Topline: Prince Harry and Meghan Markle attended a Commonwealth Day service at London’s Westminster Abbey on Monday, marking their last official engagement as working members of Britain’s royal family before they embark on a more private life—and financial independence. 



Harry and Meghan’s <a href="https://www.forbes.com/sites/isabeltogoh/2020/03/05/meghan-and-harry-begin-farewell-tour-of-final-royal-engagements/#27f6cac6d049">farewell tour</a>—their final round of engagements as senior U.K. royals—has seen them attend a charity awards ceremony and a military music festival service at London’s Royal Albert Hall together, as well as embarking on separate engagements over the past few days. 



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<ul><li>Their final one on Monday saw them join other senior royals—The Queen, Prince Charles, and the Duke and Duchess of Cambridge for the annual Commonwealth Service at Westminster Abbey.</li><li>The Duke and Duchess of Sussex are officially<a href="https://www.forbes.com/sites/isabeltogoh/2020/02/19/harry-and-meghan-will-no-longer-be-senior-royals-after-march-31st/#69543bc573eb"> stepping back as senior royals</a> on March 31, after which they will drop the use of their His Royal Highness/Her Royal Highness titles.</li></ul>



<ul><li>The couple have said they will spend most of their time in North America and are repaying the $3.1 million taxpayer-funded refurbishment of Frogmore Cottage, their U.K. base.</li></ul>



What to watch for:



Harry and Meghan will launch their own non-profit organization soon, in keeping with the awareness-raising work they have embarked on during previous royal tours, and on their SussexRoyal instagram page.



Key background: The Duke and Duchess of Sussex’s bombshell announcement in January that they would step back as senior royals was followed by&nbsp;<a href="https://www.forbes.com/sites/isabeltogoh/2020/01/13/harry-and-meghan-will-discuss-their-future-roles-with-the-queen-today/#34a530ef2ed6">emergency meetings</a>, initiated by the Queen, between the senior royal households. The Queen later publicly lent her support to the couple and acknowledged some of the hardships they had faced. Over the past few weeks, the couple’s future roles have been hashed out. Here’s what will change:



<ul><li>The couple, who have spent most of their time in Canada since the start of the year, will split their time between North America and the U.K.</li><li>They will work to become financially independent, forgoing taxpayer funding that other royals receive, but they will still receive a share of Prince Charles&#8217; $27 million income from his private estate, the Duchy of Cornwall.</li><li>They will no longer represent the Queen in a formal capacity.</li><li>Prince Harry’s military ranks of Major, Lieutenant Commander and Squadron Leader will not be used for the next 12 months.</li><li>They will also cease using their ‘Sussex Royal’ branding as we know it, due to U.K. government rules on the use of ‘royal. Their trademark applications for the terms have also been removed.</li><li>But Harry and Meghan will maintain their charity patronages—those charities that they publicly endorse including the Invictus Games, founded by Harry, and the National Theatre, one of Meghan’s most high profile patronages.</li><li>Harry will remain president of the Queen’s Commonwealth Trust, while Meghan will stay its Vice President.</li><li>Prince Harry will remain sixth in line to the throne, while son Archie remains seventh.</li><li>There will be a review in 12 months&#8217; time of the couples&#8217; roles.</li></ul>



&#8211; <a href="https://www.forbes.com/sites/isabeltogoh/">Isabel Togoh</a>, Forbes Staff, Business

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Meghan And Harry Mark Final Duty With The Queen Before They Bow Out As Senior Royals

Prince Harry and Meghan Markle would like to “become financially independent,” they announced Wednesday—and that may have to happen sooner rather than later, as Prince Charles, Harry’s father, is&nbsp;<a href="https://pagesix.com/2020/01/10/prince-charles-threatens-to-cut-off-funding-to-prince-harry-and-meghan/" target="_blank" rel="noreferrer noopener">reportedly threatening</a>&nbsp;to pull the millions he gives them each year. How they plan to replace those funds remains a subject of feverish palace intrigue about which the couple remains mum.



But what is clear: By stepping away from their duties, they likely are no longer prohibited from earning income the way senior members of the royal family are, clearing the way for them to take real jobs. What will those be? And how much will they actually need to make in order to live in the style to which they’ve become accustomed?



