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Harry and Meghan’s income does not rely on the royal family anymore. They have decided to opt for financial independence. Will they manage to do it?
Recently, British Prince Harry and his spouse Meghan Markle announced their departing from the royal family. Besides, they stated they would work to become financially independent. In this regard, we have decided to look at possible sources of Harry and Meghan’s income.
In their official statement, the couple wrote:
“After many months of reflection and internal discussions, we have chosen to make a transition this year in starting to carve out a progressive new role within this institution. We intend to step back as ‘senior’ members of the Royal Family, and work to become financially independent, while continuing to fully support Her Majesty The Queen. It is with your encouragement, particularly over the last few years, that we feel prepared to make this adjustment.”
The decision to step back as senior royals does not mean they will forget about the royal family and their traditions. As the couple said, they will do their best to find a balance between the UK and North America. Moreover, they will continue honoring their duty to The Queen, the Commonwealth. In addition, Harry and Meghan will “collaborate with Her Majesty The Queen, The Prince of Wales, The Duke of Cambridge, and all relevant parties”.
The Royal Family’s Response
The Queen commented that despite her desire to have Megan and Harry stay full-time working Members of the Royal Family, she respects their decision.
Further, she added that Harry and Meghan “have made clear that they do not want to be reliant on public funds in their new lives.’ For example, they will no longer receive funding from the Sovereign
Sources of Harry and Meghan’s Income
Harry and Meghan do not consider the refusal of public funds’ money to be a challenge for their family. Besides, these funds did not bring fantastic profits. For instance, in 2019, the earnings from the Sovereign Grant only amounted to 5% of the couple’s total income. The remaining 95% came from the Duchy of Cornwall, Prince Charles’s private estate that financially supports Charles’s sons and their spouses.
Harry and Meghan are already millionaires. Harry inherited nearly £7 million from his mother Diana, Princess of Wales. Besides, he has got an inheritance from the Queen Mother. For about a decade, Harry also earned a proximately £45,000 a year as a helicopter pilot and captain in the British army.
As for Meghan, she earned £333,000 per season for six runs of Suits. Currently, she continues to receive royalties from it. She also had an income from feature films and fashion collections. Besides, Meghan earns a lot by publishing sponsored content on her social network accounts.
Both Harry and Meghan are contributing to the world of entertainment. While Meghan appeared in numerous movies, Harry partnered last year with Oprah Winfrey. The Prince and talk show host were creating a series for Apple TV on mental health.
Above all, in June 2019, the couple submitted a trademark application for their joint brand, Sussex Royal. The brand would cover items under the categories of clothing, campaigning, charitable fundraising. The couple’s current joint wealth is estimated to be around £18 million. With their brand, they can make even more. Now Harry and Meghan will earn money in ways they haven’t been able to before.