Introduction:
Prince Harry and Meghan Markle, also known as the Duke and Duchess of Sussex, stepped down as senior royals in January 2020. They cited media intrusion and Buckingham Palace’s restrictions on their “SussexRoyal” brand as reasons for their decision. Since then, they have moved to California and earn their income from various commercial arrangements. This article explores their reasons for leaving the Royal Family, where they currently live, how they earn their money, what they lost when they stepped down, and their remaining sources of income.
Reasons for Leaving the Royal Family:
Prince Harry and Meghan Markle met in 2016 and married in 2018. They stepped down as senior royals in January 2020, citing media intrusion and Buckingham Palace’s restrictions on their “SussexRoyal” brand as reasons. The couple felt frustrated that they were unable to develop their brand and were angered by the constant media attention. Other royals were said to be “hurt” by their decision.
Current Residence:
The couple moved to Montecito, California, in June 2020. They wanted space to raise their son Archie and develop their Archewell Foundation. Their daughter, Lilibet, was born in 2021. The couple returned to the UK for the late Queen’s Platinum Jubilee in June 2022 and her funeral in September.
Sources of Income:
Prince Harry and Meghan Markle earn their income from various commercial arrangements. Their media company, Archewell Productions, makes programmes for Netflix and podcasts for Spotify. They were also interviewed by US presenter Oprah Winfrey in March 2021 but said they were not paid for their appearance. Prince Harry’s memoir, Spare, was officially published on 10 January, and the publisher promised donations to charities Sentebale and WellChild.
What They Lost When They Stepped Down:
As working royals, they received 95% of their annual income from Harry’s father, the then Prince of Wales. In the financial year 2018-2019, Charles’ Duchy of Cornwall estate paid more than £5m to cover the public and some private expenses of the Sussexes and the Duke and Duchess of Cambridge. The taxpayer-funded Sovereign Grant made up the other 5%. When they stepped down, they lost this annual income, as well as their bodyguards and Frogmore Cottage.
Remaining Sources of Income:
Prince Harry and Prince William received the bulk of their mother’s £13m fortune when Princess Diana died in 1997. Harry also inherited millions from his great-grandmother, the Queen Mother, but it is not known whether the late Queen left him any money. Meghan Markle earned money from her acting career and running a lifestyle blog. The couple also received a substantial sum from Prince Charles to support their transition to financial independence.
Conclusion:
Prince Harry and Meghan Markle’s decision to step down as senior royals was a significant event that had an impact on their income and living arrangements. Since then, they have focused on building their commercial ventures, including their media company and memoirs. While they may have lost some of the privileges that come with being senior royals, they still have significant sources of income and the freedom to pursue their own ventures.