Annual Costs: Roughly $3 Million A Year (Not Including Renovations)



It’s hard to pinpoint the exact amount that Prince Harry and Markle earn from the various royal mechanisms each year—and a spokesperson for the Sussexes did not respond to questions about on the couple’s finances—but 95% of their annual income comes from Prince Charles, Harry’s father, via the Duchy of Cornwall. A trust that consists of 131,000 acres of real estate and&nbsp;<a rel="noreferrer noopener" href="https://duchyofcornwall.org/assets/pdf/DuchyOfCornwallIAR2018.pdf" target="_blank">more than $450 million in commercial assets</a>&nbsp;within the United Kingdom, the Duchy of Cornwall was established in 1337 to support the direct heir to the throne.



That estate paid a combined $6.5 million (or £5.1 million) to the Duke and Duchess of Cambridge (Prince William and Kate Middleton) and to Prince Harry and Markle in the fiscal year ending March 2019, according to the&nbsp;<a href="https://www.princeofwales.gov.uk/annual-review/2018-2019/income-expenditure-and-staff" target="_blank" rel="noreferrer noopener">latest financial report</a>. The funding for the princes and their families didn’t change much from 2018 to 2019, although both reports were prior to the birth of the Sussex couple’s son, Archie. Let’s assume the brothers split that income from the Duchy (though William and Kate, with three children, are likely taking a bit more). While the Duke and Duchess did not immediately surrender this income, reports surfaced Friday that Charles is threatening to cut them off completely.



The Duke and Duchess of Sussex did announce that they will “no longer receive funding through the Sovereign Grant,” which we know covers an additional 5% of their income, and used for their official duties. It covers official business such as international tours, travel to official events and the upkeep of their homes and offices, and comes from about 25% of the revenue from the Crown Estate (£85.9 million or $112.2 million for the 2020–2021 fiscal year), a portfolio of investments controlled by the monarchy—though not by the royal family or the government—and includes properties across the United Kingdom. (For example, the Queen herself does not own Buckingham Palace.)&nbsp;



In 2018 and 2019, the couple used money from the Sovereign Grant to travel across the world,&nbsp;from&nbsp;<a href="https://www.royal.uk/sites/default/files/media/final_sovereign_grant_for_website.pdf" target="_blank" rel="noreferrer noopener">Fiji</a>&nbsp;to&nbsp;<a href="https://www.instagram.com/p/BzN8VdOlsbk/?utm_source=ig_embed" target="_blank" rel="noreferrer noopener">South Africa</a>, on official royal business. While the royal annual reports don’t detail how much the Sussex’s travels cost in total, their trip to Fiji and Tonga cost $105,000 (£81,000), according to the latest Sovereign Grant financial report. (While it may seem that travel costs could go down as the couple steps back from royal duties, they say they plan to split time between the British Isles and North America, which will lead to new expenses.)&nbsp;



Based on what we know, we estimate the total of the couple’s funds from the Duchy and Sovereign Grants to be a (very conservative) $3 million—again, not including security costs.&nbsp;



And that’s not including the cost of their home and renovations: The Sovereign Grant covered last year’s $3.12 million (£2.4 million) refurbishment of the Frogmore Cottage, the four-bedroom plus nursery home in Windsor where the couple lives when they are in England. The home’s maintenance began before the couple decided to move in and was covered by the Queen, under existing commitments to maintain the upkeep of certain historical buildings, while the couple privately paid for the furniture and decor. Even though the house is property of the Queen, the couple plans to continue using it as their official residence when they are in the United Kingdom—meaning less rent to pay.&nbsp;



None of this takes into account the cost of their security, which is&nbsp;<a href="https://www.bbc.com/news/explainers-51047186" target="_blank" rel="noreferrer noopener">reportedly</a>&nbsp;covered by the Metropolitan Police, and which the family is expected to continue to accept.&nbsp;&nbsp;



With all of these expenses and their easy access to funds facing a precarious future, the questions remains of how, exactly, the couple plan to earn the millions that their lifestyle demands.&nbsp;



What Could Make A Royal Gig: Books, Speeches, SponCon?



