Introduction
Since Prince Harry and Meghan Markle announced their decision to step down from their royal duties in January 2020, there has been much speculation about how the couple will fund their lives. Prince Harry, in particular, has been the subject of scrutiny over his personal finances. This article aims to explore the sources of Prince Harry’s wealth, how he compares to other members of the royal family, the impact of stepping down from royal duties, and his charitable work.
Investigative Piece on Prince Harry’s Personal Finances
Prince Harry, born into the royal family, inherited a substantial sum of money from his mother, Princess Diana, upon her death in 1997. According to Forbes, this amounted to around $10 million USD. In addition to his inheritance, Prince Harry receives a share of the royal family’s funds from Prince Charles. This income is used to support the Duke and Duchess of Sussex’s official duties and for other expenses related to their roles as members of the royal family.
Prince Harry has also had a career as a military officer, serving in the British Army for 10 years. During this time, he earned a salary of approximately $50,000 USD per year. Following his retirement from the Army in 2015, Prince Harry became a public speaker and established himself as a leading advocate for mental health awareness. He has been paid to speak at events and has also written for publications, earning him a considerable income.
Comparing Prince Harry’s Income to That of Other Royal Family Members
Working members of the royal family earn their income from a combination of funds, including the Sovereign Grant, an annual government allowance used to cover royal household expenses, and income from the Duchy of Cornwall, a private estate owned by Prince Charles. In addition to these funds, royals may receive private income from sponsorships and investments.
Compared to his brother, Prince William, Prince Harry has earned less from royal duties, but has made up for this through his public speaking engagements. However, Prince William has higher-endorsement deals, including with Nike and Adidas, while Prince Harry has shifted to a more humanitarian based approach, including his recent mega-deal with Netflix.
How Stepping Down from Royal Duties Affected Prince Harry’s Finances
When Prince Harry and Meghan Markle announced their decision to step away from their roles as senior members of the royal family, the couple also announced their intention to become financially independent. This meant that they would no longer receive public funding and would have to support themselves through other means. One of the largest expenses they face is their personal security, which is estimated to cost millions of dollars per year.
Stepping down from royal duties has also led to controversy surrounding the couple’s finances. Some have questioned whether they are profiting off their royal titles and connections, while others have criticized their decision to accept sponsorships and deals with commercial entities. However, the couple has maintained that they are only accepting opportunities that align with their values and support their charitable work.
Prince Harry’s Charitable Work and Use of Wealth
Prince Harry is well known for his charitable work and has established several organizations to support causes close to his heart. He founded the Invictus Games Foundation, which hosts international sporting events for wounded, injured, or sick servicemen and women. Prince Harry is also involved with several other organizations and charities, including Sentebale, which supports children affected by HIV/AIDS in Africa, and WellChild, which supports seriously ill children and their families.
Prince Harry’s support for charity is also evident in his use of his personal wealth. He and Meghan Markle made headlines when they donated the proceeds from their wedding reception to several charities. In addition, the couple has pledged to donate their profits from their charitable foundation, Archewell, to support various causes around the world.
Media Scrutiny and its Impact on Prince Harry’s Finances
Prince Harry and Meghan Markle have been the subject of intense media scrutiny, particularly in the UK, since they began dating. In recent years, this scrutiny has increased due to the couple’s decision to step down from their royal duties and move to the US. Prince Harry has taken steps to protect his family’s privacy, including filing lawsuits against media outlets that published private information.
However, this negative media attention has also had an impact on Prince Harry’s finances. In a statement, he said, “there is a human cost to this relentless propaganda, specifically when it is knowingly false and malicious, and though we have continued to put on a brave face – as so many of you can relate to – I cannot begin to describe how painful it has been.” This has caused an outpouring of support for the couple and a rise in their public image.
Interview with a Financial Expert
To understand more about Prince Harry’s finances, we spoke to financial expert, John Stevenson. According to Stevenson, Prince Harry’s sources of income are likely to include “his inheritance, his personal investments, and profits from his public speaking engagements and other business ventures.” He also notes that the couple’s move to the US and their establishment of their charitable foundation, Archewell, will likely provide them with new opportunities for income and investment.
Stevenson also notes that while Prince Harry has access to significant funds, he has also taken steps to manage his finances responsibly. This includes diversifying his investments and seeking financial advice from trusted advisors. Despite the challenges he has faced in recent years, Stevenson believes that Prince Harry has the potential to use his wealth and platform for good, saying, “there is no doubt that Prince Harry has a heart for charity and philanthropy. With careful management of his personal finances and the right support, he can continue to make a real difference in the world.”
Conclusion
Prince Harry’s personal finances have been a topic of discussion in recent years, particularly since his decision to step down from his royal duties. While he has undoubtedly faced challenges and negative attention from the media, he has also continued to use his wealth and platform to support charitable causes and make a positive impact on the world. With continued hard work and careful management of his finances, Prince Harry is sure to leave a lasting legacy in the world of philanthropy.
