Meghan and Prince Harry have now spent six months outside of the royal fold. They are no longer working royals, have relocated to California, US, and promised to no longer use their HRH status because they do not represent the Queen. The Duke and Duchess of Sussex also expressed their desire to become financially independent within a year of leaving their Firm.
Although they were thought to be initially supported by Prince Charles’ private income from the Duchy of Cornwall, they no longer need his support.
The couple stunned royal watchers when they signed a historic deal with the streaming service Netflix which is allegedly worth approximately £74.5million ($100million).
With this new influx of money, they were able to repay £2.4million back to the public purse which they used to renovate their home in Windsor — Frogmore Cottage.
Some reports even claim they added an up-front payment to the Palace’s pockets to keep the property as their UK base.
Both Meghan and Harry are millionaires in their own right — even before signing the Netflix deal — and so have made private arrangements for their security costs over in California.
Meghan, a former actor who made her name on the US legal drama Suits, was thought to be worth approximately £3.84million ($5million) prior to the Netflix contract.
According to Business Insider, Harry was reportedly worth around £19million ($25million), including his inheritance from his late mother Princess Diana and his annual allowance from Prince Charles.
Although Meghan may not have quite the same level of wealth as Harry, royal biographer Robert Lacey, noted that her finances still set her apart from the other royals.
He explained: “There is only one self-made millionaire in the Royal Family and that is Meghan Markle.”
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Speaking to the Daily Mail earlier this month, he said that the Firm should have been more appreciative of her status and paid attention to the causes she cared about.
The Sussexes left the royal fold because they wanted greater independence and privacy, and were allegedly struggling with taking a back seat to the other more senior royals.
They have recently purchased a lavish mansion in the secluded community of Montecito, in Santa Barbara, for £11million.
The royal accounts, on the other hand, have been struggling significantly over the pandemic.
When the Palace’s financial documents were recently released to the public, it was clear that the Royal Family will experience a £15million shortfall over the next three years.
This money usually supplements the Sovereign Grant, which supports the Queen.
The Royal Family have also been in the process of renovating Buckingham Palace, replacing essential electrical cabling, plumbing and heating over a 10-year period.
However, the £369million bill for these services is expected to be £20million short.
‘Battle of Brothers: William, Harry and the Insider Story of a Family in Tumult ’ by Robert Lacey was published by Harper Collins in 2020 and is available for pre-order here.