- In their bombshell announcement this week, Prince Harry and Meghan Markle revealed their decision to step back from their work as senior members of the royal family.
- One of the biggest implications of this decision is that it means the couple will no longer receive money from the Sovereign Grant, which funds the lives of working royals.
- Financial expert Trish Regan explained to People that Harry and Meghan shouldn't struggle when it comes to money, as she estimates they will be able to earn "hundreds of millions" of dollars on their own.
Prince Harry and Meghan Markle blew things up in a big way this week when they announced their decision to step back from their roles as working royals.
This will mean a lot of changes for the Sussex family. In a statement announcing the move, Harry and Meghan explained that they and their son, Archie Harrison, will be splitting their time between the United Kingdom and North America. They'll also be working toward financial independence.
If that last part made you scratch your head, then you're not alone. Royal finances are a complicated beast, which is why Harry and Meghan included a detailed explainer on the subject on their new website.
Now that they are stepping back from their roles as senior royals, Harry and Meghan will no longer receive money from the Sovereign Grant ("the annual funding mechanism of the monarchy that covers the work of the Royal Family in support of HM The Queen including expenses to maintain official residences and workspaces," as the Sussexes explain on their website).
So, how will these two former working royals forge their financial independence? They have several options, it turns out, and actually stand to make "hundreds of millions" as private citizens, according to financial expert Trish Regan, host of Trish Regan Primetime on Fox Business.
In an interview with People, Regan broke down everything you need to know about Harry and Meghan's financial situation, from their next steps to their income opportunities going forward. Here are some highlights of what she had to say:
On the "obvious" possibilities:
"The possibilities right now are endless for them. They need to think about what it is that they like, what they identify with and whether there’s a market for that. Obvious things might include a book deal if they can really provide insight into what life is like as a royal. I think there’s a lot of Americans and people throughout the world that would be very interested in that, so that would be a value. Another obvious thing might be something like a talk show."
On the value of their brand:
"They have a solid brand. It’s important that they keep their brand intact. Opportunities that I think would be perhaps more long-lasting for them would be the creation of a brand or endorsing a certain product, or if they license their name to certain products. You can look at the success, for example, of the Kardashians, a different kind of brand, and you can look at the success of a Jessica Alba and the Honest Company."
On Meghan's opportunities:
"There will be people that want to work with [Meghan]. There will be investors that want to work with her that will want to be able to help her cash in on that brand. Look at even Chelsea Clinton. She just revealed that she made millions of dollars as a board member on a company because she got stock in the company. There will be boards that want [Meghan and Harry] to join and in exchange, they may get equity value stock in a company.
"There’s tons of money in businesses that are not acting. And I think that she’s smart and savvy enough to be looking around and saying, there’s more that I can do. And her husband clearly supports her."
The bottom line:
“I think that it adds up. Just off the top of my head, I would think it would be in the millions. They have a certain lifestyle that they’ll want to replicate. They’re going to need to make somewh
ere within the vicinity of 10 million a year just knowing that a lot of that is going to go to taxes."
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