Prince Harry's Finances: A Royal Rags-to-Riches-to-Independence Story

Prince Harry's financial situation has undergone a dramatic transformation in recent years, moving from reliance on royal allowances to building his own independent fortune. This shift is largely a consequence of his decision, alongside his wife Meghan Markle, to step back from their roles as senior members of the British Royal Family in 2020, a move dubbed "Megxit."

Prior to Megxit, Harry's income primarily derived from two sources: the Sovereign Grant and the Duchy of Cornwall. The Sovereign Grant is a lump sum paid annually by the British government to the monarchy to support official duties. The Duchy of Cornwall, a private estate, provides income to the heir to the throne (formerly Prince Charles, now Prince William), who then distributes funds to support himself, his family, and charitable activities. Harry received a substantial portion of his income from the Duchy to cover his public duties and private expenses.

Following their departure as senior royals, Harry and Meghan were no longer entitled to these funds. They explicitly stated their intention to become financially independent, a goal they've aggressively pursued with considerable success. Key to this has been leveraging their global brand and influence.

Their most significant income streams now come from media deals. They signed a multi-year production deal with Netflix estimated to be worth upwards of $100 million. This agreement allows them to produce documentaries, feature films, scripted shows, and children's programming through their production company, Archewell Productions. Another significant deal was struck with Spotify, reportedly worth around $20 million, to produce and host podcasts through Archewell Audio.

Beyond media deals, Harry's memoir, "Spare," became a global bestseller, generating significant revenue from book sales and associated rights. While the exact figures remain undisclosed, industry experts estimate that Harry likely earned millions from the book, after taxes and charitable donations. He has also ventured into public speaking engagements, commanding substantial fees for his appearances.

While achieving financial independence, Harry and Meghan faced initial challenges. They initially relied on personal savings and financial support from Prince Charles. However, they quickly established their own revenue streams, demonstrating their ability to navigate the complexities of the entertainment and media industries. It is also worth noting that Princess Diana left a substantial inheritance to both William and Harry. The exact amount is not publicly available, but reports suggest each son received millions, providing a financial cushion to begin their independent lives.

Today, Prince Harry's finances are a mix of shrewd business decisions, leveraging his personal brand, and residual wealth. While he no longer receives funds from the Sovereign Grant or the Duchy of Cornwall, he has successfully built a diversified portfolio that secures his and his family's financial future, proving that he can thrive outside the confines of royal life.