Buzz
This week, Prince William, who is second in line to the throne of the world's oldest constitutional monarchy, began a six-week paternity leave following the birth of his second child, Her Royal Highness Princess Charlotte Elizabeth Diana of Cambridge. But what exactly is he taking time off from?
At 32 years old, the Duke of Cambridge has a real job. The former Royal Air Force pilot took up a role with Bond Air Services, the UK's largest air ambulance operator, starting on March 30. With nearly five years of experience in search and rescue, he will be flying rescue helicopters for the East Anglian Air Ambulance this summer. British media reports that he’ll be earning around £40,000 annually—slightly more than the London median of £35,000 and nearly double the national average of £22,000 (His wife, Catherine, Duchess of Cambridge, doesn’t work outside her royal duties and charity commitments). That’s not nearly enough to support a single person living with roommates in a less-than-ideal part of London, let alone a growing family. Additionally, William is expected to donate his salary to a charity that has not been revealed.
So, how do Prince William, Kate, George, and Charlotte sustain themselves? Where does their income come from? And how much work does Prince William truly undertake?
It's great to be (the future) King
Prince William doesn’t need to work, as he is valued at around $40 million, none of which comes from his pilot’s income. His mother, Princess Diana, passed away on August 31, 1997, leaving an estate originally valued at £21 million (roughly $31.5 million), or about £17 million after taxes. The majority of this inheritance was left to William and his younger brother Harry, in trusts that they could access once they turned 30, though they started receiving interest and investment returns from their trusts at 25. When William reached his mid-20s, the annual income from these assets was estimated at £250,000 to £300,000, and each brother received a lump sum of approximately £10 million (around $16 million) when they turned 30.
And don’t overlook the dependable Bank of Dad. Prince William’s father, Charles, holds the title of Prince of Wales, and as such, he benefits from the Duchy of Cornwall, a massive land and investment portfolio that has been passed down through his title since 1337. This estate, spanning an astounding 53,154 hectares of land across 24 counties, is where Charles generates most of his wealth. In 2014, the Heir to the Throne earned £19.5 million (almost $30 million) from the Duchy. (He does pay income tax on his Duchy earnings at a 45 percent rate, but the Duchy itself does not pay corporation tax). Charles then supports William and his family, as well as Prince Harry, in their royal duties. The total cost of supporting them, including staff expenses, amounted to £2.89 million from 2013 to 2014, according to the 2014 Annual Review.
Some expenses are covered by taxpayers. William, Kate, and their growing family live rent-free in Kensington Palace's Apartment 1A, at least for part of the year. The Palace, located on the western edge of Hyde Park, in one of the most expensive areas of London, underwent a £4.5 million renovation before the couple moved in. The renovation costs, as well as utilities and general upkeep, are funded by taxpayers through the Sovereign Grant, a £40 million annual allowance designated for royal family maintenance. The Sovereign Grant also covers their travel expenses, and Scotland Yard, the London police force, provides 24-hour security for them.
Duty calls?
But how many hours does he actually work? Not much, according to Republic, a group advocating for a 'democratic alternative to monarchy'. They argue that William is a royal sponge who only worked 47 full days in the year following his departure from the RAF. To make matters worse, they claim that many of those so-called 'royal duties' included attending parties, going to the movies, visiting churches, dining out, and attending sports events or theme parks. 'The claims of hard work by royals have always rung hollow—people who actually work long hours, five or six days a week, earn regular salaries, while managing family responsibilities, mortgages, and the rising cost of living,' said Graham Smith, CEO of Republic. 'This research exposes the truth and shows William to be just as lazy and cynical as any other royal.' Ouch.
