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Prince Harry and Meghan Markle are already worth at least $30 million — and none of that money belongs to the crown

prince harry meghan markle
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Meghan Markle and Prince Harry are living in Los Angeles and pursuing passion projects.

They even just signed a multiyear deal with Netflix and founded a production company — proving that they are poised to build a billion-dollar brand, even though it is unclear how much they'll be compensated.

When they gave up their titles earlier this year, they also gave up a  "sovereign grant" provided by the treasury which was meant to fund their lifestyle.

While they aren't being maintained by the crown anymore, they never had to rely solely on the crown to begin with. Even before the presumably lucrative Netflix deal, the pair were worth $30 million, according to 2018 estimates from Money.com. They merged their finances when they decided against a prenuptial agreement before their wedding.

Meghan and Harry are expected to still receive funds from the Duchy of Cornwall, a private fund managed by Prince Charles, which amounts to £2.3 million ($3 million) a year. Harry is also expected to receive a sizeable yearly cut of Princess Diana's estate. 

Before marrying Prince Harry, Markle was earning close to half a million dollars a year starring in the USA Network drama "Suits," plus a five-figure income from endorsement deals and sponsorships. Money.com reported in 2018 that her total net worth was estimated to be $5 million.

Here's where all their pre-royal money came from.

Along with Prince William and Kate Middleton, Harry receives an annual seven-figure allowance from his father, heir to the throne Prince Charles, which is used to cover expenses like travel and wardrobe.

prince harry prince philip prince william
Prince Harry, Prince Philip, and Prince William. Phil Walter / Getty

Between April 2016 and March 2017, the Duke and Duchess of Cambridge and Harry split nearly $5 million (£3.5 million) in allowance from their father, according to an annual review released by Clarence House.

Prince Charles derives that money, in part, from a private estate called the Duchy of Cornwall, which has funded the royal family's public and private lives for nearly 700 years.

Charles Duchy of Cornwall
Prince Charles in front of a Duchy of Cornwall crest in Newquay, Cornwall. Getty Images

The majority of the British monarchy's wealth comes from inherited lands and investments. The Duchy of Cornwall, specifically, provided a total of $28.8 million (£22 million), including Harry and William's allowance, to Prince Charles and his wife Camilla between 2016 and 2017.

Since age 21, Harry and William have also been receiving a $450,000 a year investment profit from Princess Diana's estate, which they pay taxes on to the UK government.

prince harry age 2 with diana
Princess Diana holding Prince Harry, age 2. AP / John Redman

They received a sizeable inheritance from their late mother estimated to be around $10 million each, which each prince gained access to on his 30th birthday.

Plus, Prince Harry served in the British Royal Air Force for 10 years.

Prince Harry in military uniform
Getty Images

For his service as a helicopter pilot for the Army Air Corps, he earned an annual income of between $50,000 and $53,000, per Forbes.

These factors combined suggest Prince Harry's net worth is at least $25 million.

prince harry
Matt Dunham - WPA Pool/Getty

Source: Money

Meghan Markle, on the other hand, was potentially worth around $5 million herself before she and Harry combined their finances.

Meghan Markle
Chris Jackson/Getty Images

Source: Money

Before marrying Prince Harry, Markle was was earning close to half a million dollars a year, starring in the USA Network drama "Suits."

meghan markle suits
Hypnotic

Source: Town & Country

She was also earning a five-figure income from endorsement deals and sponsorships.

Meghan Markle
Evan Agostini/Invision/AP

When the couple got married in 2018, they chose to skip a prenuptial agreement and merge their finances.

meghan harry royal wedding
Ben Birchall / Getty

The merging of the couple's finances was expected to "cause tax headaches" and create some "mundane hurdles" for the royal family, as The Washington Post first reported before the wedding.

Markle is a citizen of the US and was purportedly living in the UK on a family visa, according to the BBC. If she eventually becomes a dual US-UK citizen, Markle will have to continue filing her taxes each year with the IRS. If she has more than $300,000 in assets at any point during the year, she will have to file a specific form that details foreign assets, which could include foreign trusts, subjecting the royal family "to outside scrutiny," according to the Post.

"The key for Meghan and her advisors would be to figure out what type of income she will be getting," Avani Ramnani, director of financial planning and wealth management at Francis Financial, told Business Insider before the royal wedding. "Will this income be from the investments of a trust, or 'wages' for any work that she does, or any other type of income? Sometimes, getting one form of income is more advantageous than another."

But, as a royal, the Duchess was not eligible to work professionally or earn a professional income, leaving her beholden to the crown.

The couple's decision to step back from their royal duties changes that, allowing them to pursue becoming "financially independent." 

Now, they're expected to considerably grow their wealth. They have relocated to Los Angeles, just started a production company, and inked a multiyear deal with Netflix.

prince harry meghan markle first outing
Samir Hussein/WireImage/Getty Images

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Tanza Loudenback is a personal finance expert and a Certified Financial Planner (CFP). She was the founding reporter of Personal Finance Insider, covering topics including taxes, retirement planning, banking, real estate and mortgages, and budgeting. Her work has been featured in WSJ Buy Side, Fortune Recommends, Korn Ferry, TheStreet, Morgan Stanley Wealth Management, and Fidelity. ExperienceTanza was the first reporter on the Personal Finance Insider team. In addition to helping build the vertical from the ground up, she helmed a biweekly advice column answering readers’ personal finance questions and launched a personal finance newsletter. She also published two e-books under the Personal Finance Insider brand.She was the editorial lead on Master Your Money series, a two-year-long Business Insider series providing financial advice to millennials. She managed Master Your Money bootcamp events over the course of the series. While at BI, she also expanded tax coverage to include a guide to the best tax software and commissioned a panel of experts to review all articles. Tanza obtained her CFP license in 2020. She aims to simplify personal finance concepts for readers so that they can make smart decisions with their money. ExpertiseTanza’s areas of personal finance expertise include:
  • Real estate/mortgages
  • Taxes
  • Retirement planning
  • Small business finances
  • Banking
  • Budgeting
Education Tanza is a graduate of Elon University with a degree in print and online journalism, with a minor in Italian studies.
Darcy Schild is an editor at Insider. She focuses on style, royals, and pop culture and leads coverage across Insider Life for the website's global weekend team. Darcy joined Insider as an editorial fellow in June 2019 after graduating from the University of Florida, where she studied journalism and sociology. Her bylines have also appeared on Her Campus, HeyAlma.com, and PBS/NPR-affiliate WUFT News.
Taylor reports on real estate, wealth, and travel. She covers the housing market and where people are moving, from up-and-coming cities to noted luxurious enclaves. She joined Business Insider in 2019. Since then, she has investigated how the richest ZIP code in the US obtained coronavirus antibody tests for residents before they were readily available, interviewed Michelin-starred chefs, and analyzed how the pandemic rendered the American dream of homeownership practically unattainable. Taylor is from Miami, Florida, and holds a master's in journalism from Northwestern University. Let her know where you're trying to buy a house or secure a second passport at tborden@jkmperu.com. Follow her on Twitter @taylormborden.