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Prince Harry and Meghan Markle’s Decision to Live in Canada Was Financially Savvy


  • January 29, 2020

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.

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This evening, The Duke and Duchess of Sussex attended the annual #WellChildAwards in London. WellChild aims to ensure every child and young person living with serious health needs has the best chance to thrive with the support and medical care needed in the comfort of their own home. The Duke of Sussex became Patron of WellChild in 2007, and last year both The Duke and Duchess attended the awards to honour the children and families that WellChild supports. The Duke, who first came to these awards over a decade ago, shared in his remarks tonight: “Last year when my wife and I attended we knew we were expecting our first child – no one else did at the time, but we did – and I remember squeezing Meghan’s hand so tightly during the awards, both of us thinking what it would be like to be parents one day, and more so, what it would be like to do everything we could to protect and help our child should they be born with immediate challenges or become unwell over time.  And now, as parents, being here and speaking to all of you pulls at my heart strings in a way I could have never understood until I had a child of my own.” • To find out more about tonight’s event and how you can support this very special organisation, please visit @WellChild Photos ©️ PA images

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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.

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In Tembisa, Johannesburg, today The Duke and Duchess visited to meet young entrepreneurs at the YES hub – a hive for creativity and social enterprise. Their visit was an amazing tour of the ingenuity and opportunity – seeing businesses that varied from food to essential sanitary products for local women. During their visit, they were able to sample food from ‘Chef Mish’ – a local masterchef winner – which he makes at the site as part of his catering business and cafe. They then joined YES community members to take part in training and tests that will help them gain skills and find work. On the third stop today, entrepreneur Moss showed The Duke and Duchess the organic produce he's growing in the township with aquaponics – supplying local restaurants. And finally, The Duke and Duchess met the women behind the amazing Blossom Care Solutions – who are making 80,000 sanitary pads every month for women in their community. They are 100% compostable, and provide an essential low-cost product for women and girls. The Duchess has long campaigned on this issue and wrote in Time magazine in 2017, saying: “In communities all over the globe, young girls’ potential is being squandered because we are too shy to talk about the most natural thing in the world. To that I say: we need to push the conversation, mobilize policy making surrounding menstrual health initiatives, support organizations who foster girls’ education from the ground up, and within our own homes, we need to rise above our puritanical bashfulness when it comes to talking about menstruation.” • See our previous post to see The Dukes speech #RoyalVisitSouthAfrica Photo ©️ PA images

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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.