Why Prince Harry and Meghan Markle Will Never Truly Be ‘Financially Independent’ From the Royal Family
Prince Harry and Meghan Markle have officially stepped down as “senior” members of the royal family. Taking to Instagram, the Duke and Duchess of Sussex announced they are stepping down and want to become financially independent from Queen Elizabeth and the rest of the royals. Good intentions aside, here is why Harry and Meghan will never achieve their goals of financial independence.
Prince Harry and Meghan Markle take a step back from the royal family
Harry and Meghan had a pretty rough 2019. A few months ago, they both opened up about their struggles in a documentary and admitted that life under the spotlight has not been easy.
The documentary came on the heels of the couple’s lawsuit against several British tabloids. The Sussexes are suing the companies for publishing private letters Meghan sent to her father.
To add to the drama, Prince Harry and Meghan Markle decided to spend the holidays with Meghan’s mom, Doria Ragland, in Canada, instead of celebrating Christmas with Queen Elizabeth at her Sandringham estate.
Between the documentary and their holiday getaway, many royal watchers suspected that Harry and Meghan were considering leaving the royal family altogether. Turns out there was some truth to those rumors after all.
Harry and Meghan just announced on Instagram that they are no longer going to be acting “senior” members of the royal family and want to develop their financial independence in the coming year.
“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,” they shared.
Here is why the Duke and Duchess of Sussex will never reach financial independence
On the surface, it might seem like Harry and Meghan can reach their financial goals within a few years. But in reality, Harry will never truly be financially independent of the royal family.
Unlike Meghan Markle, Harry was born into royalty and most of the wealth he has accumulated so far has come from the monarchy. While Harry did earn a salary in the military, it was hardly enough to fund his charitable ventures over the years.
In fact, the bulk of Prince Harry’s fortune was inherited from his late mother, Princess Diana. At the time of her tragic death in 1997, Diana was worth over $31 million. Her wealth was split between Harry and his brother, Prince William, each of whom received their share at the age of 30.
Prince Harry also receives a yearly salary from his father, Prince Charles, who runs the Duchy of Cornwall. This covers the majority of his expenses every year, including traveling around the world.
What about Meghan Markle’s net worth?
There is, of course, an argument to be made that Harry and Meghan could live off her salary. Before marrying into the royal family, Meghan was a rising star in Hollywood and made millions appearing on the hit legal drama, Suits.
According to Express, Meghan Markle is worth a little over $5 million. Together, the Sussexes have an estimated net worth of around $30 million. It is still unknown how much Harry received from the Queen Mother, so his fortune could be even higher than that.
It is unclear how much Prince Harry and Meghan spent in 2019, but part of their plan is to split time between the U.K. and North America. We do not know where the couple will purchase a home in North America, but $30 million is probably not enough to fund their ventures over the long haul.
Their finances will also take a hit if they decide to move out of Frogmore Cottage, which was partially funded through taxpayer dollars.
How long will it take for Prince Harry and Meghan Markle to break free from the royals?
In their official statement, Harry and Meghan did not offer a timeline for when they will achieve financial independence.
With the couple planning on stepping away from the royals while expanding their work to North America, it could be several years before they reach their goals.
Hopefully, the move is exactly what Harry and Meghan need to get things back on track. Considering everything they have gone through this past year, they could definitely use more time away from the spotlight.
Prince Harry and Meghan Markle added that they will continue to work with Queen Elizabeth and the rest of the royals on various projects, though they have yet to say exactly what their role will be in the family moving forward.