Prince Harry and Meghan Markle, also known as the Duke and Duchess of Sussex, stepped back from their roles as senior members of the British royal family in early 2020. This decision led to discussions about how they would financially support themselves and their activities.
Here are some key points about their financial situation up to September 2021:
Royal Finances:
Prior to stepping back, the couple received a portion of their income from the Sovereign Grant, which is the funding given to the royal family by the UK government to cover their official expenses. This accounted for a relatively small portion of their expenses.
Personal Wealth:
Before marrying Prince Harry, Meghan Markle had a successful acting career, primarily known for her role in the TV series “Suits.” She also had endorsement deals and other projects. Prince Harry had inherited a significant amount of money from his mother, Princess Diana, and from other royal sources.
Archewell Foundation:
After stepping back from their royal roles, Prince Harry and Meghan Markle launched their nonprofit organization, Archewell Foundation. Through this foundation, they planned to focus on issues such as mental health, gender equality, environmental sustainability, and more.
Media Deals:
The couple signed deals with streaming platforms like Netflix and Spotify. The Netflix deal, announced in September 2020, was reported to involve producing documentaries, docu-series, feature films, scripted television shows, and children’s programming. The Spotify deal involved producing and hosting podcasts that would cover a range of topics.
Book Deals:
Meghan Markle announced a children’s book titled “The Bench,” which was released in June 2021. Additionally, the couple signed a multi-book deal with Penguin Random House to publish literary works.
Speaking Engagements:
Both Prince Harry and Meghan Markle embarked on speaking engagements, where they shared their experiences and perspectives on various issues. These engagements often came with substantial speaking fees.
Financial Independence:
One of the main goals the couple had in stepping back from their royal roles was to become financially independent. Their various ventures and deals were steps toward achieving this goal.