How Much Money Will Prince Harry Make from His Upcoming Book?

Karwai Tang/WireImage Prince Harry

Prince Harry has shared how he plans to use the proceeds from his upcoming book.

The Duke of Sussex's memoir, titled Spare, will be released on Jan. 10, 2023. The 416-page book will see Harry telling his story with "raw, unflinching honesty," publisher Penguin Random House said in a statement, adding that the book is "a landmark publication full of insight, revelation, self-examination, and hard-won wisdom about the eternal power of love over grief."

Proceeds from the book and audiobook are expected to be donated to charity.

During an appearance at an August 2021 polo match benefiting his charity Sentebale in Aspen, Colorado, Prince Harry announced that he committed $1.5 million of the proceeds from his memoir to the organization. Harry co-founded Sentebale in 2006 with Prince Seeiso of Lesotho to help children affected by HIV in Africa.

"This is one of several donations I plan to make to charitable organizations, and I'm grateful to be able to give back in this way for the children and communities who gravely need it," he said in a statement.

RELATED: Everything to Know About Prince Harry's Upcoming Memoir: 'I'm Writing This Not as the Prince'

Credit: PENGUIN RANDOM HOUSE The book jacket of Prince Harry's memoir 'Spare'

Prince Harry said, "The Sentebale Polo Cup is critical to securing the funds needed to advance this important mission, and I'm thrilled to be able to support Sentebale, both in person and financially through a separate charitable donation to meet this immediate need."

He also noted, "Our refocussed mission at Sentebale is about addressing the most immediate needs of vulnerable children in Southern Africa, helping them access vital health services, receive necessary care, and build skills to be more resilient and self-sufficient in the future."

"Sentebale is grateful for his personal contribution, which will allow the organization to continue operating at full scale and continue providing critical services to at-risk youth in Southern Africa," the charity said in a statement.

Chris Jackson/Getty Prince Harry

According to the official website for Spare, Prince Harry will also give £300,000 to WellChild. He has been a patron of the organization that works to support seriously ill children and their families since 2007, and Meghan Markle joined him at the annual awards in 2018 and 2019.

At the 2019 awards, Prince Harry and Meghan attended for the first time as parents themselves, having welcomed son Archie Harrison, now 3, earlier that year. Harry revealed in his speech that they knew Meghan was pregnant during their visit the previous year (they had yet to publicly share their news), making their visit even more emotional.

"Last year, when my wife and I attended, we knew we were expecting our first child — no one else did at the time, but we did — and I remember…" he said before his voice trailed off.

The prince then put his head down and momentarily paused to collect himself as the crowd supportively applauded him.

"I remember squeezing Meghan's hand so tight during the awards, both of us thinking what it would be like to be parents one day," he went on. "And more so, what it would be like to do everything we could to protect and help our child should they be born with immediate challenges or become unwell over time. And now, as parents, being here and speaking to all of you pulls at my heartstrings in a way I could have never understood until I had a child of my own."

The couple was due to attend the annual WellChild Awards in London on Sept. 8 when Harry's grandmother Queen Elizabeth died.

Victoria Jones/WPA Pool/Getty Meghan Markle and Prince Harry at WellChild Awards in 2018

Can't get enough of PEOPLE's Royals coverage? Sign up for our free Royals newsletter to get the latest updates on Kate Middleton, Meghan Markle and more! 

Although the Duke of Sussex's memoir was largely written before the Queen's death, PEOPLE confirms that he will acknowledge her death in the book. The book's release date — which was scheduled for late this year — was delayed in the wake of Queen Elizabeth's death.

Prince Harry's author biography states he "is a husband, father, humanitarian, military veteran, mental wellness advocate, and environmentalist. He resides in Santa Barbara, California, with his family and three dogs." Harry and Meghan relocated to her home state in 2020 after stepping back as working members of the royal family. They have two children — son Archie Harrison, 3, and daughter Lilibet Diana, 1 — and three dogs — Guy, Pula and Mia.