Prince Harry, Meghan’s financial independence explained

After the Duke and Duchess of Sussex’s surprised everyone with the announcement  to step back from royal duties and “transition into a new working model” has raised many questions; but most importantly how would do they plan to support themselves.

In their statement, Prince Harry and Meghan said they would “work to become financially independent,” and published a detailed document outlining the structure and funding of their household.

According to the statement, the couple receive 5 percent of their income from the Sovereign Grant — a lump sum of UK taxpayers’ money given to the Queen every year  — and 95 percent from the Duchy of Cornwall, the private estate controlled by Prince Charles, Harry’s father.

In the 2018-19 the Crown received Sovereign Grant of £49.3 million ($64.3 million) but it does not exactly say how much was transferred to the Duke and Duchess of Sussex.

The couple said they intended to give up the money received from the Sovereign Grant. That move, they argued, will enable them to continue “charitable endeavours as well as establishing new ones,” while also allowing them to earn a professional income — which they are at present forbidden from doing.

The couple has also been asked to repay 2.4 million pounds ($3.1 million) of taxpayer’s money spent on renovating their Frogmore Cottage home near Windsor Castle.

How would they fund their lifestyle?

The couple are likely to earn through sponsorship, speaking tours but they would significantly need more to support their current lifestyle.

Prince Harry inherited several million from the Queen Mother, and a few million more was left to him in trust by his late mother, Princess Diana. His personal wealth is estimated to be around $40 million.

While Meghan who rose to fame as Rachel Zane in the US legal drama Suits, but her popularity also grew through her hugely popular Instagram account and her successful lifestyle blog — which have been closed ever since her marriage. She is worth around $5 million.

Prince Harry who is a trained pilot could get back to flying or earn through sponsorship, speaking tours.

While, Meghan after marriage, quit acting, calling the change a “new chapter”. She then stated that she would like to pursue work for social causes. She reportedly signed a deal with Disney — where she would do a voiceover work in return for a donation to Elephants Without Borders, an organization that “helps to track and protect the animals from poaching.”

As their personal lives are sorted, the British government would have to continue funding their security as the couple are “classified as internationally protected people which mandates this level of security.”

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