For years, royal followers have been fascinated with Prince Harry’s net worth. The fascination grew even more after the Duke of Sussex and his wife, Meghan Markle, announced their decision to take a step back from the British royal family to move from London to North America in January 2020.
“After many months of reflection and internal discussions, we have chosen to make a transition this year in starting to carve out a progressive new role within this institution,” Meghan and Harry wrote on their Instagram at the time. “We intend to step back as ‘senior’ members of the Royal Family and work to become financially independent, while continuing to fully support Her Majesty The Queen. It is with your encouragement, particularly over the last few years, that we feel prepared to make this adjustment.”
After the couple left Kensington Palace, the two moved to Canada, where Meghan lived as she filmed her USA Today TV series, Suits. From there, the couple relocated to Los Angeles before finding a home in Montecito, a neighborhood in Santa Barbara, California, where they live with their son, Archie Harrison Mountbatten Windsor. Fascination around Meghan and Harry’s post-royals life sparked again in March 2021 when the two were interviewed by Oprah Winfrey for CBS’ Oprah With Meghan and Harry: A CBS Primetime Special.
Though there was speculation at the time that Meghan and Harry were paid for the interview, Page Six confirmed that the couple didn’t receive any money for the special. “A spokeswoman for the Oprah Winfrey Network confirmed that the couple won’t be collecting a paycheck and said that no donations are being made to their charity,” Page Six reported at the time.
With that said, there are still a lot of questions marks around Prince Harry’s net worth. Read on for what we know about how much the Duke of Sussex is worth and how he makes his money after his royal exit.
What was Prince Harry’s annual allowance?
According to BBC, 95 percent of Harry’s income before he left the royal family came from his father, Prince Charles, and the Duchy of Cornwall, a portfolio of property and financial investments that brought in £21.6 million (or $29.8 million) in 2019. From 2018 to 2018, Harry’s annual allowance from Duchy, which he shared with Meghan, was £5 million or $6.9 million. This paid for Harry and Meghan’s public duties as working members of the royal family, such as wardrobe and travel, as well as private costs.
The other 5 percent of Harry’s income came from the Sovereign Grant, which is tax-payer funded and paid from the government to the royal family to cover expenses for official duties, as well as the royal palace. According to the BBC, the grant, which is also funded from crown estate profits and commercial properties owned by the crown, is worth £82.4 million (or $114,004 million.)
However, after Meghan and Harry left the royals, they announced their plan to be “financially independent” and no longer take money from streams like the Sovereign Grant. “They will no longer receive public funds for Royal duties,” Kensington Palace said in a statement in September 2020.
What is Prince Harry’s net worth?
According to a 2021 report by Forbes, Meghan and Harry have a combined net worth of $10 million. The magazine also reported that the two have a “nest egg” of $5 million after they bought their $14.7 million house in Montecito in August 2020. (In comparison, Harry’s grandmother, Queen Elizabeth II, is worth $500 million with money from the British Monarch holdings, the Crown Estate and the Duchy of Lancaster, according to Forbes.)
So how did Prince Harry make money after he left the royal family? Well, one source of income was from the Duke and Duchess of Sussex’s massive Netflix deal in 2020. According to Us Weekly, Harry and Meghan signed a deal with the streaming service at the time for $100 million. “Quibi had a huge offer out to Meghan Markle that was in the tens of millions,” a source said. “Netflix swooped in and their production deal is worth over 100 million.”
The partnership will work with Meghan and Harry’s production company to create documentaries, children’s programming, docuseries and scripted series. The deal will feature projects that Meghan and Harry care about and highlight issues that are relevant to their nonprofit, Archewell.
“Our lives, both independent of each other, and as a couple have allowed us to understand the power of the human spirit: of courage, resilience, and the need for connection,” the couple said in a statement at the time. “Through our work with diverse communities and their environments, to shining a light on people and causes around the world, our focus will be on creating content that informs but also gives hope. As new parents, making inspirational family programming is also important to us, as is powerful storytelling through a truthful and relatable lens. We are pleased to work with Ted [Sarandos] and the team at Netflix whose unprecedented reach will help us share impactful content that unlocks action.”
The New York Times also reported that Harry and Meghan signed a deal with Harry Walker Agency in June 2020 for speaking engagements, with fees estimated at $1 million per speech. Topics for Harry included mental health and grieving. (Harry Walker also represents the Obamas.) In 2021, Harry and Meghan also launched a podcast with Spotify. Since they left the royals, Meghan and Harry have also worked with streaming services like AppleTV+ and Disney+.