In early January 2020, Prince Harry and Meghan Markle announced their intentions to step back as senior members of the royal family. The royals also revealed their plan to become “financially independent,” and no longer receive funding through the Sovereign Grant.
This was confirmed later in the month by the Palace, which said in a statement that Harry and Meghan would “step back from Royal duties, including official military appointments,” and that, “They will no longer receive public funds for Royal duties.”
The Sovereign Grant is the funding mechanism that pays for the work of the royal family, including expenses related to their official residences and workspaces. According to their website, Sussexroyal.com, the Duke and Duchess received just 5% of their funding from the Sovereign Grant. There are strict rules that govern whether members of the royal family can profit of their roles, and under the “current structure,” the website stated, Harry and Meghan were “prohibited” from earning a “professional income.”
In the year since stepping back from their official working royal roles, Harry and Meghan have indeed become financially independent, and have established several professional revenue streams, including deals with Netflix and Spotify.
The royal family’s net worth is in the tens of billions—$88 billion specifically, according to Forbes—but the portion of that to which Prince Harry can lay claim is much smaller.
Prior to Harry and Meghan becoming financially independent, the wealth-tracking site celebritynetworth.com estimates that Prince Harry was worth $40 million, a sum he’s accumulated from funds left in trust to him by his mother, Princess Diana, an inheritance from the Queen Mother (that reportedly included her jewels), and his former salary as a captain in the British Army (where he earned between $50,000 and $53,000 a year, according to Forbes).
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