, 2024. ADRIAN DENNIS/AFP via Getty As a working member of the royal family, the Prince of Wales, 42, doesn't receive a traditional income. Instead, his annual expenses are largely covered by the Duchy of Cornwall, an estate established by King Edward III in 1337 to provide funds for the heir to the throne. This vast estate, worth over $1 billion, spans 130,000 acres across 23 counties in England and Wales and includes land, farms, houses and other assets to support the heir and their family. Prince William is understood to pay income tax on the entire income he receives from the Duchy of Cornwall, after subtracting household expenses, which have not been specified. Prince William visits the Duchy of Cornwall on May 10, 2024. Ben Birchall-WPA Pool/Getty How Non-Working Members of the Royal Family Like Princess Beatrice and Princess Eugenie Make Their Money When King Charles acceded to the throne in 2022, Prince William became the new Duke of Cornwall and head of the estate. Can't get enough of PEOPLE's Royals coverage? Sign up for our free Royals newsletter to get the latest updates on Kate Middleton, Meghan Markle and more!After Queen Elizabeth died, a royal source said that Prince William was "fully immersing himself" in his role as head of the Duchy of Cornwall. The Prince of Wales has made several stops in the estate since inheriting it, including an overnight trip in May when he visited the site of the Duchy of Cornwall’s innovative housing project aimed at addressing homelessness in Newquay. Prince William visits the Duchy Of Cornwall on July 10, 2023. Hugh Hastings - WPA Pool / Getty The report also highlighted updates to Prince William's patronages, including a shift in his role at The Football Association. A dedicated football fan, he will now serve as the patron of the FA, a position formerly held by his grandmother, Queen Elizabeth. William had been president of the FA since 2006, and the change reflects his senior role as Prince of Wales. Additionally, Prince William will assume new patronages with the Welsh Guards Charity and the Royal Cornwall Agricultural Association, as well as become president of the Victoria Cross and George Cross Association. He will also transition from president to patron of Fields in Trust.