Tuesday Mar 02, 2021
Prince Harry and Meghan Markle officially stepped down as senior members of the Royal Family last year in March, announcing that they were working to become financially independent.
The Duke and Duchess of Sussex, who encountered a number of obstacles and faced complications arising from the ongoing pandemic, are now tapping into their celebrity status to make money and bolster what they currently have.
Soon after their departure, Prince Charles took the responsibility to bear the expenses of his son and daughter-in-law, which Forbes estimates amounted to about $800,000 a year.
The couple, after the financial support from the Crown abruptly shut off, relied largely on the estimated $10 million inheritance Harry received from his late mother’s estate, according to Forbes.
The former 'Suits' star contributed an estimated $2 million in after-tax earnings from her work in showbiz.
The relocated couple bought a $14.7 million estate in Montecito in August 2020. They put down $5 million and now have a nearly $10 million mortgage. Harry and Meghan also repaid the Sovereign Grant for the $3 million spent to remodel Frogmore, which remains their UK family home. That leaves Prince Harry and Meghan with a surprisingly modest nest of roughly $5 million—at least for now.
Harry and Meghan's net worth, including the equity from their Montecito mansion, is roughly $10 million. Spotify’s three-year podcasting deal with Prince Harry and Meghan could be worth as much as $16 million to $18 million.
The two also made a lucrative five-year, $100 million contract with Netflix, signed in September 2020, to produce documentaries, docuseries, feature films, scripted shows and children’s programming.
The grandson of the Queen spoke at a private JP Morgan summit in Miami in February 2020, which reportedly fetched $1 million.
Last year in June, they retained the New York-based Harry Walker Agency to drum up speaking engagements. It’s the same agency that represents the Obamas, Bill and Hillary Clinton, Lin-Manuel Miranda and Stacey Abrams.
On the other hand, the Queen has a net worth of $500 million, according to the last tally by Forbes in 2019, while the combined value of the British Monarch’s holdings with the Crown Estate, the Duchy of Lancaster (a real estate trust), were worth an estimated $25 billion, according to report.
The Duke and Duchess of Sussex have embarked on a Hollywood adventure now and won’t be returning as full-time working members of the British royal family.