Prince Harry and Meghan, Duchess of Sussex have been working to become financially independent from the royal family for a while now. Ever since they announced that they would be stepping down from their positions as working royals, they made it quite clear that they didn’t intend on living on Harry’s family’s money. Now, they are completely financially independent from the royals.
Harry and Meghan weren’t always independent
Of course, when they were working royals, Harry and Meghan were dependent on the crown. When they refurbished their home at Frogmore Cottage, a lot of it was paid for through the Queen’s annual Sovereign Grant.
Harry and Meghan only had to pay for anything that they wanted that was above and beyond what the royal family was prepared to spend in the renovations.
“All fixtures and fittings were paid for by their Royal Highnesses,” a Buckingham Palace source told People. “Curtains, furnishings — all that would be paid separately, paid privately.”
When they left the royal family, Harry and Meghan expressed their wish to pay the family back for the renovations done on Frogmore cottage, which remains their U.K. family home. They have now repaid the entire £2.4 million that was spent.
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More from tonight as The Duke and Duchess of Sussex joined veterans, serving members, world-class musicians, composers and conductors of the Massed Bands of Her Majesty’s Royal Marines for the annual Mountbatten Festival of Music — an event to help raise funds on behalf of the @RoyalMarines Charity. Photo © The Duke and Duchess of Sussex / Chris Allerton
Prince Harry and Meghan Markle are now financially independent
When Meghan and Harry first stepped away from royal life, it was revealed that 95% of the funding for their private office was still supplied by Prince Charles’ estate. Now, according to Newsweek, that is no longer the case.
The Sussexes have just scored a deal with Netflix that is set to be worth upwards of $100 million. The two will produce shows, films, and documentaries as part of the deal.
How do Prince Harry and Meghan Markle feel about being independent?
As financial independence is something that the royal couple has been working toward, they are excited to finally have achieved that goal.
“They’re both overjoyed to have made this final step into their free and independent lives,” a source close to Meghan told HollywoodLife. “This is a huge deal for them. They aren’t taking any money from Harry’s father anymore either, and they don’t need to.”
The pair “will always be respectful of his family, but they are very glad to have been able to cut the financial chord.”
A recent big purchase
In the spirit of doing things on their own, Harry and Meghan recently purchased a home in Montecito, California for $14.6 million, all on their own.
“Harry could’ve asked [Prince] Charles to contribute toward the cost of the house, but he chose not to,” a source told Us Weekly. “Getting his dad financially involved would result in the royals having control over him. It would mean going backwards.”
Ultimately, the Sussexes are looking at that purchase as an investment.
“Harry and Meghan see it as an absolute bargain; it was an opportunity not to be missed,” the source continued. “Unlike buying a car, it’s an investment. Meghan’s confident they’ll make a hefty profit if they ever decide to sell up. And on the upside, at least their security costs have been reduced. Their new home is gated and secure. They still have bodyguards but no longer need as many.”
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