Prince Harry and Meghan Markle shocked everyone when they announced recently that they were making the decision to step back from their public duties as members of the royal family. Besides the fact that they planned to move to North America, one of the bigger questions was how they would live financially.
On Jan. 20, the BBC reported that Meghan and Harry “will no longer receive public funds for royal duties,” referring to the Sovereign Grant. The Sovereign Grant is what the government pays the monarch for its official duties. Harry and Meghan used to get about 5 percent of their income from the Sovereign Grant.
So no more money from the public, but what will they get?
According to Us Weekly, the young family will still receive money from Prince Charles, Harry’s dad. The Sussexes will apparently have operating costs funded by the private estate of the Duchy of Cornwall, owned by Prince Charles.
The BBC states that the Grant is worth about 82.4 million in British pounds, and is funded by the Crown Estate’s profits.
Us Weekly cited the Duchy of Cornwall‘s website, saying:
“The revenues from the estate are passed to HRH The Prince of Wales and Duke of Cornwall, who chooses to use them to fund his public, charitable and private activities and those of his family.”
Cheatsheet explains that Meghan and Harry will get about $3 million from that fund. And a year from now, the royal family will review this arrangement.
Still, many are surprised at this arrangement, given that Prince Charles and the rest of the family didn’t even know about their plans to separate from the royal family.
The royal couple has said that they will repay the money that was used to renovate Frogmore Cottage, which was fixed up specifically so that they could live there with their new son, Archie. Those renovations cost about $3 million in taxpayer money.
On Jan. 8, Meghan and Harry initially posted their news, referring to the months of planning and thought that went into their decision.
“After many months of reflection and internal discussions, we have chosen to make a transition this year in starting to carve out a progressive new role within this institution.
We intend to step back as ‘senior’ members of the Royal Family and work to become financially independent, while continuing to fully support Her Majesty The Queen. It is with your encouragement, particularly over the last few years, that we feel prepared to make this adjustment.”