For Harry and Meghan, a very relative “financial independence”
Prince Harry and his wife Meghan presented their withdrawal as making them “financially independent”, but the couple keeps most of their income and benefits and will now be able to capitalize on their “people” image.
Quickly after their shock announcement, the Duke and Duchess of Sussex detailed the financial aspects of their new status on their completely redesigned website.
Harry and Meghan distance themselves from the British royal family.
A way of getting ahead of the sensitive subject of the cost of the monarchy – itself very popular – and the recurring criticisms of their jet set lifestyle. But these explanations only triggered a new rain of attacks in the press, as the promised financial independence remains relative.
What are they giving up?
Harry and Meghan renounce their share of the Sovereign Grant, paid to the Queen to pay for her representational functions or those of her family members, her employees and the maintenance of Buckingham Palace.
It reached some 82 million pounds for the 2018-2019 financial year, of which the part paid to each family member is unknown. It is calculated on the basis of income from the management of the property of the British Crown.
But this sum represents only 5% of the couple’s income.
What do they keep?
The remaining 95% is allocated to them by Prince Charles, Harry’s father, via the Duchy of Cornwall, a structure dating back to the 14th century returning to the heir to the throne who manages 53,000 hectares of land and financial investments. It represented assets of nearly one billion pounds (CAN $ 1.7 billion) in 2018-2019 and a profit of more than 20 million pounds.
The Times reports that around £ 5 million is donated to Charles’ two sons, Harry and William, each year.
Unlike the royal allocation, Harry and Meghan have not announced their intention to forgo these funds. It remains to be seen how Prince Charles will react when he had obviously not been consulted before the announcement of their withdrawal.
The spouses also plan to keep their royal titles as well as the use of their residence, the cottage of Frogmore, on the grounds of Windsor Castle, “with the permission” of the Queen, owner.
The residence had been renovated for 2.4 million pounds at taxpayer expense for their move in, fueling criticism of their lifestyle.
Work but to do what?
By giving up the royal allowance, Harry and Meghan regain their freedom to earn money. For this very celebrity (and already very affluent) couple, this should not be a problem, if only by investing in the charity business very developed in the Anglo-Saxon world.
“There is no doubt that the Duchess, a former television actress, and the Duke, an ex-soldier, are very active sellers,” noted the Daily Telegraph, ironic that Meghan Markle could play her own role in the series. Netflix The Crown’s success.
In December, the daily claimed that the former Californian actress had taken advantage of the family vacation in North America to reactivate her contacts in Los Angeles in order to launch her charitable foundation in the United States.
Who will pay for their travel and security?
If Harry and Meghan will pay for their private trips, they state on their site that they want to continue to “support” Elizabeth II and to carry out official visits in this context – and therefore financed by the royal allocation.
Their status as personalities entitles them to close armed protection from the British police. No changes are planned in this regard.
MADAME TUSSAUDS SEPARATES HARRY AND MEGHAN FROM THE REST OF THE ROYAL FAMILY
To shock announcement, shock reaction. Madame Tussauds, a famous London museum which exhibits 250 wax statues of the world’s great figures, was quick to separate Harry and Meghan from the rest of the British royal family on Thursday after the announcement of their withdrawal.
According to the British media, this thunderclap caused consternation at Buckingham Palace. For the venerable museum, no question of letting the chaos settle in its enclosure.
A few hours after the announcement, Madame Tussauds chose to act immediately to reflect this major upheaval.
“From today (Thursday) the characters of Harry and Meghan will no longer appear” on the installation which brings together Queen Elizabeth II and members of the royal family, said in a press release the director general of the museum , Steve Davies.
But these two characters among the most popular “will of course remain important elements” of the museum, he added, stressing that Madame Tussauds will watch carefully what the next “chapter” will hold for them.
The princely couple took the royal family and the United Kingdom by surprise, announcing their decision on Wednesday evening. Harry and Meghan want to gain financial independence and settle for part of the year in North America, after having paid attention to his difficulties in experiencing the media pressure.