Two and a half years after King Charles III cut Harry and Meghan’s purses, lasting tragedy may be just what the couple need to fill their coffers.
With the help of a recent Netflix documentary series, along with Harry’s debut memoir Spare, and a number of exclusive interviews on British and American television, the pair paved the way. lucrative for them abroad.
And with 81.55 million hours of global watch time in just the first week after “Harry & Meghan” was released on Netflix, it’s clear that the “royal soap opera,” as The Atlantic calls it, will last a year. The story benefits the couple.
To some followers, it may feel like Harry and Meghan gave up their royal status just to gain it in another industry. But are Harry and Meghan’s lives really that much richer since leaving the monarchy?
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The wealth they left behind
While the British royal family has their own personal fortune – Forbes estimates the family holds $28 billion in unsold assets and also has 500 million USD real estate The late Queen Elizabeth left behind — they don’t have to pay their own money to perform their royal duties.
Instead, they rely on a taxpayer-funded annual payment known as the Sovereign Allowance, which is taken from a percentage of profits coming from the Crown Estate. The rest of those profits go to the government.
The grant funds official royal expenses such as property and utilities maintenance, travel and salary payments. For the tax year 2021-22, the Sovereign Grant amounts to more than $103 million, according to the Royal Financial Statements.
So, after leaving behind that strong financial backing, where exactly will Harry and Meghan feel the loss?
According to the Institute of Government, one of the biggest public costs to the royal family is security. These arrangements are not publicly disclosed, but Forbes estimates that by 2021 such services for the Duke and Duchess of Sussex could cost up to $3 million a year.
Now alone, Harry and Meghan cannot rely on the royal coffers to fund their safety and travel – but they are far from needy.
Why are they cut?
The Duke and Duchess of Sussex announced publicly in January 2020 that they intend to “create a progressive new role in the [the] organization,” by maintaining royal responsibilities without royal funding.
According to Vanity Fair, the couple received a final royal payout shortly thereafter, which was intended to support them as they step down from their senior roles. Eight months after their announcement, they signed a rather unorthodox deal with Netflix, putting in their pockets a reported $100 million.
Working members of the royal family, that is, those who perform duties on behalf of the sovereign, are not allowed to earn their own money outside of the trust. They must remain politically and commercially independent.
When Harry and Meghan relinquished their status, they were free to start conducting their own commercial dealings, just like other non-working royals. Peter Phillips and Zara Tindall, grandsons of the late empress, took full advantage of that, taking part in promotions for everything from Chinese milk to Land Rover, Rolex and even strollers.
Meghan and Harry’s financial autonomy
Prior to becoming independent, the Duke and Duchess of Sussex were primarily supported by funds from the Principality of Cornwall, a valuable asset that provided funds for the British monarch’s eldest son. In 2020, Forbes estimates that the couple’s losses amount to $3 million per year, in addition to their security costs.
Forbes also confirmed that Harry is not a beneficiary of his great-grandmother’s $100 million fortune, the Queen Mother.
That means when they made the decision to step back from their role as senior working royals, Harry and Meghan were left with a meager $10 million (Forbes estimate), most of it. was made up of an inheritance from Harry’s late mother’s estate.
Of that, $5 million is believed to have been paid upfront for the couple’s $14.7 million home in Montecito, California.
In 2020, Harry and Meghan start trademarking their Sussex Royal, which will allow them to sell a line of products and operate. Retail expert Andy Barr told the Daily Mail at the time that the business could generate more than $500 million in revenue, easily outpacing the fortunes previously brought by King Charles.
Unfortunately, Buckingham Palace eventually blocked the mark. Instead, the couple founded Archewell, an organization comprised of media and audio production companies and a non-profit.
Revenue from Archewell is added to Harry’s executive-level salary as impact director at BetterUp, a San Francisco-based mental health startup. According to a salary report from Glassdoor, an executive position at this company can have a base salary of over $125,000 a year.
And with lucrative deals signed with Spotify, Netflix and Penguin Random House, which are expected to bring in up to $138 million, the couple may not have castles and porches left, but they’ll have plenty of cash. to live comfortably.
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This article is for information only and should not be construed as advice. It is provided without warranty of any kind.
