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Prince Harry and Meghan Markle just announced that they are stepping back as senior members of the royal family, and will be splitting their time between the United Kingdom and North America. The royals also revealed they plan on becoming "financially independent," which means they will no longer receive funding through the Sovereign Grant.
The Sovereign Grant is the funding mechanism that pays for the work of the royal family, including expenses related to their official residences and workspaces. According to their website, Sussexroyal.com, the Duke and Duchess receive just 5% of their funding from the Sovereign Grant. There are strict rules that govern whether members of the royal family can profit of their roles, and under the "current structure," the website states, Harry and Meghan are "prohibited" from earning a "professional income."
The websites notes that add that as Harry and Meghan shape their new roles as non-senior members of the royal family, they will "continue to carry out their duties for Her Majesty The Queen, while having the future financial autonomy to work externally."
In light of the news, we're taking a look at Harry's net worth below.
The royal family's net worth is in the tens of billions—$88 billion specifically, according to Forbes—but the portion of that to which Markle's husband, Prince Harry, can lay claim is much smaller.
The wealth-tracking site celebritynetworth.com estimates that Prince Harry is worth $40 million, a sum he's accumulated from funds left in trust to him by his mother, Princess Diana, an inheritance from the Queen Mother (that reportedly included her jewels), and his former salary as a captain in the British Army (where he earned between $50,000 and $53,000 a year, according to Forbes).
His brother, Prince William, served in the Royal Air Force and reportedly earned between $68,000 and $74,000 a year as a flight lieutenant. Since the two princes inherited the same amount from their mother—about $10 million after taxes—the brothers are probably worth a similar amount now.
Their father, Prince Charles, makes money through income from the Duchy of Cornwall, "a private estate that funds the activities of whoever holds the title of Prince of Wales and his family," Time reports. It's currently valued at around $1.3 billion, and Prince Charles reportedly received $22.9 million in income from it between March 2016 and March 2017.
He used part of those funds to pay for not only his own expenses but also those of his wife Camilla, the Duchess of Cornwall, and travel and clothing expenses incurred by his two sons and the Duchess of Cambridge.
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