The royal family has really been going through it recently. From 2019 to now alone, there have been rumors of infidelity between Prince William and Kate Middleton, musings that Queen Elizabeth might retire in the next few years, and Prince Andrew stepped down from his royal duties after being involved with the Jeffrey Epstein scandal.
Now, the royals are in for another shakeup. Prince Harry and Meghan Markle just announced that they are stepping back from their duties as senior members of the royal family and want to be financially independent. So, what does all of this mean? How do you go from being completely funded by the state to making money on your own?
Prince Harry and Meghan Markle step down
On Jan. 8, the Duke and Duchess of Sussex announced that they were stepping down.
“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,” the announcement read. “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.”
“We now plan to balance our time between the United Kingdom and North America, continuing to honour our duty to The Queen, the Commonwealth, and our patronages. This geographic balance will enable us to raise our son with an appreciation for the royal tradition into which he was born, while also providing our family with the space to focus on the next chapter, including the launch of our new charitable entity. We look forward to sharing the full details of this exciting next step in due course, as we continue to collaborate with Her Majesty The Queen, The Prince of Wales, The Duke of Cambridge and all relevant parties. Until then, please accept our deepest thanks for your continued support.” – The Duke and Duchess of Sussex.”
Why did Meghan Markle and Prince Harry choose to be financially independent?
Ultimately, Markle and Harry want to be able to make their own way in the world.
“The Duke and Duchess of Sussex take great pride in their work and are committed to continuing their charitable endeavours as well as establishing new ones,” a statement on the Sussex’s website read. “In addition, they value the ability to earn a professional income, which in the current structure they are prohibited from doing. For this reason they have made the choice to become members of the Royal Family with financial independence.”
Will the Sussexes follow in the Obama’s footsteps?
When Barack and Michelle Obama left the White House, they began making money through book deals and Netflix specials. According to Market Watch, the presidential couple signed an eight-figure contract with Netflix.
So, what will Harry and Markle do?
Markle already racked up a net worth of $6.5 million from working on Suits. So, the couple will probably still receive residuals from the show for a while.
Harry inherited $9.2 million from his mother, according to the outlet. So the two won’t be starting from scratch when it comes to earning an income.
Given the success of their documentary, Harry and Meghan: An African Journey and the public’s fascination with the couple and their relationship, it only makes sense that the two will be offered several movie, tv, and book deals.