Prince Harry and Meghan Markle stepped down as senior members of the British royal family in early 2020 and are now financially independent. There has been much speculation around whether they continue to receive money from the royal family or the Duchy of Cornwall. Here is a quick overview of the main questions around Harry and Meghan’s finances:
Do Harry and Meghan get money from the royal family?
No, Harry and Meghan no longer receive any money from the royal family’s Sovereign Grant or the Duchy of Cornwall following their exit. The Sovereign Grant is the annual lump sum of money provided by the government to the Queen to cover the costs of official royal duties and maintaining the royal palaces. The Duchy of Cornwall is a private estate managed by Prince Charles, which provides income to fund the public, private and charitable activities of Charles and his family.
When Harry and Meghan stepped back as senior royals in 2020, it was agreed they would no longer receive money from the Sovereign Grant. Prince Charles also confirmed that he would no longer fund Harry and Meghan from his personal income from the Duchy of Cornwall.
What about their UK home Frogmore Cottage?
Harry and Meghan lived at Frogmore Cottage on the Windsor estate before moving to Canada and the USA in 2020. Frogmore Cottage underwent major renovations in 2018-2019 at a cost of £2.4 million, funded by the Sovereign Grant. When Harry and Meghan exited royal life, they repaid this renovation cost to the Sovereign Grant so that Frogmore Cottage remains their UK family home. However, they continue to pay commercial rent on the property and pay for its upkeep privately.
Do they have any other royal assets or perks?
No, Harry and Meghan no longer have access to other royal assets or perks:
- They can no longer base themselves at royal residences like Buckingham Palace.
- They do not use the royal train or royal aircraft.
- They have their own private security team instead of taxpayer-funded security.
- They are no longer able to officially represent the Queen.
What sources of income do Harry and Meghan have?
Harry and Meghan have established several lucrative income streams since leaving the royal family:
Media deals
Harry and Meghan signed a major multi-year deal with Netflix in 2020 to produce films, documentaries and children’s programming. While the exact figure is undisclosed, estimates put the deal at over $100 million. They also have a podcast deal with Spotify worth around $25 million.
Harry’s inheritance from Princess Diana
Harry received around $10 million when he turned 30, inherited from his late mother Princess Diana’s estate. Meghan likely has access to these funds.
Book deals
Harry received an advance of around $20 million in 2021 for his memoir ‘Spare’. Meghan also received an advance of perhaps $3-5 million for her 2021 children’s book ‘The Bench’.
| Income Source | Estimated Value |
|---|---|
| Netflix deal | $100+ million |
| Spotify deal | $25 million |
| Harry’s inheritance | $10 million |
| Harry’s book advance | $20 million |
| Meghan’s book advance | $3-5 million |
Speaking engagements
Harry and Meghan can earn up to $1 million per speech through elite agencies like the Harry Walker Agency. Leaked documents revealed they have done speeches for companies like banking giant JP Morgan.
Investments
The couple have made several major investments, like $100,000 invested in sustainable travel firm Travalyst. They may earn returns on these investments in the future.
How much could Harry inherit from Prince Charles?
It is estimated Prince Harry could eventually inherit around $10-15 million from his father Prince Charles’ $1.3 billion Duchy of Cornwall estate. However, Charles may change his will now that Harry has exited royal life. Meghan could share in these funds.
Could Meghan resume acting and earn an income?
Meghan Markle was an actress before marrying into the royal family, best known for her role in the TV drama Suits. She ended her acting career when she became a working royal in 2018. Now she and Harry have stepped back, Meghan has the option to resume acting if she wishes. She could easily earn millions from acting roles, endorsements, brand sponsorships and Hollywood film deals.
Do Harry and Meghan get income from their titles?
No, there is no direct income earned from holding royal titles. However, their fame and status as the Duke and Duchess of Sussex likely help secure lucrative media and endorsement deals.
Could they lose their Duke and Duchess titles?
There has been speculation that Harry and Meghan could be stripped of their Sussex titles in the future, as they continue to distance themselves from royal life. However, their titles were gifted by the Queen and can only be removed by an Act of Parliament or a formal decree by King Charles III. Neither are likely at this point.
Conclusion
In summary, Harry and Meghan are now financially independent from the British royal family and earn their income through commercial deals with media companies, speaking engagements, book advances and investments. While they have lost taxpayer-funded perks like residences, security and travel, their global fame ensures very lucrative private income streams. However, their ties with the royal family remain complex, and it is unclear whether Harry will inherit any funds from Prince Charles’ estate in the future.