How Will Meghan Markle and Prince Harry Be ‘Financially Independent’ Without Royal Life?
The royal family was rocked to the core this week when Meghan Markle and Prince Harry announced their decision to step back from royal life. Their lengthy statement, which was posted on their Instagram page, revealed that they were taking steps towards becoming “financially independent” and that they intend to pursue their own interests, which include the launch of a yet-unnamed charitable organization. Since their big announcement, there have been thousands of questions regarding how exactly the couple will make their own money and how long they will continue to accept royal funding.
What did Prince Harry and Meghan Markle’s announcement say?
There was some speculation that the Duke and Duchess of Sussex wanted to step away from royal life. Certainly, neither of them have seemed happy for some time, especially after the revealing interview that Duchess Meghan gave to TV host Tom Bradby during their Africa tour. Still, no one could have predicted that the two would be announcing their retirement from being “senior royals.”
The statement, which was posted on January 8th, 2019, revealed that the two want to “work to become financially independent while continuing to fully support Her Majesty The Queen.” It also stated that Duchess Meghan and Prince Harry want to split their time between the United States and the United Kingdom and to work towards building their very own charity. The couple thanked readers for their support and reiterated that they believe splitting their time between countries will enable them to better raise their young son, Archie Harrison.
Prince Harry and Meghan Markle will still be receiving royal funds
Prince Harry and Duchess Meghan’s long-term plan might be to become completely independent of the palace but, for now, the duke and duchess are likely still receiving the same funding as usual. It is unclear as to whether or not they will seek to cut off all funding from the palace as they earn their own money, but if they are still performing some royal duties in their new capacities, there is certainly some gray area.
However, part of their statement revealed that they definitely don’t intend to take any taxpayer money in the future. They would merely use the funds that Prince Harry receives through his father’s inheritance, as well as likely some of the riches left to him by his late mother, Princess Diana.
Furthermore, their statement made it clear that they really want to make their own money. “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.”
How will Meghan Markle and Prince Harry make money in the future?
The big question looming over the royal couple’s heads is: How will they make money in their new situation? Many royal watchers are speculating that Markle will make a big return to the acting world, possibly even returning to her TV show Suits.
While Duchess Meghan has not spoken about returning to acting, and it seems unlikely that she would decide to start acting again, it is certainly possible. She also ran a lifestyle blog called The Tig prior to joining the royal family. With her newfound popularity, Duchess Markle could certainly better monetize the platform.
Prince Harry and Duchess Meghan’s fame and notoriety also opens doors to other financial avenues. By stepping away from the royal family, they could, in theory, start charging a fee for speaking at public events or even monetizing their Instagram. It seems very likely that Prince Harry will continue to do speaking engagements, similar to what he has done in the past.
A more likely situation, according to a recent MarketWatch report, is that the two will turn to a more “dignified” approach to earning income. This could shake out to be something similar to what Barack Obama and Michelle Obama have done since the former left office.
There is a great deal of interest in Prince Harry and Meghan Markle, so they could certainly parlay that interest into a series of book deals, documentaries, and even a Netflix series. The Obamas, for example, inked an eight-figure deal with Netflix.
“Their kind of lifestyle costs a fortune,” Ashley Pearson, a London-based writer told MarketWatch. “However, one of the reasons they broke off from the royals is, in part, because they want to build their own brand.”
All of this could be enough to maintain their costly lifestyle and enable them to more or less live by their own rules.