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After ‘Megxit’ – how much do Prince Harry and Meghan Markle have in the bank already, now the couple is cutting off from Queen Elizabeth’s royal purse?
Between Harry’s inherited land wealth, annual seven-figure allowance from father Prince Charles, and Meghan’s earnings from starring in network drama Suits, the couple’s ‘financial independence’ should get off to a rosy start
Prince Harry's net worth is well into eight-figures. Photo: Getty Images
In case you missed the news – Prince Harry and Meghan Markle announced they are working to become “financially independent” and will be taking a “step back” from the royal family. This bombshell dropped in a statement shared on their official website, and an accompanying Instagram post, on January 8.
A key component of the shake-up is that while the couple will continue “to fully support Her Majesty The Queen”, they will no longer receive money from the “sovereign grant” provided by the treasury and they will be free to work professionally.
So, their lifestyle will effectively no longer be maintained by the crown – but that doesn't mean they don't already have financing separate from it.
Before marrying Prince Harry, Markle was earning close to half a million dollars a year starring in the USA Network drama Suits, plus a five-figure income from endorsement deals and sponsorship. Money.com reported in 2018 that her total net worth was estimated to be US$5 million.
Prince Harry, Prince Philip and Prince William. Photo: Getty
Their combined net worth, however, is more than five times that. Prince Harry's net worth is at least US$25 million and as much as US$40 million, according to 2018 estimates from Money.com.
Here's where all that money comes from.
Along with Prince William and Kate Middleton, Harry receives an annual seven-figure allowance from his father, heir to the throne Prince Charles, which is used to cover expenses like travel and wardrobe.
Between April 2016 and March 2017, the Duke and Duchess of Cambridge and Harry split nearly US$5 million in allowances from their father, according to an annual review released by Clarence House.
Prince Charles derives that money, in part, from a private estate called the Duchy of Cornwall, which has funded the royal family's public and private lives for nearly 700 years.
Most of the British monarchy's wealth comes from inherited lands and investments. The Duchy of Cornwall, specifically, provided a total of US$28.8 million, including Harry and William's allowance, to Prince Charles and his wife Camilla between 2016 and 2017.
Prince Harry, as a child aged two, with mother Princess Diana. Photo: AP
Since age 21, Harry and William have also been receiving a US$450,000 a year investment profit from Princess Diana's estate, which they pay taxes on to the UK government.
They received a sizeable inheritance from their late mother, estimated to be around US$10 million each, which each prince gained access to on his 30th birthday.
Plus, Prince Harry served in the British Army for 10 years.
Prince Harry served in the British Army, where he earned more than US$50,000 a year. Photo: Getty Images
For his service as a helicopter pilot for the Army Air Corps, he earned an annual income of between US$50,000 and US$53,000, reported Forbes.
These factors combined suggest Prince Harry's net worth is at least US$25 million.
Markle was earning close to half a million dollars a year starring in the USA Network drama Suits. Photo: Hypnotic
Meanwhile, before marrying Prince Harry, Markle was earning close to half a million dollars a year starring in the USA Network drama Suits, and was potentially worth around US$5 million herself before she and her now-husband combined their finances.
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This article originally appeared on Business Insider.