It is this Monday that must negotiate, between Prince Harry and Queen Elizabeth II, the terms of what is now called the "Megxit". The prince and his wife Meghan announced on January 8 that they would give up their leading role in the British royal family. Among other things, they want to “work to become financially independent”.
Because today, the couple's income depends largely on the British crown. And it would be very frowned upon for Meghan and Harry to cease their royal activities, while continuing to benefit from the financial support of the royalty. But what exactly are these revenues?
6 million euros for Harry and William in 2019
On their website, the Duke and Duchess of Sussex detailed the source of their income. According to them, 95% of what they earn comes from Harry's father, Prince Charles. The eldest son of the Queen, Prince of Wales and Duke of Cornwall receives income from the properties, assets and companies of the duchy. Princes William and Harry receive part of it, insofar as they work for the queen, under the responsibility of Prince Charles.
According to the annual report on the expenses of the Duchy of Cornwall, 5 million pounds, or nearly 6 million euros, were distributed in 2019 to princes William and Harry and their families. "We can assume that William received 4 million euros, and Harry 2 million euros of this amount," said Stéphane Bern, specialist in crowned heads.
Part of the Sovereign Grant, the royal allowance
The remaining 5% of their income comes from the royal allocation, or Sovereign Grant, explain the Duke and Duchess of Sussex on their site. This allocation has a very specific function: each year, the queen pays the profits from her inheritance to the British Treasury. 15 to 25% of this income is then paid to the Queen to finance her representational functions, as well as those of her family, her employees and the maintenance of Buckingham Palace.
According to the official sovereign spending report, this allocation amounted to £ 82.2 million (€ 95.6 million) in 2018-2019. Harry and Meghan receive part of this Sovereign Grant, but they did not specify the amount of their share.
If the Duke and Duchess of Sussex announced that they would give up their share of the Sovereign Grant, they did not specify what they were going to do with the income paid by Prince Charles. "This is precisely what will be discussed today," explains Stéphane Bern. The majority of the British want the Queen and Prince Charles to stop helping the princely couple financially, if they renounce their royal prerogatives ”.
Meghan still gets royalties
However, Meghan and Harry will not find themselves on the street without this financial support. "Harry has a fortune of around 35 million euros, which comes from the inheritance of his mother, Princess Diana and his great-grandmother, the Queen mother," recalls the specialist in crowned heads. Meghan, for her part, made a good living as an actress, and continues to earn royalties. "She earned about $ 500,000 a year for her role in the Suits series," says Stéphane Bern.
But if the couple wants to gain independence, it is also to earn "professional income", they explain on their site, which is currently prohibited. They want to become "financially independent members of the royal family."
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Again, this is negotiated: "We must define the contours of the prince's activities," explains Stéphane Bern. If he keeps his title, his activities can have an impact on the image of the royal family ... And on the country's diplomacy. He must therefore respect a certain ethic to avoid damaging the image of British royalty.
