“The next king of England, Prince William, pays about £7 million in taxes a year,” the Daily Mail reported earlier this week. The specific figure raised eyebrows across Britain and prompted us to take a closer look: Are Britons outraged for no reason, with the royals actually paying taxes like ordinary citizens? And while we’re on the subject of money, we also examined the bank accounts of Britain’s blue bloods, and what they spend their fortunes on.
The British royal family is known mainly for its desperate attempts to keep dirty laundry inside palace walls. And not just dirty laundry, the royals have long tried to conceal medical conditions, distance relatives who could damage the family image (such as Queen Elizabeth II’s cousins, who were diagnosed with autism), and, above all, prevent their many scandals from becoming public. None of those efforts, of course, has been particularly successful.
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The Royal family
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Another issue the royals can no longer keep secret is their finances and the state of each family member’s bank account.
Prince William’s personal fortune is estimated at £1.5 billion — nearly 7 billion shekels — according to The Times magazine. The heir to the throne saw his wealth surge after inheriting the Duchy of Cornwall from his father, boosting his personal income by an estimated £24 million a year.
It should be noted that William is not required to publicly disclose income generated by the Duchy of Cornwall, nor is he obligated to pay taxes on it.
Fun fact: In 2023, Prince William met with children in the Manchester town of Moss Side. One child boldly asked the future king directly: “How much money do you have in your bank account?” A visibly embarrassed William chuckled and replied: “I genuinely don’t know.”
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Prince William
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So what exactly is this little-discussed duchy?
The Duchy of Cornwall was created in 1337 for Prince Edward and was the first duchy established in England. The title is always held by the heir apparent to the British throne. If the heir dies before ascending to the throne, the duchy does not automatically pass to his eldest son but instead reverts to the monarch.
Traditionally, the Duke of Cornwall is entitled to receive assets and income tied to the duchy’s lands and estates.
As mentioned, the Duchy of Cornwall is exempt from taxation, but in 2003, then-Prince Charles voluntarily chose to pay taxes on its income after the duchy boosted his personal fortune by nearly £10 million that year.
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Prince William and King Charles III
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As head of the British royal family, many might expect King Charles III to top the list, but that is not the case. Charles is indeed one of the wealthiest people in Britain, just not the wealthiest royal.
According to The Times, Charles’ personal fortune is estimated at £900 million. Unlike prime ministers and other public officials, the king does not receive a salary, raising the obvious question: Where does the money come from?
Following the death of Queen Elizabeth II, Charles inherited the Duchy of Lancaster, valued at an estimated £647 million. He also inherited a large portion of the late queen’s personal fortune, which The Sunday Times estimated at £370 million, along with a vast stamp collection, stock portfolios, artwork and jewelry.
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In addition, Charles receives annual income from his estates, which generated £27 million between 2023 and 2024.
The king also receives the largest share of funding connected to the Crown Estate, a vast collection of assets that includes retail and hospitality businesses, luxury properties in London and more than 191,000 acres of land and estates.
Profits from the Crown Estate are managed by the British Treasury, with a percentage transferred to the royal family through a lump-sum payment known as the Sovereign Grant. As of 2025, the royal family receives 12% of those profits, according to the BBC.
In 2025, King Charles reportedly received more than £130 million through the Sovereign Grant, an increase of roughly £45 million. The jump was attributed largely to profits from Crown Estate wind farm deals.
And there are expenses too: The grant helps cover the royal family’s official costs, including palace maintenance, staff salaries and funding for official travel and events.
The rest of the royal family trails far behind on the rich list. Princess Anne, King Charles’ sister, is estimated to be worth £50 million. Prince Harry and Meghan Markle — who famously stepped back from royal duties in pursuit of financial independence — are estimated at £44 million. Prince Edward and Sophie, the Duke and Duchess of Edinburgh, are believed to have a fortune of about £10 million, while Catherine, Princess of Wales, has a comparatively modest estimated net worth of £7.3 million.
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Catherine, Princess of Wales
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For years, the British public has remained divided over the monarchy and whether it still has a place in the 21st century.
A poll published in April by YouGov found that 59% of Britons believe the monarchy is good for Britain, while 53% said they think the royal family provides good value for money. Still, 33% argued the monarchy delivers poor returns relative to the public investment.
