As Prince Harry and Meghan Markle recently completed their North America transition, many things have changed for them, including from where they are getting their income.
Recent royal life
As part of the royal family, the couple is no stranger to their lives being put on display for the world to see, but there has been much interest in where the couple goes from here, now that they’ve formally cut ties with all royal duties.
Harry told James Corden in an interview last week that he had to step back and eventually withdraw from his royal duties, because: “We all know what the British press can be like, and it was destroying my mental health. This is toxic. So, I did what any husband, what any father, would do. I need to get my family out of here.”
Some have compared Harry and Meghan’s time in the spotlight to what Harry’s mother, Princess Diana, experienced, as she died in a car crash while being chased by paparazzi after spending her life as a royal under a spotlight of scrutiny.
The couple is set to sit down with Oprah on Sunday in what’s expected to be the most candid interview the couple has had to date, and apparently, no topic is off limits.
The reason for the couple removing themselves from their royal duties will likely be one of the hottest topics of the interview.
Prince Charles of Wales, Harry’s father, previously covered most of the couple’s expenses that were associated with royal duties, including staff and travel, which Forbes estimated to be about $800,000 a year.
But the couple’s endeavors and expenses will no longer be covered with royal money. Instead, the Duke and Duchess of Sussex will have to find a way to pay their bills.
And with the recent purchase of a $14.7 million home, the couple has a $10 million mortgage, after putting down $5 million, according to Forbes.
Fortunately, the two have income from Markle’s work in films and television shows -- estimated to be about $2 million last year in after-tax earnings.
Forbes estimates the couple currently has about a $5 million nest egg.
With royal duties behind them, though, Harry and Marlkle have expressed the desire to dedicate their lives to helping others, and they have a some plans in the works to help them pay to do so.
The two have mentioned plans to partner with Spotify during a live-streamed event that will feature Justin Bieber, Billie Eilish, Bruce Springsteen, Barack Obama and Ava DuVernay.
They also plan to produce shows and podcasts that “elevate voices that maybe aren’t heard” for the exclusive streaming service.
According to Forbes, the three-year podcast deal could be worth as much as $18 million, which could end up being about $3.5 million a year after taxes.
Another avenue for income is speaking engagements. Last year, Harry spoke at a private JPMorgan summit that reportedly earned him $1 million.
But the source from which the couple could potentially make the most money is a five-year, $100 million contract with Netflix to produce children’s programming, feature films, docuseries and documentaries.
While it’s unclear just how much the couple could be raking in each year, it’s clear they have what seem to be some pretty solid deals in the works to ensure they are covered.