Prince Harry and Meghan are preparing to enter Hollywood. Source: FORBES
After leaving their lives as full-time royals, the Duke and Duchess of Sussex (Duke and Duchess of Sussex) are using their fame to make money in order to consolidate the lives they currently have.
Prince Harry and Meghan· Markle and the couple have completed their transition to Hollywood and are about to enter an unknown chapter in their lives——After all, they can no longer return as members of “full-time” They have arrived in the British royal family; since then, they cannot enjoy diplomatic etiquette, without government security personnel, and without royal asylum.
Until last year, Prince Harry’s father, the Prince of Wales, also covered most of their royal duties-related expenses, such as staff and travel expenses, through the Duchy of Cornwall. According to "Forbes" estimates, this cost is about $800,000 per year. Before Frogmore Cottage became their residence in the UK, the British royal family paid more than US$3 million for the renovation project. In September last year, the couple repaid the money by donating to the Sovereign Grant.
This allowed the couple to live the new life they wanted, but it also brought them financial uncertainty—at least the uncertainty they would encounter as a former royal family member— —Like a college graduate who just left home and started living independently as an adult. After all, his brother, the future Prince William of England, is still relying on funding from the Principality of Cornwall to pay for living expenses. In the last fiscal year, the Principality of Cornwall spent approximately $8 million in funding public, charitable, and personal activities for Prince Charles and his immediate family.
One week after Buckingham Palace’s statement, Prince Harry talked to his fellow British host James Corden about his withdrawal from the royal family in yesterday’s The Late Late Show. Duty matters, but he disagrees with Koden's description of his "leaving" the royal family. "This is by no means a step away; this is just a step back, but not an abdication," he said, adding that he decided to leave to avoid the ruthless media. "We all know what the British media is like, and it is destroying my mental health. This (public opinion environment) is poisonous, so I did what any husband or father would do, and I need to take my family out of here. ”
His late mother Princess Diana (Princess Diana) also made this move possible. As everyone knows, Princess Diana died in a car accident chased by paparazzi. However, due to the sudden interruption of financial support from the royal family, Harry and Meghan, the two members of the royal family who have left, rely mainly on the estimated $10 million in property that Harry inherited from his deceased mother. In addition, contrary to public reports, a spokesperson confirmed that Harry was not the beneficiary of his great-grandmother—that is, the nearly $100 million (£70 million) inheritance left by the Queen Elizabeth. In the common property of the couple, Meghan · Markle is estimated to have contributed about 2 million US dollars, which comes from her after-tax income from appearing in movies and TV shows, the latter for example, airing many seasons of law dramas Collection of "Golden Lawyer" (Suits).
In August 2020, the couple bought a $14.7 million real estate in Montecito, a coastal city in Santa Barbara, California. Hollywood stars Oprah Winfrey, Ellen DeGeneres and his wife Portia de Rossi also live nearby. The Harrys paid a down payment of US$5 million for the property and were also burdened with a mortgage of nearly US$10 million. In addition, the Duke and Duchess also repaid the monarch's grant of $3 million for redecorating the Frogmore House (Frogmore), which is their residence in the UK. This makes Prince Harry and Meghan's deposits surprisingly small, only about $5 million—at least for now. Their net worth is estimated to be approximately US$10 million, including their interest in the property in Montecito. According to the latest statistics of Forbes in 2019, the Queen’s net worth is US$500 million, while the British royal family holds in Crown Estate and Duchy of Lancaster (a real estate trust fund). The total assets are estimated at 25 billion U.S. dollars.
Prince Harry and his American wife hope to be committed to helping others and making the world a better place. "My life will always revolve around public service, and Megan also agrees with this," Prince Harry told Corden. But at the same time, they must pay for their lives, and based on their global popularity and prestige, Hollywood is also very willing to use this to help them weather the financial shocks of this stage.
Earlier this week, they announced that they would cooperate with Spotify in a live event. There were also Justin · Bieber (Justin Bieber), Billy · Ai Lishi (Billie Eilish), Bruce Springsteen (Bruce Springsteen), former President Barack Obama and Ava DuVernay. Harry and Megan plan to produce some podcasts and programs for 320 million streaming media users worldwide each month, in order to "raise the voice of those who may not have followed before".
According to industry sources, the three-year podcast agreement between Spotify and Prince Harry and Meghan is worth as much as US$15 million to US$18 million. It is unclear whether the streaming music company has started to pay, because the first podcast of their "Archewell Audio" channel may take at least a year to develop. When this remuneration is accounted for, their after-tax income will increase by about 3.5 million US dollars each year.
Long before they moved to California, the couple began to tentatively set foot on the Hollywood red carpet. Prince Harry and Oprah announced in April 2019 that they will produce a mental health series for Apple TV+. Although the production of the show was delayed due to the epidemic, it can be regarded as an extension of Prince Harry’s long-term work in the field of mental health; while working in this field, Harry frankly shared the details of his experience of losing his mother. . The details of the contract have not been disclosed.
In addition, speaking activities are another potential way for them to earn income. Prince Harry delivered a speech at the JP Morgan Chase Private Summit in Miami in February 2020. According to reports, the appearance fee for the speech was $1 million. In June last year, they also hired New York-based Harry Walker Agency (Harry Walker Agency) to solicit speech events for themselves. This agency is also the Obamas, Bill · Clinton and Hillary · Clinton, Lin-Manuel · Miranda (Lin-Manuel Miranda) and Stacey · Abrams (Stacey Abrams) Waiting for the celebrity's agent.
For the former royal couple, one of the biggest potential sources of income may be: They signed a $100 million 5-year contract with Netflix in September 2020. According to the contract, the Harrys will produce documentaries, series, feature films, TV shows and children's shows for Netflix. It is unclear whether Harry and Meghan received the advance payment for this transaction, but this transaction is likely to bring a very substantial contribution to their net assets. Netflix approves of its users' fascination with the British royal family. Last fall, Netflix also renewed the sixth and final season of the popular TV series "The Crown" during the reign of Queen Elizabeth II.
It is reported that Harry and Meghan will also accept an interview with Oprah, which will be broadcast on the CBS channel on Sunday, March 7 at 8 o'clock in the US Eastern Time. It is expected that Meghan will talk about the topic of "entering royal life" in the show, although this will certainly make the British royal family feel uneasy; subsequently, Prince Harry will also join the interview and talk about their family's move to the United States and his treatment of himself The expectations of the big family and other topics.