There is also a significant generational divide. While roughly 70% of Britons over age 65 believe the royal family offers reasonable value, only 34% of young adults ages 18 to 24 agree.
Overall, support for the monarchy remains relatively stable, with 45% preferring a monarchy over an elected head of state. More than 70% of respondents expressed favorable views of William and Kate as future king and queen.
Returning to the Daily Mail’s revelation that William pays £7 million in taxes annually, questions naturally arise about how the heir to the throne balances the books amid ski vacations, elite school tuition, soccer matches and the upkeep of seven residences.
A royal expert explained that most of William’s income comes from the Duchy of Cornwall, which generates around £24 million annually. That money funds the prince’s charitable and private activities, including royal residences, while some expenses — such as Catherine’s wardrobe — can reportedly be deducted for tax purposes.
Beyond the obligations that come with royal titles, the Prince and Princess of Wales enjoy a lavish lifestyle that includes luxury vacations and fine dining.
Earlier this year, the couple took a quiet getaway to the upscale French ski resort of Courchevel. They were spotted dining at an exclusive mountaintop restaurant where even the simplest toast costs £74.
Courchevel is known for its Michelin-starred restaurants, designer boutiques and celebrity guests such as George and Amal Clooney and the Beckham family.
Last August, William and Kate vacationed with their children, Princes George and Louis and Princess Charlotte, on the Greek island of Kefalonia, where they spent time aboard the £20 million yacht Lady Beatrice.
Another luxury trip came in 2019, when the royal couple spent two weeks on the Caribbean island of Mustique, staying in a villa that reportedly cost £27,000 a week. The property featured an infinity pool and sweeping ocean views.
And then there’s air travel: In 2012, it was reported that William and Kate spent more than £60,000 on flights from Los Angeles to London.
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Not all expenses are pure luxury, depending on how you look at it. William and Kate pay tuition for Prince George and Princess Charlotte, who attend the elite Lambrook School in Berkshire, at a cost of £10,669 per term. Tuition for Prince Louis reportedly costs £9,804.
George’s school fees are expected to rise sharply in the coming months when he begins attending Eton College, where tuition is about £21,000.
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Princess Charlotte
(Photo: Samir Hussein/WireImage)
Prince William is also known for his impressive motorcycle collection, which has made headlines more than once. On one occasion, he was seen riding through London on a Ducati Hypermotard worth around £14,000 and capable of reaching speeds of 200 kph.
William also owns another Ducati motorcycle worth £20,000, which he was last seen riding the night before his 2011 wedding.
And not everything has to be extravagant: Like many ordinary people, William also owns a modest Mii2 YOO2 scooter worth £4,442, which he reportedly uses around Windsor Castle.
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Like many men, William is also passionate about soccer. He is an avid Aston Villa supporter and reportedly holds a VIP season ticket worth around £5,000.
If the future king cannot attend a match in person, he is known to watch games in pubs — and to buy drinks for his friends.
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Then there is his love of polo. While it is unclear whether William owns a horse himself, reports in 2021 said the Prince and Princess of Wales bought their children a pony. A trained pony suitable for children typically costs around £5,000.
As befits a prince, William is also known for collecting luxury watches. He has been photographed wearing an Omega Seamaster Professional valued at £5,600, which, according to reports, was a gift from his late mother, Princess Diana.
William continued the tradition by giving Catherine a Cartier Ballon Bleu watch worth £5,900 as an anniversary present.
One of the most famous and emotional gestures, of course, was when William proposed to Kate using Princess Diana’s iconic 12-carat sapphire-and-diamond engagement ring, now estimated to be worth about £399,000. Reports say William later added platinum beads to the ring, and it was resized by jeweler G. Collins and Sons in 2011.
Over the years, William has also given Kate a range of luxury jewelry, from sentimental family heirlooms to earrings reportedly worth about £100,000. Among the standout gifts are a garnet-and-pearl promise ring and a set of eternity bands estimated to be worth about half a million pounds.
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And while the rest of us debate whether to buy another cheap shirt because “we deserve it,” the royals continue moving millions between palaces, inheritances, jewelry, land holdings and vast sums tied, in part, to British taxpayers.
And yes, it turns out that even if you are destined to become king of England, you still have to pay taxes, just with a few more estates and Cartier watches along the way.