The Royal Family's finances have been revealed, and Prince Harry is set to receive a staggering amount of money this year.
Prince Harry is poised to celebrate his 40th birthday on September 15 with an impressive financial gift.
The Duke of Sussex will receive a substantial sum as he enters his fifth decade, a stark contrast to his brother Prince William's 40th celebration, which featured a ceremonial bell concert at Westminster Abbey.
This significant payout stems from arrangements made by Harry's late great-grandmother, Queen Elizabeth, the Queen Mother.
The Queen Mother had established a $90 million trust fund for her family, stipulating that Harry would access his share upon turning 40, as reported by The Times.
Despite this windfall, Harry will still be subject to taxes on his future commercial earnings, the report adds.
The father of two is expected to receive $8.5 million from his portion of the trust, a figure exceeding what his brother William will receive, according to The Mirror.
As the heir to the throne, William benefits from the tax-exempt Duchy of Cornwall, a private estate funding his public, charitable, and private activities.
The latest end-of-year accounts for the Duchy of Cornwall, the estate William inherited as heir to the throne, show that he has withheld the specific amount of tax he pays on his earnings, per ITV News.
In contrast, the accounts for the previous year, when Charles held the title, disclosed that he voluntarily paid £5.9 million in income tax.
Although Prince William, the 25th Duke of Cornwall, continues to pay income tax similarly to his predecessor, his office has chosen not to disclose the amount, as there is no obligation to do so.
Tax is paid on the Prince of Wales' earnings from the Duchy of Cornwall after deducting official family expenses.
The Annual Report released on Wednesday by the Duchy of Cornwall indicates that the surplus available to William and his family was £23.6 million - a slight decrease from the previous year due to property management costs.
Tax is applied at standard UK rates once official costs are deducted from the £23.6 million figure.
Senior royal sources suggested that the income tax William pays is higher than his father's, but Kensington Palace declined to disclose the exact amount of tax paid in 2023/24 or the net surplus amount subject to tax.
The Duchy of Cornwall, established in 1337 by Prince Edward III, was designed to provide an income for the Prince of Wales and subsequent heirs to the throne, independent of the Sovereign.
William and Catherine employ less staff than Charles and Camilla did during their tenure with the Duchy funds.
The current Prince and Princess of Wales have 66 staff members, compared to around 100 under Charles.
