Two of Britain’s most senior royals have decided to go it alone, announcing plans to become financially independent and carve out a “progressive new role” for themselves.
The wish by the Duke and Duchess of Sussex—Prince Harry and his wife, Meghan Markle—to effectively split from the royal family and head into uncharted territories as commoners is fraught with difficulties.
Their surprise announcement also risks damaging the monarchy, whose members have always been careful not to cash in on their position as part of the royal family.
Given the couples’ accumulated wealth, which exceeds more than most people would ever hope to accrue, the pair is unlikely to starve. But the big question is whether their own personal brand will be enough to generate even more wealth in the future.
Prince Harry has significant inherited wealth estimated to be around £30 million ($39 million), while the Duchess is understood to have earned $4.3 million from her part in the television series Suits.
Currently the pair also receive payments for their official royal duties. The monarchy is funded by something called the Sovereign Grant, which consists of a percentage of the profit from the Crown Estate, a firm that invests in and manages £14.3 billion of U.K. real estate. Its interests range from Windsor Castle to prime shopping streets.
The Duke and Duchess of Sussex receive around 5% of their income from the Sovereign Grant to cover staff expenditures and expenses in connection with their royal duties.
The remaining 95% comes from the purse of the Prince of Wales, who also owns land and property through his Duchy of Cornwall private estate. It is unclear whether either arrangement will continue.
The Duke and Duchess have said they would continue to work for the monarchy “as called upon,” so some kind of pro rata arrangement may be worked out in the future.
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What also looks uncertain is who will pick up the tab for their significant security costs. That is currently covered by the British taxpayer. However, if the couple is stepping back from royal duties, this arrangement may rankle the public.
If borne by the couple, this could be a significant cost. They have expressed a wish “to earn a professional income” from undisclosed ventures—something they are prohibited from doing at present.
But much of the interest that surrounds the pair come from their royal association. Their wish to step back from this could see the couple lose their royal titles as well as their income and police protection.
It remains to be seen whether the Duke, who was born into the limelight, and the Duchess, who married into it, would still be able to generate the same levels of public interest as commoners.
It is this that is key to them being able to earn an income on what may become their rapidly diminishing brand. That income would also need to cover the increased costs they will now have to bear on jumping from the royal ship.
Email: editors@barrons.com
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January 10, 2020 at 01:51AM
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Prince Harry and Meghan Markle May Be Able to Earn Even More if They ‘Leave’ the Royal Family - Barron's
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