Prince William is embarking on a mission to transform the 700-year-old Duchy of Cornwall from a traditional revenue-raising estate into a force for social impact.
The Prince, who inherited the role of Duke of Cornwall when his father became King in 2022, wants to use the ancient estate as "another branch of his philanthropy".
When Prince William becomes King, the Duchy of Cornwall will pass to his eldest son Prince George.
"We're not the traditional landowner," Prince William told the Telegraph. "We want to be more than that." He describes his vision for the Duchy to exist for "social impact" rather than as an old-style financial resource to be drawn from.
When Prince William becomes King, the Duchy of Cornwall will pass to his eldest son Prince George.
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The estate, established by Edward III in 1337 to generate private income for his then seven-year-old heir, now operates under a new strap-line: "Positive impact for people, places and planet."
The vast estate spans 128,494 acres across 20 counties, taking in both rural and urban life from Herefordshire and Wales to Kent and inner-city London. Despite being called the Duchy of Cornwall, its largest landholdings are actually in Devon.
Prince William maintains a hands-on approach, visiting part of the Duchy once every four to six weeks.
His visits are usually private, rarely making the Court Circular and kept quiet by loyal locals who are used to royal comings and goings.
Prince William maintains a hands-on approach, visiting part of the Duchy once every four to six weeks.
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The estate owns diverse properties including the Oval in Kennington, the Isles of Scilly, sections of rivers in Dartmoor, and Cornish beaches up to the high-tide line.
More than 150 people work across the Duchy's eight offices under new secretary Will Bax.
The Prince's priorities under his modernisation plans range from ending homelessness to restoring rivers, with the "people" part seen as mission-critical.
The new strategy includes a heavy focus on solving homelessness, supporting the mental health of farmers, and arranging get-togethers to combat rural loneliness.
The Prince's priorities under his modernisation plans range from ending homelessness to restoring rivers, with the "people" part seen as mission-critical.
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Prince William is determined to be "a positive force for good" that will actively "make people's lives better". He described himself as "unmistakably, a man on a mission: to reform his Duchy so it is fit for 2025 and beyond".
Since stepping into the role, he has embarked on a careful but wholesale stocktake of what is working and what is not. "The Duchy has been a positive force for good, but we can do so much more," he explains.
The Duchy raised £23.6 million in the year to March 2024, which funds the life and work of the Duke of Cornwall and his family.
This income also goes towards running the Kensington Palace operation and paying staff.
The Prince's role is as steward of the land rather than owner, with the estate passing to the next generation intact. Annual accounts are reported to Parliament with oversight from the Treasury.
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As with other landowners, tenants pay rent to the Duchy, and there are commercial leases and market-rate deals with public bodies for properties on estate land. Prince William pays voluntary income tax though he does not disclose the amount.
The Prince's role is as steward of the land rather than owner, with the estate passing to the next generation intact. Annual accounts are reported to Parliament with oversight from the Treasury.
The Duchy remains arguably most famous for the Duchy Originals organic food line, particularly known for its biscuits, established by the then Prince Charles in 1990.
Prince William wants to "dig deeply" to get a "true feel for what the Duchy is doing", describing his approach as "trying to just go through with a fine-tooth comb".
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He conceded that modernising the ancient estate will take time, likening updating the 700-year-old Duchy to "turning a tanker".
The Prince is determined to shift the focus away from the revenue-raising of old to put "social impact" at the centre. However, he emphasises the importance of preserving the estate's heritage and community connections.
"I think the key thing is, it's about not losing the important community and historical links of the Duchy," he explained. "But it's also about making sure we're building on and enhancing, modernising the Duchy."
He added: "We're going to modernise it without losing its key spirit of community."
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