Prince William's new title comes with £1 billion property portfolio and even bigger responsibilities

In his first address to the public, King Charles III created Prince William Prince of Wales. The Duke of Cambridge also automatically inherited the title of Duke of Cornwall and all that goes with it.

The Duchy of Cornwall

ITV News reports that the Duchy of Cornwall’s 1337 charter states that the Duke of Cornwall is always heir to the throne after being created by King Edward III.

Upon the death of Queen Elizabeth II, Prince William automatically inherited the £1 billion property portfolio.

According to Newsweek, Prince William has been preparing for this job for many years. He has attended many non-executive committees to learn about the Duchy’s governance.

Newsweek reports that in 2021/2022, the Duchy earned the then-Prince Charles more than £21 million.

The Duchy already funded the Duke and Duchess of Cornwall and Cambridge, but only a small portion of its fortune was assigned to their activities.

It will significantly boost funding for the couple’s projects now that Prince William has taken over the Duchy. However, Prince William is responsible for managing the estate in a manner that is 'sustainable' and 'meaningful to the local community'.

Author of Prince Philip Revealed, Ingrid Seward, said:

We might see a big new project, but I don't think it will be immediate. William will want to make the role his own.

Earthshot Prize is a project close to Prince William’s heart. It awards five winners £1 million to fund innovative solutions to the climate crisis.

The Duchess of Cornwall and Cambridge set up a Centre for Early Childhood in 2021.

The Prince of Wales

King Charles III created Prince William and Catherine Middleton Prince and Princess of Wales in his first speech as King.

According to BBC News, the job has no constitutional responsibilities.

First Minister Mark Drakeford has advised that Prince William must take the time to get to know the Wales of 2022, to get acquainted with the things that matter to the people of Wales.

Mark Drakeford said:

The Wales of 2022 is not the Wales of 1969

ITV and YouGov conducted an opinion poll of just over 1000 people, 31% of which believed that there shouldn’t be another Prince of Wales.

While Mr Drakeford agrees that the debate is legitimate, he also believes now isn’t the time.

Read more:

⋙ The Queen’s death: Here’s how Royal Family members' titles will change

⋙ Prince Harry and Prince Andrew are still in line to the throne, here's why

⋙ Charles III’s Coronation: What power does the King of England have?