A Look At Prince Harry And Meghan Markle's Combined Net Worth And Sources Of Money After The Wedding
After the royal fanfare last May 19, Prince Harry and Meghan Markle are now officially the Duke and Duchess of Sussex. Is it a royal, hassle-free life for the couple from that day forward?
It's always been a mystery to many what royals, like what Prince Harry has always been and what Meghan is now, do to make money. The Queen, for example, receives most of her money from the profits generated by the Crown Estate, the Duchy of Lancaster, and the Sovereign Grant from the parliament. Prince Charles, as the Prince of Wales, makes most of his money through the Duchy of Cornwall, a private estate that funds the activities of the Prince of Wales and his family. Kate Middleton, the first civilian to join the royal family, has now been taken by the Duchy of Cornwall as well when she married Prince William, but is also making money from their family's online mail-order party supply store called Party Pieces.
For the new Duke and Duchess of Sussex, they have their own sources of income as well, even though both have now decided to focus on their charitable efforts and activities.
Prince Harry's net worth
Prince Harry's current net worth is approximately anywhere between $25 to $40 million. Since he is also covered by the Duchy of Cornwall, as the son of the Prince of Wales, most of his money is saved since the Duchy covers most of his royal and private expenses. Last year, for example, Prince Charles made over £27 million from the investment portfolio under the Duchy of Cornwall, currently spanning 135,000 acres of land and properties.
As a member of the British royal family, he also receives something from the Queen's annual £71.6 million Sovereign Grant. This Grant will mostly pay for his new home in Kensington Palace, right next to the home of Prince William and Kate Middleton, and the other palaces and homes that the newly married couple will acquire in the next years.
Inheritance and paychecks
Just like his brother, Prince Harry has received a large trust left by their mother, the late Princess Diana. When Harry turned 30 years old, he received his £10 million share from the inheritance, which was comprised of Princess Diana's jewellery, stocks, shares, and personal money and possessions.
Every year, the two princes also receive an additional investment profit of £324,000 from Princess Diana's £21.5 million estate.
Prior to his marriage to Meghan, Prince Harry also spent most of his adult life in uniform. His 10-year-long career in the British Army started in 2005, three years before his first deployment to Afghanistan in 2008. It was the first time that a royal family member was sent to a combat zone since Harry's uncle Prince Andrew during the Falklands War. Shortly, he became a helicopter pilot, working his way through the ranks to Captain, before retiring in 2015. During his army career, Prince Harry received an estimated £33,357 a year.
Meghan Markle's net worth
Currently, Meghan has the smallest net worth in the royal family with an estimated $5 million—still not so little, really. Most of her money came from her regular stint on Suits, where she was reportedly making $50,000 per episode. Since Suits produces at least 10 episodes per season per year, that's already $500,000 a year for the actress, outside her other acting and endorsement projects such as when she had stint in movies like Horrible Bosses and Remember Me. In fact, there's residual income that is paid to actresses like Meghan whenever old episodes of Suits are aired again on cable.
For a time, Meghan also ran the lifestyle blog The Tig, and worked on a clothing line with US retailer Reitmans.
Combined net worth of the Duke and Duchess of Sussex
Now that Meghan is married into the royal family, she cannot take on normal jobs to fulfill her official royal duties. All expenses of the couple related to official royal businesses will be subsidized by the Duchy of Cornwall.
Meghan and Prince Harry have decided to forego the pre-nuptial agreement and have merged their finances after the wedding. In total, Wealth-X, a company that provides intelligence and market research on Ultra High Net Wort (UHNW) and High Net Worth (HNW) individuals, estimates the combined net worth of the two to be at least $30 million.
Although this sounds well for the couple, experts believe that the merging of their finances could cause some tax headaches for the royal family since Meghan, if she eventually becomes a dual US-UK citizen, will still have to settle her taxes with the IRS every year. And if assets more than $300,000 are named after her, she will have to declare all of these foreign assets that could subject the royal family's properties to US scrutiny.
Photo from @theroyalfamily