Prince William generated a private income of £22.9 million in the last financial year from the Duchy of Cornwall, the estate he has overseen since becoming Prince of Wales. However, proposed changes to leasehold law could affect future revenues from the extensive property portfolio.
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The UK Government has published a draft of the Commonhold and Leasehold Reform Bill, which aims to overhaul the current leasehold system. The proposals include a cap on ground rents at £250 per year and the replacement of what ministers describe as a “draconian” forfeiture regime with a fairer enforcement framework. Such measures may reduce income from leaseholders across large estates, including the Duchy of Cornwall.
The Duchy spans 23 counties in England and Wales and includes notable assets such as the Oval Cricket Ground and large areas of Dartmoor, making Prince William the country’s largest private landowner. The reforms would also formalise the use of so-called “peppercorn rent” after 40 years of leasehold ownership, reducing payments to a purely nominal amount to satisfy legal requirements.
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Alongside potential financial changes, the Prince of Wales has signalled a focus on sustainability since taking control of the Duchy. Plans have been outlined to achieve net-zero operations by 2030, continuing an environmental approach long associated with King Charles. The proposed reforms arrive at a time when the estate is balancing commercial management with long-term environmental objectives.
