Prince William has been named the new Duke of Cornwall and with it, he has inherited a historic estate valued at more than £1 billion that generates an income of over £22m a year. The role belonged to King Charles III until his ascension, and it automatically passes onto the monarch's eldest son.
In previous years, King Charles, then a prince, had a staggering £22.2million income from the Duchy of Cornwall, but that figure fluctuated and fell by a "significant amount" in some years. Now Prince William will find himself receiving millions of pounds each year from the Duchy of Cornwall, and will have control of its massive portfolio of assets.
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As well as their titles of Duke and Duchess of Cambridge, William and Kate are now also the Prince and Princess of Wales and the Duke and Duchess of Cornwall - having inherited the King and Queen Consort's former titles.
The couple updated their social media accounts to reflect their new titles following the Queen's death.
King Charles said: "As my Heir, William now assumes the Scottish titles which have meant so much to me.
"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.
"Today, I am proud to create him Prince of Wales, Tywysog Cymru, the country whose title I have been so greatly privileged to bear during so much of my life and duty.
"With Catherine beside him, our new Prince and Princess of Wales will, I know, continue to inspire and lead our national conversations, helping to bring the marginal to the centre ground where vital help can be given."
In his role of heir to the throne, the King's oldest son is entitled to the surplus generated by the Duchy's vast portfolio of land, buildings and financial investments.
When in the role, Charles used his Duchy income to pay for his official duties, his London office and charitable work, alongside the public duties of the Duke and Duchess of Cambridge and some of William and Kate's private costs.
He will have done the same for the Duke and Duchess of Sussex from his 2019-2020 income.
In the 2019-20 financial year, Charles annual private income from the hereditary estate rose by £617,000 - 2.9% - from £21,627,000 in 2018-19 to £22,244,000.
The total worth of the Duchy's assets - amounting to more than £1 billion - has dropped by nearly £29 million.
It fell from £1,099,748,000 to £1,070,809,000, but a report said valuation experts were taking into account the uncertain property market and had cited that less certainty, and a higher degree of caution, should be attached to the valuations.
The Duchy said that the volatility and uncertainty posed "no short or long term financial threat" to the asset values of its properties.
The private landed estate was created in 1337 by Edward III to support his son and heir Prince Edward, known as the Black Prince, and all his subsequent heirs.
It extends across 23 counties in England and Wales and includes the Oval cricket ground and 67,000 acres of Dartmoor.
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