The Duke and Duchess of Sussex, Prince Harry and Meghan Markle, stunned the world with their decision to step back from their roles as senior members of the British royal family. This move, dubbed “Megxit,” prompted numerous questions about their future, particularly how they plan to become financially independent.
While their desire to forge their own path is clear, the path to financial independence for a couple accustomed to royal privilege remains complex and fascinating. Let’s delve into the intricacies of their financial situation and explore the potential avenues they might pursue.
Unraveling the Couple’s Current Financial Standing
Contrary to popular belief, Prince Harry and Meghan Markle are not solely reliant on public funds. While a portion of their income derives from the Sovereign Grant, an annual payment allocated to the royal family, the majority comes from Prince Charles’ Duchy of Cornwall estate.
Sovereign Grant: This grant, totaling over $100 million last year, covers official expenses for the entire royal family. Harry and Meghan previously received 5% of this grant, a figure that will likely change given their altered roles.
Duchy of Cornwall Income: The Duchy of Cornwall, a vast estate, provides Prince Charles with private income. He, in turn, allocated approximately $6.5 million to cover 95% of Harry and Meghan’s office expenses.
Saying Goodbye to Royal Funds: Embracing New Revenue Streams
Breaking free from the royal family’s financial structure necessitates replacing these income sources. Harry and Meghan have expressed their commitment to financial independence, indicating a desire to generate their own income. This ambition, while admirable, presents its own set of challenges.
- Navigating Political Sensitivities: The royal family maintains strict political neutrality. As Harry and Meghan explore commercial ventures, they must carefully navigate this delicate balance to avoid jeopardizing the monarchy’s reputation.
Leveraging Existing Wealth: A Solid Foundation
While seeking new income streams, Harry and Meghan aren’t starting from scratch. Their combined net worth provides a comfortable financial cushion:
Prince Harry’s Inheritance: Prince Harry’s estimated net worth stands at $39 million, with $7 million inherited from his late mother, Princess Diana.
Meghan Markle’s Acting Career and Business Ventures: Meghan’s successful acting career, notably her role in the TV series “Suits,” contributed to her estimated $5 million net worth. Her now-defunct lifestyle website, The Tig, along with endorsement deals, further bolstered her financial standing.
A World of Opportunities: Exploring Lucrative Ventures
The couple’s global recognition opens doors to lucrative opportunities, potentially surpassing their current wealth:
Following in the Footsteps of High-Profile Friends: The Obamas, with their multi-million dollar book deals and speaking engagements, and Serena Williams, with her impressive portfolio of brand endorsements, offer a glimpse into the earning potential available to high-profile figures like Harry and Meghan.
Harnessing the Power of Storytelling: Book deals and speaking engagements present lucrative opportunities to share their unique story and perspectives.
Championing Causes Close to Their Hearts: Philanthropic endeavors and partnerships with organizations aligned with their values could provide fulfilling and potentially profitable avenues.
Venturing into the Entertainment Industry: Meghan’s acting experience, coupled with Harry’s growing interest in media production (evidenced by his collaboration with Oprah Winfrey on a mental health documentary series), hints at potential ventures in the entertainment industry.
The world watches with bated breath as Harry and Meghan embark on this new chapter. Their journey toward financial independence, though challenging, is paved with opportunities to redefine success on their own terms and create a lasting impact on the world.
