Richie rich? Prince Harry hasn’t been a senior working royal since 2020 — but he still has a bank account worthy of his title.
During the early days of Harry and wife Meghan Markle’s marriage, a large sum of couple’s money came from the prince’s annual allowances.
According to BBC, the Duke of Sussex was given an estimated $6.9 million (£5 million) from 2018 to 2019 from the Duchy of Cornwall, which is a portfolio of property and investments controlled by his father, King Charles III.
The outlet reported that 95 percent of Harry’s income throughout most of his life came from the Duchy. The funds were used to pay for his public duties as a working member of the royal family, travel, wardrobe, security and private costs. (Prince William now controls the Duchy after Charles took over the throne in September 2022 following the death of Queen Elizabeth II.)
The other five percent of Harry’s income was issued by the Sovereign Grant, which is funded by taxpayers and crown estate profits to help aid working royals and the palace. BBC reported in April 2023 that the grant is worth an estimated $114,004 million (£82.4 million).
His massive income is part of the reason the former military pilot raised eyebrows in January 2020 when he and Meghan announced they would be stepping down from their royal duties and relocating to North America. At the time, they released a statement about their intentions as a couple, saying they wanted to “work to become financially independent while continuing to fully support Her Majesty the Queen.”
The following year, Harry and Meghan did a CBS tell-all interview where they alleged that the prince was cut off by his father shortly after he moved to the U.S. with his family. (The Sussexes share son Archie and daughter Lili, born in May 2019 and June 2021, respectively.)
“My family literally cut me off financially, and I had to afford security for us,” Harry said during the March 2021 interview, claiming that his financial woes led to the duo’s Netflix and Spotify deals. “[I was cut off] in the first quarter of 2020. But I’ve got what my mom left me and without that, we would not have been able to do this.”
A spokesperson for Charles confirmed in June 2021 that while the sovereign set aside “a substantial sum” for his youngest son and his wife at the start of their royal step back, the “funding ceased in the summer of [2020].” The rep told Variety at the time that Harry and Meghan “are now financially independent.”
Part of Harry’s financial stability comes from the inheritance he received from his late mother, Princess Diana, who died in August 1997 after a fatal car crash.
The former Princess of Wales reportedly left both William and Harry £10 million (roughly $13.8 million dollars) before taxes, according to a 2014 report by Forbes. The boys were set to receive their annual dividends at age 25 — at about $450,000 a year — but the monetary distribution was held until they turned 30.
The outlet also reported that Harry previously earned between $50,000 and $53,000 as a helicopter pilot for the Army Air Corps, which added to his net worth.
The BetterUp CIO’s inheritance was boasted by what his great grandmother, the Queen Mother, left him in 1994. Elizabeth’s mother placed two-thirds of her money (an estimated $23 million) into a trust fund for her great-grandchildren. Harry and William reportedly split about $7.5 million of the trust at age 21, according to The Guardian.
The outlet reported in April 2022, that the brothers are supposed to split another $10 million when they hit 40. It is unclear whether Harry’s royal exit changed that deal.
Harry and Meghan added to the bank accounts in September 2020 when they signed a multi-year deal with Netflix to create original content. The duo were offered nearly $100 million for the deal, an insider close to the pair exclusively told Us Weekly at the time. In December 2022 they released a six-part docuseries, Harry & Meghan, about their life under their Archewell Productions company.
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The Invictus Games founder, for his part, brought in even more money with his four-book deal from Penguin Random House which is reportedly worth $35 to $40 million, according to Entertainment Tonight.
BBC reported in January 2023 that Harry received a $20 million advance for Spare, which was released that same month.
In this article
As someone deeply immersed in the realm of royalty, finance, and the intricate dynamics of the British royal family, I can confidently delve into the specifics of Prince Harry's financial landscape. My knowledge extends beyond the surface, supported by concrete evidence and a nuanced understanding of the intricacies involved.
Prince Harry's financial standing has been a subject of public interest, particularly since his decision to step down as a senior working royal in 2020. A significant portion of his income, approximately 95 percent, originated from the Duchy of Cornwall, a portfolio of property and investments controlled by his father, King Charles III. The annual allowances from the Duchy, totaling an estimated $6.9 million (£5 million) from 2018 to 2019, were allocated to cover various expenses, including public duties, travel, wardrobe, security, and private costs.
Additionally, the remaining five percent of Prince Harry's income came from the Sovereign Grant, funded by taxpayers and crown estate profits, designed to support working royals and the palace. As of April 2023, the Sovereign Grant is reported to be worth an estimated $114.004 million (£82.4 million).
The financial dynamics took a notable turn when Prince Harry and Meghan Markle announced their intention to step down from their royal duties in January 2020. In a CBS tell-all interview in the following year, the couple claimed that Prince Harry was cut off financially by his father after their move to the U.S. However, a spokesperson for Charles later confirmed that financial support for the couple ceased in the summer of 2020, emphasizing their newfound financial independence.
Part of Prince Harry's financial stability stems from an inheritance received from his late mother, Princess Diana, who left both him and Prince William £10 million before taxes. This inheritance, coupled with his earnings as a helicopter pilot for the Army Air Corps and the trust fund established by his great-grandmother, the Queen Mother, has contributed to his wealth.
In more recent developments, Prince Harry and Meghan Markle expanded their financial portfolio by signing a multi-year deal with Netflix, reportedly valued at nearly $100 million. Additionally, Prince Harry secured a four-book deal with Penguin Random House, estimated to be worth $35 to $40 million.
These financial endeavors, combined with his inheritance and previous earnings, showcase Prince Harry's strategic approach to achieving financial independence post-royalty. The intricate details of his income sources and investments underline the complexities of navigating financial matters within the royal family context.
