Yesterday Prince Harry, 35, and Meghan Markle, 38, shared the news that they have chosen to step back as “senior” members of the Royal Family in a post on the couple’s Instagram account.
The Duke and Duchess of Sussex, who had baby Archie Harrison in May 2019, are doing this in a bid to become ‘financially independent’.
But in the statement, they stressed that they “remain dedicated to maximising Her Majesty’s legacy both in the UK and throughout the Commonwealth”.
Meghan, who married into the Royal Family in 2018, is estimated to be worth around £3.84million ($5million).
She had a pretty healthy net worth before marrying Harry, due to her work as an actress.
Meanwhile, Prince Harry’s net worth is estimated to be somewhere between £19 and £30million ($25 and $40million).
Much of Harry’s mother comes from his mother, Princess Diana, and the Queen Mother, who put away a bulk of her fortune into a trust for her great-grandchildren.
Because Harry and Meghan won’t benefit from the Sovereign Grant, they won’t be covered for any official expenses.
On the Sussex Royal website, it explains: “While the contribution from The Sovereign Grant covers just 5% of costs for The Duke and Duchess and is specifically used for their official office expense, Their Royal Highnesses prefer to release this financial tie.”
According to Meghan and Harry, there is already a “precedent for this structure” – where members of the Royal Family have a title but earn an income.
In their Q&A’s on the website, it explains: “There is precedent for this structure and applies to other current members of the Royal Family who support the monarch and also have full-time jobs external to their commitment to the monarchy.”
Previously the financing arrangement prohibited Meghan and Harry from “earning any income in any form”.
But they make it clear public funding has “never been used, nor would it ever be used for private expenditure by The Duke and Duchess of Sussex, who also do not receive any tax privileges”.
Up until this point, most of their funding has come from The Prince of Wales, which is generated through the Duchy of Cornwall.
dailystar.co.uk
