Prince Harry and Meghan Markle’s Decision to Live in Canada Was Financially Savvy
Prince Harry and Meghan, Duchess of Sussex’s new life has come at a cost — literally. Since the Sussexes are no longer working members of the British royal family, they’ve had to become financially independent. These means they will be scaling back on some of the lavish pleasures that the duke had been accustomed to for his entire life.
However, the Sussexes aren’t starting from the ground up. Prior to tying the knot in May 2018, both Markle and Prince Harry were millionaires in their own right. Also, despite the British press and public’s disdain for the duchess, they are beloved across the globe and have a stellar brand.
Since they are building on their own wealth and legacy, it was a wise choice for the Sussexes to move to Canada.
Inside Meghan Markle and Prince Harry’s net worth.
They may not have access to the queen’s billions, but the Sussexes are still very wealthy with a combined net worth of $30 million. When the pair got married they did not have a prenuptial agreement and decided to combine their finances.
Prince Harry’s independent net worth stands around $25 million a combination of inheritance from Princess Diana and an annual allowance from Prince Charles. Meanwhile from her acting work and endorsements, the duchess is worth $5 million.
Some of that money will be used to pay back the $3 million used to renovated their U.K. home, Frogmore Cottage.
This is how Prince Harry and Meghan Markle plan on becoming financially independent
Because they will no longer be supported, the duke and duchess will need to work to become financially independent. They’ve already to trademark their brand — Sussex Royal “We could easily compare them to any former presidents,” Royal commentator and author Kristen Meinzer explained to Business Insider. “My mind keeps going to Barack and Michelle Obama and how [they] make money. The reason I compare the two is that they’re already friends with each other and I would put them on the same level in terms of fame.”
Prince Harry and Meghan Markle were financially savvy to choose Canada
Markle lived in Canada for years when she was filming the drama series, Suits, so it feels very familiar to her. However, Canada has other perks as well. The duo will have major tax benefits when it comes to moving to Canada.
According to Market Watch, “Moving to Canada will keep Prince Harry out of the complex web of U.S. international tax law.” The couple was already running into tax issues since Markle is still a U.S. Citizen. Also since security is a concern, and Canada is in the British commonwealth, the Sussexes security costs will be lower.
“The Governor-General, who represents the Queen in Canada, is protected by the Royal Canadian Mounted Police and as a prince of the realm of Canada, Harry and his family will be protected by the same team of guards, which will have to be expanded,” according to the London Evening Standard.
Additionally, the pound isn’t as strong as it was prior to Brexit. Therefore the duo will get more bang for their wealth in Canada.