Since stepping down as senior members of the British Royal Family in 2020, Prince Harry and Meghan Markle have been at the center of global attention. Their decision to pursue financial independence, coupled with high-profile deals and media ventures, has sparked widespread curiosity about their net worth. While the couple has kept much of their finances private, various estimates and publicized deals provide insight into how much they are truly worth. In this article, we delve into the sources of their income, their expenditures, and how their financial landscape has evolved since their departure from royal duties.
Early Financial Background of Prince Harry
Prince Harry was born into the British Royal Family, one of the wealthiest and most influential families in the world. As the younger son of Prince Charles and Princess Diana, Harry’s early financial situation was closely tied to the Royal Family’s extensive assets.
He received an inheritance from his mother, Princess Diana, which reportedly amounted to around £10 million after taxes. Additionally, Harry benefited from a yearly allowance from the Duchy of Cornwall, which was controlled by his father. This financial support provided him with a comfortable lifestyle and allowed him to focus on his military career and charitable work.
Meghan Markle’s Financial Background Before Royalty
Before marrying Prince Harry, Meghan Markle was already an established actress with a successful career in Hollywood. She is best known for her role as Rachel Zane on the legal drama “Suits,” which ran from 2011 to 2018.
During her time on the show, Meghan reportedly earned around $50,000 per episode, contributing to an estimated annual salary of $450,000. In addition to her acting career, Meghan was also involved in various endorsement deals and had her own lifestyle blog, The Tig, which further bolstered her income. By the time she married Prince Harry, Meghan’s net worth was estimated to be around $5 million.
The Royal Wedding: A Financial Overview
The wedding of Prince Harry and Meghan Markle in May 2018 was one of the most anticipated events of the year. Held at St. George’s Chapel, Windsor Castle, the wedding was a grand affair with a reported cost of around £32 million, most of which was covered by the Royal Family.
However, the couple did contribute to certain aspects, such as Meghan’s wedding dress, which was estimated to cost around £200,000. The wedding also brought significant media attention, further boosting the couple’s global profile. While the wedding itself was a major expenditure, it also marked the beginning of their financial journey as a royal couple.
Financial Implications of Stepping Down from Royal Duties
In January 2020, Harry and Meghan announced their decision to step back from their roles as senior members of the Royal Family. This move, often referred to as “Megxit,” had significant financial implications. By stepping down, the couple relinquished their Sovereign Grant income, which covered 5% of their official expenses.
However, they retained their titles as Duke and Duchess of Sussex and continued to benefit from Prince Charles’s Duchy of Cornwall income, which initially provided substantial support during their transition. The decision to become financially independent also meant that the couple would need to generate their own income, leading them to explore various business ventures.
The Move to the United States
Following their departure from royal duties, Harry and Meghan relocated to the United States, settling in Montecito, California. Their move to the U.S. represented a significant lifestyle change, as well as a shift in their financial responsibilities. The couple purchased a 14,500-square-foot mansion in Montecito for approximately $14.7 million, with a mortgage reportedly covering a significant portion of the purchase price.
The property includes nine bedrooms, 16 bathrooms, a tennis court, a tea house, and a children’s cottage. This luxurious estate represents one of their most significant financial investments and underscores their commitment to building a new life in America.
The Netflix Deal: A Game-Changer for Their Finances
One of the most significant financial milestones for Harry and Meghan post-royalty was their multi-year deal with Netflix, signed in September 2020. The deal, estimated to be worth around $100 million, involves the production of documentaries, docuseries, feature films, scripted television shows, and children’s programming under their production company, Archewell Productions.
This partnership with Netflix not only provides the couple with a substantial income but also offers them a platform to share their stories and promote causes they are passionate about. The Netflix deal has been a major contributor to their growing net worth and has positioned them as influential figures in the entertainment industry.
The Spotify Deal: Expanding Their Media Presence
In addition to their Netflix deal, Harry and Meghan also signed an exclusive podcasting deal with Spotify in December 2020. Through their production company, Archewell Audio, the couple agreed to produce podcasts and audio content that highlight diverse perspectives and promote mental health and well-being. The deal is reportedly worth around $25 million, further bolstering their income.
Their first podcast episode, a holiday special, was released in December 2020, and their content continues to attract significant attention. The Spotify deal is another example of how Harry and Meghan have leveraged their platform to create content that aligns with their values while generating substantial revenue.
