The title Prince of Waterloo is retained by the Dukes of Wellington. This title was given to the Arthur Wellesley, 1st Duke of Wellington, by King William I of the Netherlands in recognition of his defeat of Napoleon at the Battle of Waterloo in 1815. In addition to the title, the king also gave 2,600 acres (10.5 km²) of land to the duke. To this day the Dukes of Wellington retain the title Prince of Waterloo and enjoy around £100,000-a-year from the longstanding tenants who occupy the land.

The land held by the Prince of Waterloo has recently come under pressure by Belgian citizens. In 1817 the Belgian government struck a deal to pay the duke £1,600 a year in return for the proceeds of sales of timber the duke wanted to clear from the forested land. Until 1988 successive dukes enjoyed this annual payment. However, the present duke, Arthur Valerian Wellesley, 8th Duke of Wellington agreed to forgo the payment in exchange for outright ownership of 60 acres (240,000 m²) of the 2,600 acres (10.5 km²) he has rights to. But some Belgian taxpayers say the deal does not reflect the value of the land - which they say is part of Belgium's national territory. They are using the debate to draw attention to the wider issues of the original agreement. They contend Belgium was effectively coerced into accepting the terms of the original agreement because it could not afford to upset Britain.