Prince Harry and Meghan, the Duchess of Sussex, have taken a bold step towards forging their independent path in life. After stepping down from their roles as senior working members of the royal family, they've ventured into various enterprises to secure their financial independence.
Since their departure from royal duties, British taxpayers have voiced concerns about the funds expended on the couple over the years. As a result, there's a growing curiosity about whether the Sussexes continue to receive financial support from the royal coffers.
The Sussexes' Transition
In January, Prince Harry and Meghan announced their intention to chart a different course.
"We intend to step back as 'senior' members of the royal family and work towards achieving financial independence, while continuing to fully support Her Majesty The Queen," they declared on the Sussex Royal Instagram page.
Although their agreement with the queen necessitated their withdrawal from royal duties, the couple remained committed to repaying certain expenses incurred by the crown.
Buckingham Palace's statement on the Sussexes' exit read, "The Duke and Duchess of Sussex have expressed their wish to repay Sovereign Grant expenditure for the refurbishment of Frogmore Cottage, which will continue to serve as their family home in the UK."
Prince Harry has since fulfilled this commitment by completely repaying the estimated £2.4 million spent on renovations, initially funded by taxpayers, a move that generated considerable public attention during their transition.
Financial Independence Achieved
So, do Prince Harry and Meghan Markle still rely on financial support from the royal family?
The couple is now self-sufficient. Upon their separation from the royal family, it was revealed that 95% of the funding for their private office came from the Prince of Wales's estate, according to Newsweek. However, this arrangement is no longer in effect.
Recently, Prince Harry and Meghan secured a lucrative deal with Netflix, valued at an estimated $50 to $100 million. This partnership grants them the opportunity to produce documentaries, films, scripted series, and children's programs. With the confirmation of this deal, it was made clear that the couple is no longer financially dependent on Prince Charles.
Diverse Income Streams
Even before their collaboration with Netflix, Prince Harry and Meghan Markle had diversified their sources of income.
Omid Scobie, co-author of "Finding Freedom: Harry and Meghan and the Making of a Modern Royal Family," shared insights, stating, "Both of them have a wide range of financial assets. Harry contributes significantly, and Meghan derives income from residuals from 'Suits' and her involvement in various other projects."
Additionally, the couple recently acquired a property in Montecito, California, serving as both an investment and a family home.
A source close to the couple revealed, "Harry and Meghan saw this as an extraordinary opportunity, one they couldn't pass up. Unlike purchasing a car, this represents a long-term investment. Meghan is confident they will generate substantial profit if they decide to sell in the future. Furthermore, their security costs have decreased with their new gated and secure home. While they still maintain a security detail, it is now less extensive."
In conclusion, Prince Harry and Meghan Markle have effectively transitioned to financial independence through various endeavors, including their partnership with Netflix and strategic investments, as they continue to navigate their post-royal life.