They do have some money to live off of: Thanks to her seven-year stint on the television drama&nbsp;Suits, Forbes estimates that Markle has a net worth of about $2.2 million. Prince Harry has money of his own as well, as he and his brother received the<a href="https://www.forbes.com/sites/denizcam/2019/05/10/baby-archie-queen-elizabeth-royals-net-worth-prince-harry-meghan-markle/#6c676ba33b82" target="_blank" rel="noreferrer noopener">&nbsp;bulk of Princess Diana’s $31.5 million estate</a>&nbsp;upon her death in 1997.&nbsp;&nbsp;



But it is likely that they will join other royals, like Harry’s cousins Princess Beatrice and Princess Eugenie, and actually take paying gigs (the former works in finance, while the latter works at an art gallery). While no announcements have been made as to how exactly the couple plans to make money, it would seem natural that they take up work in the entertainment and media fields.&nbsp;



Markle has said that&nbsp;<a href="https://www.harpersbazaar.com/celebrity/latest/a13943777/meghan-markle-prince-harry-quitting-acting/" target="_blank" rel="noreferrer noopener">she was giving up acting for good</a>&nbsp;once she joined the royal family; maybe this is an opportunity for her to change her mind. At the height of her acting career, she commanded up to $85,000 per episode of&nbsp;Suits,&nbsp;Forbes&nbsp;estimates, a number that would likely shoot up thanks to her royal title if she decided to return to the screen.



But it is more likely that the pair will take up shop on the speaking and book circuit. High-profile speakers like former president and first lady Bill and Hillary Clinton&nbsp;<a href="https://www.forbes.com/sites/danalexander/2016/11/08/how-bill-house-hillary-clinton-made-240-million-how-much-earnings-rich-white/#61817fce7a16" target="_blank" rel="noreferrer noopener">can earn up to six figures</a>&nbsp;per speech to corporations and universities, while even B-list celebrities like&nbsp;Jersey Shore’s Nicole “Snooki” Polizzi could&nbsp;<a href="https://www.nj.com/news/2011/03/snookis_advice_to_rutgers_stud.html" target="_blank" rel="noreferrer noopener">command $32,000 per oration</a>&nbsp;during the height of her fame.&nbsp;



A hit book has the potential to earn the couple even more. A seven-figure advance is typical for celebrities like Amy Schumer and politicians like Elizabeth Warren, with some high-profile authors earning even more. In 2017, former president and first lady Barack and Michelle Obama signed a record-breaking $65 million book deal with Penguin Random House, while Hillary Clinton scored a $14 million advance for&nbsp;Hard Choices&nbsp;in 2014, and Bruce Springsteen got $10 million for 2016’s&nbsp;Born to Run.&nbsp;



There’s also talk that the couple,&nbsp;<a href="https://sussexroyal.com/media/" target="_blank" rel="noreferrer noopener">which favors</a>&nbsp;new media and direct lines of communication with their fans, may even start a podcast, which could be a lucrative endeavor. Last year, advertising spend on podcasts reached an estimated $680 million, according to a&nbsp;<a href="https://www.iab.com/insights/third-annual-podcast-ad-revenue-study-by-iab-and-pwc-reports-significant-growth/" target="_blank" rel="noreferrer noopener">PricewaterhouseCoopers report</a>, and that number is supposed to shoot up to $1 billion by next year.



And in the unlikely chance they’re ever interested in following the footsteps of&nbsp;<a href="https://www.marieclaire.com/celebrity/g16355260/kardashians-royal-family-similarities/" target="_blank" rel="noreferrer noopener">the royal family of Calabasas</a>, the Duke and Duchess could surely earn an enormous sum doing sponsored content on their widely popular (10.4 million followers)&nbsp;<a href="https://www.instagram.com/sussexroyal/?hl=en" target="_blank" rel="noreferrer noopener">Instagram account</a>. Celebrities like Kim Kardashian West and her half-sister Kylie Jenner earn up to $500,000 per post.



Of course, the details of the couple’s future, and their future earnings, are all in flux, as Buckingham Palace’s&nbsp;<a rel="noreferrer noopener" href="https://www.royal.uk/statement-discussions-duke-and-duchess-sussex" target="_blank">curt statement</a>&nbsp;on the matter made clear. And the wording of their own statement made sure that they can work toward financial independence on their own time. One thing is for certain: It doesn’t seem as if the Duke and Duchess will be hurting for cash anytime soon.



By&nbsp; <a href="https://www.forbes.com/sites/maddieberg/">Madeline Berg</a>, Reporter, Forbes Staff and&nbsp;<a href="https://www.forbes.com/sites/denizcam/">Deniz Çam</a> , Wealth Reporter, Forbes Staff.

Tag: Royals

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Meghan And Harry Mark Final Duty With The Queen Before They Bow Out As Senior Royals

Harry And Meghan Need $3 Million-Plus To Be ‘Financially Independent.’ Here’s How They May Do It.