- Meghan Markle and Prince Harry have revealed more information about “Megxit,” a spokesperson recently told PEOPLE.
- On April 1, they’ll step down from their office at Buckingham Palace to split time between the UK and North America, working with their existing patronages and establishing a new non-profit.
- Once they officially resign, they will no longer receive money through the “sovereign grant” the royal family receives and will have to earn income as professionals.
- They’ll need millions to maintain their lavish lifestyle, which has included $200,000 baby showers and multimillion-dollar home renovations.
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Meghan Markle and Prince Harry have revealed more information about “Megxit” after announcing in January plans to step back from their royal duties and titles.
Beginning April 1, the royal couple will step down from their office at Buckingham Palace to be represented by their UK charity foundation team, a spokesperson recently told PEOPLE.
According to the spokesperson, they’ll split time between the UK and North America, continuing to work closely with their existing patronages while establishing a new non-profit organization. Details about the non-profit will be released later in 2020. The royal family will review the arrangement after one year.
Meghan and Harry appear to already be working toward financial independence. They reportedly fired their 15-person staff in the UK and are closing their Buckingham Palace office. Earlier in February, they made an appearance at a JPMorgan event in Miami, a palace representative confirmed to Insider’s Darcy Schild. And Harry has also held talks with Goldman Sachs, reported the Mirror.
But it’s unclear whether they were paid. If the royal couple takes on any private, paid work before officially resigning (when they would stop receiving public funds), it could jeopardize the terms of the agreement.
Most of the British monarchy’s wealth is derived from inherited lands and investments. British taxpayers also support the royal family through a “sovereign grant” issued by the treasury.
That setup prohibits royal family members from earning income as professionals, according to the Duke and Duchess of Sussex’s website. By choosing financial independence, Meghan and Harry will no longer receive money through the sovereign grant and will be able to work professionally, once their resignation is final this spring.
Together, Meghan and Harry are worth $30 million. Meghan’s net worth is estimated to be about $5 million from her acting career, and Harry’s net worth is reportedly at least $25 million, comprised of an inheritance from Princess Diana and an annual allowance from Prince Charles. It’s unknown how much of this comes from the crown.
Here’s how much money they’d need to maintain their lavish lifestyle, based largely on the millions they’ve spent in the past year alone.
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