What can Prince Harry and Meghan Markle do for financial independence

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Updated: January 9, 2020 2:09:05 PM

In a statement by Prince Harry and his wife Meghan Markle, the couple intends to step back as senior members of the royal family and focus on their work to become financially independent.

Both Harry and Meghan are prohibited from earning any income in any form.

Walking away from millions of dollars is surely not easy for anyone, but the senior members of Britain’s royal family feel it is the step in the right direction to become financially independent. In a statement by Prince Harry and his wife Meghan Markle, the couple intends to step back as senior members of the royal family and focus on their work to become financially independent. If the Duke and Duchess of Sussex leave their royal privileges, apart from losing out on $450,000 per year that they receive as their dividend from Sovereign Grant, they could also be excluded from royal-related expenses such as their travel, staff costs and official visits.

According to a report by Wealth-X Research Institute, Harry’s total net worth is estimated to be about $25 million. He also made $53,000 in a year during his period in Royal Air Force. After leaving active service with the armed forces, Harry has been involved with the armed forces through the Invictus Games, honorary military appointments and other official engagements. He had also succeeded his grandfather Prince Philip as the Captain-General of the Royal Marines in late 2017 and was also promoted to the substantive ranks of Lieutenant Commander of the Royal Navy, Major of the British Army and Squadron Leader of the Royal Air Force. Apart from his income from these, Prince Harry also reportedly inherited a lump sum amount from Princess Diana’s estate after her death. The total of $14 million from his mother’s estate was divided between Prince Harry and Prince William.

Meghan Markle, on the other hand, has been making a handsome amount of money over the years through her acting career. Meghan, 38, made a solid living on her own before marrying into the royal family. Her net worth is estimated to be around $5 million. She was paid $50,000 for one episode from her famous TV series Suits, which accounted for $450,000 as her annual income. She has made more than $500,000 from Hollywood movies like Remember Me, The Candidate and Girls Guide to Getting Down.

With Harry’s inclination towards air force and armed force and Meghan’s acting venture, it can be expected that Duke and Duchess of Sussex might pursue these paths from the past as they choose to separate from the royal family. However, the couple would like to continue supporting The Queen. “We now plan to balance our time between the United Kingdom and North America, continuing to honour our duty to The Queen, the Commonwealth, and our patronages. This geographic balance will enable us to raise our son with an appreciation for the royal tradition into which he was born, while also providing our family with the space to focus on the next chapter, including the launch of our new charitable entity,” Prince Harry and Meghan said in a statement.

However, according to the current structure of the British royalty and their financing arrangements, both Harry and Meghan are prohibited from earning any income in any form. The charity work too does not provide any income. Meanwhile, the place has announced that the discussions are being held with the couple and are still at an early stage.

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