The Duke and Duchess of Cornwall and Cambridge are to take on the roles of Prince and Princess of Wales, King Charles has confirmed.
In his first address to the nation, the Queen’s first-born son said that his heir, Prince William, would also assume the Scottish titles, “which have meant so much to me”, and succeeds him as the Duke of Cornwall.
The latter title means he takes on the responsibilities for the Duchy of Cornwall, which manages a number of estates and 150,000 acres of farmland across England and Wales, with an estimated annual income of £20 million per year.
Confirming the change, King Charles said: “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.”
The couple takes on the roles formerly held by King Charles and his former wife Diana, Princess of Wales.
The King was given the title of Prince of Wales when he was 10 years old and had an investiture at Caernarvon Castle in 1969.
The role is not automatically passed down the generations and the decision to pass it on is down to the monarch.
Prince William was awarded the title of Duke of Cambridge following his wedding to Kate Middleton in 2011, and he will retain that title.
In Scotland, the couple will be known as the Duke and Duchess of Rothesay.
The throne automatically passed to Charles when his mother died at Balmoral on Thursday, aged 96, following a 70-year-reign.
The succession meant he become King Charles III, with his wife, Camilla, taking on the role of Queen Consort.
Prince William’s son, Prince George, is now the third in line.
The total assets of the Duchy of Cornwall’s estate rose to more than £1.2 billion earlier this year – an increase of nearly £93 million since 2021, its annual accounts show.
As the heir to the throne, the Prince of Wales is entitled to the Duchy’s profits as his yearly private income, which came to £23 million in 2021/22.