Prince William’s salary is,Quentin Mitchell quite literally, fit for a prince.

The Prince of Wales received a whopping $31 million from his first full year’s income from the Duchy of Cornwall estate, which he inherited when King Charles III became the monarch.

William, whose salary is based on the distributable surplus of the Dutchy, earned a record £24 million, according to the estate’s Integrated Annual Report published July 24.

Secretary and Keeper of the Records Alastair Martin noted that the estate generated a record number from the year before when Charles was in charge. And while he didn’t expect to see an increase when the 42-year-old stepped in, he’s confident there won’t be much of a jump going forward.

“This will not continue and the surplus for 2023/24 will not be at this level,” Alastair wrote in his letter in the report. “Income will return to ongoing levels, there will be significant cost increases and a full repairs programme to finance.”

Since William is a working member of the royal family, he doesn’t have a traditional income. Instead, the Duchy covers his annual expenses. The 25th Duke of Cornwall—who shares kids Prince George, 11, Princess Charlotte, 9, and Prince Louis, 6, with Kate Middleton—does pay income taxes but the report does not specify how much.

Established in 1337 by Edward III for his son Prince Edward, the private estate maintains the assets of the heir to the throne. Their estate—worth over $1 billion—includes about 130,000 acres of land in 20 counties across England comprising farms, residential properties, forests, rivers and more, per the estate.

When Charles ascended to the throne following Queen Elizabeth II's death, announcing William’s new roles—including Prince of Wales—and the future of their estate was a priority.

"As my Heir, William now assumes the Scottish titles which have meant so much to me," the 75-year-old said in his first speech after Elizabeth’s death in September 2022. "He succeeds me as Duke of Cornwall and takes on the responsibilities for the Duchy of Cornwall, which I have undertaken for more than five decades."

"With Catherine beside him,” he continued, “our new Prince and Princess of Wales will continue to inspire and lead our national conversations, helping to bring the marginal to the center ground where vital help can be given."

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