Meghan Markle and Prince Harry have declared their intention to become “financially independent”. What does this really mean? How much are the couple worth and where does their money come from currently?
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The couple said in the bombshell statement yesterday: “After many months of reflection and internal discussions, we have chosen to make a transition this year in starting to carve out a progressive new role within this institution.
“We intend to step back as ‘senior’ members of the Royal Family and work to become financially independent, while continuing to fully support Her Majesty The Queen.”
A page on their new website SussexRoyal.com, which was created by the brand who made Meghan’s old blog The Tig, has been dedicated to explaining their funding.
On it, the couple reveal that by becoming financially independent they intend to give up just five percent of their annual income, the portion coming from the Sovereign Grant – money the Queen is given by the taxpayer.
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However, they still hope to receive the other 95 percent of their yearly income, which is given to them by Prince Charles.
Their website reads: “Since the establishment of The Office of The Duke and Duchess of Sussex, 95 percent of the funding received for their Office expenditure is derived from income allocated by HRH The Prince of Wales, generated through the Duchy of Cornwall.
“This provision has been in place since Prince William and Prince Harry first established their offices in support of The Queen, and is the responsibility of The Prince of Wales.”
The website also states Meghan and Harry intend to continue to live in Frogmore Cottage, Windsor, “with the permission of Her Majesty The Queen.”
The Queen owned the property, however, Meghan and Harry have stated they hope to carry on retaining the recently refurbished property “so that their family will always have a place to call home in the United Kingdom.”
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Additionally, the couple stated their security costs will be covered by the tax-payer funded Metropolitan Police.
This is because, as the website states, “the Duke and Duchess of Sussex are classified as internationally protected people which mandates this level of security.”
The couple state “they value the ability to earn a professional income, which in the current structure they are prohibited from doing.”
Meghan and Harry’s plan to stop receiving the Sovereign Grant only applies to five percent of their annual income, but what are the couple worth and what other monies to they have access to?
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Prince Harry has a huge net worth of £19million, according to Money.com.
Prince Harry’s huge net worth his thanks to his huge inheritance from both the estate of his mother Princess Diana, formerly Lady Diana Spencer, and the inheritance left to him by the Queen Mother.
Meghan Markle has a net worth of £5million, according to the Mirror.
The couple’s joint fortune is estimated to be around £29million.
Meghan and Harry have additionally revealed they plan to spend half the year in North America.
Their statement said: “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.”
Who is Meghan Markle? Quick profile
Meghan Markle was born Rachel Meghan Markle, on August 4, 1981 to parents Doria Ragland and father Thomas Markle.
Her father was previously married to Roslyn Loveless and Meghan has two elder half sibling – sister Samantha Markle and brother Thomas Markle Junior.
Actress
Meghan’s first television appearance in the USA was in an episode of the medical drama General Hospital in 2002.
She later moved on to roles in CSI, Without a Trace and Castle along with bit parts in Hollywood films including Get Him to the Greek, Remember Me and Horrible Bosses.
Meghan was also a “briefcase girl” on Deal or No Deal – but her most famous role was as Rachel Zane in legal drama Suits, which launched in 2011.
She was written out in the finale of the seventh series when her character got married, which aired in April 2018 – just before she got married herself.
Charity and humanitarian work
Meghan Markle’s career in television has gone hand-in-hand with her support for causes close to her heart.
She wrote about the stigma around menstrual health in an article for Time magazine and was a Global Ambassador for World Vision Canada – with whom she travelled to Rwanda for the charity’s Clean Water Campaign.
And her commitment to gender equality has seen her work with the United Nations – receiving a standing ovation in 2015 for her speech to mark International Women’s Day.
Relationships
In September 2011, she wed film producer Trevor Engelson, who she began dating in 2004.
But the pair divorced two years later in August 2013, citing irreconcilable difference.
She was in a relationship with celebrity chef Cory Vitiello for almost two years, before they broke it off in 2016 but the two remain good friends.
And in June 2016, she met Prince Harry on a blind date set up by a mutual friend.
Their relationship began in October that year and just over one year later, on November 27, 2017, the pair announced their engagement.
They married on May 19, 2018 at St George’s Chapel in Windsor Castle.
Meghan’s heritage
Some have claimed Meghan Markle is the first mixed-race member of the Royal Family.
Historians are still arguing about Queen Charlotte, the wife of King George III.
But Meghan will be the first royal to openly embrace a mixed-race heritage.
She has written about the difficulties of being a biracial actress in Hollywood as she claims she is not black enough for some roles and not white enough for others.
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