Although financially supported by Prince Charles, Harry and Meghan may face challenges when making money from the Sussex Royal brand due to losing the royal title.
Prince Harry and Princess Meghan on Monday unexpectedly announced their withdrawal from senior roles in the Royal Family and “worked to become financially independent, while continuing to provide full support to the Queen”. . The couple also decided to set up a new charity called Sussex Royal. Queen Elizabeth II then accepted their wishes.
However, according to the announcement of the Buckingham Palace on January 18, the Duke and Duchess of Sussex will lose the title of Prince and Princess, and will no longer participate in the activities of the British royal family. representing the Queen when attending events.
Harry and Meghan will not be receiving royal funds and will spend most of their time in Canada. They also expressed a desire to refund the money used to renovate their private home at Frogmore Cottage from the budget, estimated to be around £ 2.4 million ($ 3.1 million). Details of security arrangements are not mentioned.
Prince Harry and Princess Meghan in London on January 7. Image: PA.
According to estimates of Forbes In 2017, based on the number of existing assets and brand value, the Royal Family had a total assets of about $ 88 billion, excluding the personal finances of its members as citizens. Meanwhile, Harry and Meghan’s total personal assets are estimated at $ 30 million.
Before marrying Harry, Meghan earned nearly $ 500,000 a year for her role in the American TV series “Suits”, along with a large income from contracts and sponsors. Money.com, 2018, said her total assets were about $ 5 million.
According to the website, Harry’s assets are at least $ 25 million and a maximum of $ 40 million. The prince and his brother William inherited most of the nearly $ 17 million in assets from Princess Diana. In addition, Harry also enjoyed millions of pounds in the fortune left by Queen Elizabeth I, and earned about 50,000 – 53,000 USD annually by serving in the British Air Force.
Prince Charles also annually pays the children of Harry – Meghan and William – Kate based on the public duties they perform for the royal family. The expenditure for the 2018-2019 fiscal year was US $ 6.5 million, deducted from the Crown Prince’s enormous real estate business profit. 95% of Harry and Meghan’s income comes from this source, the remaining 5% comes from the legal funding of the British government.
Prince Charles is expected to provide financial support for his son and daughter-in-law within a year of starting their new life in Canada. However, the amount of support will come from the Prince’s personal investment instead of profits from real estate. An informed source said this was not an infinite source of money.
Harry and Meghan have registered the trademark of Sussex Royal to use for about 100 items and website sussexroyal.com also launched last week. They have also been diligent in brand development over the years, setting up Instagram accounts with 10 million followers.
Therefore, having to give up the title will greatly affect the future path of the couple Prince Harry. Buckingham Palace may still agree to keep the Sussex Royal brand, but the reaction of the media and the public is expected to be extremely negative, because this means that they use the royal name to earn money while no longer working here.
Observers mention the possibility of the couple taking part in television programs or signing large value books. However, in their statement to leave the royal family, Harry and Meghan pledged that everything they did next was to “support the Queen’s values”, meaning that they must ensure that they would not harm the royal family in the his story.
After announcing their withdrawal from the royal family, Harry and Meghan said they were committed to continuing charitable work, while “attaching importance to the ability to earn a professional-based income”. The couple insisted they “did not receive any tax privileges” and would continue to pay for “private” trips as usual.
Recent fluctuations are expected to open a new chapter for the Royal Family. However, Queen Elizabeth II, who calmly handled all family crises, defused the situation skillfully in the message after announcing Harry and Meghan would lose the royal title.
“After months of talking, I am pleased that everyone has found a way to build and support my nephew and family. Harry, Meghan and Archie will always be the beloved members of my family. I see the challenges they have experienced as a result of careful consideration for two years and support their desire to live more independently, “the Queen wrote.
“I want to thank them for their hard work throughout the country, the Commonwealth and other places. I’m especially proud of how Meghan quickly integrated into the family. My whole family hopes. “The agreement today will help them start building a new life of happiness and peace,” the notice added.
Luster (Follow Business Insider, Daily Beast)