Prince Harry said ‘goodbye’ to most of his Royal Family privileges, but here’s whether or not he actually profited from the choice.
In January 2020, there was a groundbreaking decision by Prince Harry and his wife Meghan Markle to step away from their roles as members of the British Royal Family. This move, popularly known as Megxit, marked a historic moment in the monarchy’s modern history. The British Royal Family has been deeply rooted in tradition for generations. The departure of a member like Prince Harry was unprecedented and drew extensive media attention and public interest.
Prince Harry had long been associated with immense wealth and privileges as a prominent figure in the royal fold. The Royal Family is known to have access to substantial financial resources and assets which support their official duties. Leaving all these behind has led many to wonder how much this decision cost him.
Why Did Prince Harry Leave The Royal Family?
According to reports from StyleCaster, there were multiple reasons behind Prince Harry and Meghan Markle’s decision to leave the Royal Family. One significant factor was the intense scrutiny they faced from the media and tabloids. The late Queen Elizabeth II acknowledged the challenges the couple endured due to this relentless propaganda and supported their wish for a more independent life.
Prince Harry expressed his concerns, referencing his mother, Princess Diana, who tragically died in a car accident while pursued by paparazzi. He feared history repeating itself and watched as his wife, Meghan Markle, became a victim of the same powerful forces, facing relentless attacks from the press.
Being from the United States, Prince Harry’s wife Meghan Markle had a different understanding of the royal family, and the concept of monarchy was foreign to her. Early in their relationship, before having her security detail, she was stalked by paparazzi in Toronto and faced difficulties getting help from the police.
The press coverage also became increasingly vicious, with Meghan facing racist comments and attacks on social media. She was subjected to hurtful and false headlines. During Meghan’s pregnancy with their son Archie, the media attacks did not let up, causing concern for her safety and well-being.
What Was Prince Harry’s Net Worth Before Leaving The Royal Family?
According to Celebrity Net Worth, Prince Harry possessed a considerable net worth of approximately $30 million. Most of this wealth was attributed to a trust fund his late mother, Princess Diana, established. At age 25, Prince Harry began receiving annual dividends from investments related to Diana’s fortune, which amounted to around $450,000 annually. When he turned 30, he had inherited half of his mother’s estimated fortune, valued at approximately $17 million.
In addition to the financial inheritance, Prince Harry, and his brother also inherited their beloved mother’s cherished jewels. The Duchy of Cornwall covered various aspects of his lifestyle, including travel, clothing, staff, and daily expenses.
Moreover, Prince Harry received half of $4.7 million allowance allocated to him and his brother, Prince William, and his sister-in-law, Kate. In addition, in 2002, Prince Harry and Prince William each received several million dollars upon the passing of their great-grandmother, further bolstering their overall net worth.
How Leaving The Royal Family Impacted Prince Harry’s Net Worth
Leaving the royal family did not negatively impact Prince Harry’s net worth. Instead, it allowed him and Meghan to become financially independent and pursue various lucrative ventures, which have increased their net worth to $60 million, according to Celebrity Net Worth.
In an interview with Oprah Winfrey, Prince Harry disclosed that the royal family cut off his financial support in the first quarter of 2020 following their decision to step back from being senior members of the royal family. When Prince Harry and Meghan Markle stepped down as working members of the royal family, it marked the end of their days of travelling on behalf of the monarchy.
As senior members of the royal family, Prince Harry, and Meghan received 95% of their annual income from Prince Charles, then the Prince of Wales, with the remaining 5% covered by the taxpayer-funded Sovereign Grant. However, after expressing their desire to become financially independent, they relinquished their entitlement to the Sovereign Grant, losing that additional source of financial support.
Another significant change that occurred as they stepped down was their responsibility to repay the renovations made to Frogmore Cottage, which was gifted to them by the Queen upon their marriage.
The upgrades, initially funded by British taxpayers, amounted to around £2.4 million. Also, stepping down from royal duties meant losing their office and staff. Meghan and Harry no longer required a dedicated office and the support staff associated with it.
As working members of the royal family, Meghan and Harry enjoyed safeguards against the unauthorized publication of images taken of them. Meghan, and Prince Harry, were entitled to their own security detail, paid for by the British government and a notable consequence of leaving was the loss of protection against intrusive paparazzi.
Furthermore, the couple also bid farewell to their Sussex Royal Instagram account, which had amassed millions of followers. This account was a crucial channel for them to communicate with the public and promote their initiatives. Additionally, previously addressed as His or Her Royal Highness, Meghan, and Prince Harry were no longer entitled to use these titles after leaving their senior royal roles. Prince Harry also lost his military title.
How Does Prince Harry Make Money Now?
According to BBC, Prince Harry earns money through various entrepreneurial ventures and creative projects. One of the significant sources of income is his media company, Archewell Productions, which collaborates with Netflix to produce various programs. This partnership with Netflix is estimated to be worth millions of dollars.
Additionally, Archewell Productions created podcasts for now canceled podcasts on Spotify, where Meghan engages in conversations with other high-profile women like Serena Williams and Mariah Carey. Another source of income for Prince Harry is his memoir, “Spare,” which was officially published in January. The book generated considerable attention and interest despite some of its content being leaked.
Leaving the royal family did not seem to have a negative impact on Prince Harry’s net worth. On the contrary, it allowed him and his wife, Meghan Markle, to explore various avenues for earning money and pursuing their passions independently.