The Archewell Foundation: Philanthropy and Social Impact
Beyond their business ventures, Harry and Meghan are deeply committed to philanthropy. They established the Archewell Foundation, a nonprofit organization focused on driving systemic cultural change through charitable initiatives, creative media, and community service. The foundation’s name is derived from the Greek word “Arche,” meaning “source of action.”
The couple’s philanthropic efforts include supporting mental health initiatives, advocating for gender equality, and promoting environmental sustainability. While the Archewell Foundation is not a direct source of income, it plays a crucial role in shaping the couple’s public image and underscores their commitment to making a positive impact on the world.
Book Deals and Other Publishing Ventures
Prince Harry and Meghan have also explored opportunities in the publishing industry. In July 2021, Prince Harry announced a memoir set to be published by Penguin Random House, with a reported advance of $20 million.
The memoir, titled “Spare,” was released in January 2023 and provided an intimate look into Harry’s life, his experiences within the Royal Family, and his journey toward finding his own path.
Meghan has also ventured into publishing, authoring a children’s book titled “The Bench,” inspired by a poem she wrote for Harry on Father’s Day. These publishing deals have not only added to their income but have also allowed them to share their personal stories with a global audience.
Public Speaking Engagements
Public speaking is another significant revenue stream for Harry and Meghan. The couple has signed with the Harry Walker Agency, a leading speakers’ bureau, which also represents prominent figures such as Barack and Michelle Obama.
Through this agency, Harry and Meghan participate in various speaking engagements, conferences, and events where they share their insights on topics such as leadership, mental health, and social justice.
These engagements reportedly command fees ranging from $100,000 to $1 million per appearance, depending on the event’s nature and audience. Public speaking not only contributes to their income but also allows them to influence public discourse on important issues.
Legal Battles and Their Financial Impact
Since stepping down from royal duties, Harry and Meghan have faced several legal battles, particularly related to privacy and media intrusion. The couple has filed lawsuits against various British tabloids, including cases involving the publication of private letters and the use of paparazzi photos.
These legal battles, while necessary to protect their privacy, have also incurred significant legal expenses. Additionally, the couple has had to navigate the financial implications of increased security costs, especially given their high-profile status. These legal challenges highlight the financial complexities of their new life and the ongoing need to safeguard their personal and family life.
Expenditures and Lifestyle Choices
Living a life of luxury comes with significant expenditures, and Harry and Meghan’s lifestyle choices reflect their status as global celebrities. Beyond their Montecito mansion, the couple spends on security, travel, and maintaining their public image. Their security costs alone are estimated to run into the millions annually, given their need for round-the-clock protection.
Additionally, the couple’s philanthropic activities, media ventures, and family expenses, including raising their two children, Archie and Lilibet, contribute to their overall expenditures. Despite their wealth, the couple has emphasized the importance of living a purposeful life, aligning their spending with their values and goals.
The Role of Inheritance and Family Support
While Harry and Meghan are building their own wealth, it’s important to consider the role of inheritance and family support in their financial picture. As mentioned earlier, Prince Harry inherited a significant sum from Princess Diana, and he also received money from the Queen Mother’s trust.
However, after stepping down from royal duties, the couple reportedly no longer receives financial support from the Royal Family, including the Duchy of Cornwall. This shift has placed greater emphasis on their need to generate independent income, although their inheritances have provided a financial cushion during their transition to financial independence.
Estimating Harry and Meghan’s Net Worth in 2024
As of 2024, estimates of Harry and Meghan’s combined net worth range from $60 million to $100 million. This figure takes into account their various income streams, including their Netflix and Spotify deals, book advances, public speaking fees, and Meghan’s pre-royal earnings.
Their Montecito property also represents a significant asset. While their net worth is impressive, it is also subject to fluctuations based on their ongoing expenses, investments, and potential future earnings. The couple’s focus on building a sustainable and impactful brand suggests that their wealth is likely to continue growing in the coming years.
Conclusion
Harry and Meghan’s journey from royal life to financial independence has been marked by significant challenges and triumphs. Through strategic business ventures, media deals, and a commitment to philanthropy, they have successfully transitioned to a life where they control their own financial destiny.
While their net worth is substantial, their true wealth lies in their ability to influence global conversations, advocate for causes they care about, and create a lasting legacy for themselves and their children. As they continue to navigate their new roles on the world stage, Harry and Meghan’s financial story will undoubtedly evolve, reflecting their ongoing efforts to balance wealth, purpose, and impact.
JESSICA DEABREU