William with his father, then the Prince of Wales

The Prince of Wales, who inherited an income of £23million a year from the Duchy of Cornwall, held a meeting with the Land Estate Finance Committee on Wednesday.

William became the 25th Duke of Cornwall after his father’s accession.

As heir to the throne, the prince is entitled to the annual surplus generated by the duchy’s vast portfolio of land, buildings, and financial investments.

He has also taken on the management oversight of the estate, the meeting seen as a sign of the seriousness with which he is taking his new role.

Death of Queen Elizabeth II
William is entitled to the annual surplus generated by the Duchy’s vast portfolio (Emilio Morenatti/PA)

In 2021-22, the Duchy’s annual income amounted to £23 million for Charles, then Prince of Wales and now King.

The court circular recorded that William spoke to the duchy’s finance committee via video link on Wednesday.

The annual private income will cover the cost of William’s public and private life.

He was already receiving an undisclosed sum of money each year from the Duchy through his father, but now William is entitled to the full surplus.

Royal visit to Devon and Cornwall
The Prince of Wales at the Duchy of Cornwall nursery in Lostwithiel, Cornwall (Chris Jackson/PA)

William, 40, has been preparing for the role of Duke of Cornwall for many years.

“I’m very passionate about my farming and just want to learn more,” he said in an ITV documentary with Charles in 2019.

Charles admitted he was “deeply touched” that William was interested in the dukedom.

He added: “It practically brought me to tears. Because I suddenly thought, ‘Well, just hearing that from him has made the last 50 years interesting.'”

Royal visit to Devon and Cornwall
Charles and Camilla during a visit to the Isles of Scilly, part of the Duchy of Cornwall estate (Arthur Edwards/The Sun/PA)

The TV documentary marked five decades of the then Prince of Wales’ leadership, with Charles adding: “He’s very lucky because I ended up there at 21. I really had a bit of a baptism fire.

“He goes and visits different parts of the Duchy of Cornwall, and so he learns, I hope, over time.”

The Duchy is valued at over £1 billion and is one of Britain’s largest and oldest.

It spans 23 counties in England and Wales and includes the Oval cricket ground and 67,000 acres of Dartmoor.

It was created by Edward III to provide a private income for his son and heir to the throne Edward, later known as the Black Prince, and its purpose remains the same today.