- Meghan Markle and Prince Harry officially announced via their Instagram and website on Wednesday that they're stepping back as "senior" members of the royal family, intending "to become financially independent."
- This means that they would no longer receive money through the " sovereign grant " the royal family receives and that they would be able to earn professional income.
- They'll need millions to maintain their lavish lifestyle, which includes everything from $200,000 baby showers to $3 million home renovations.
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Here's how much money Meghan Markle and Prince Harry could need to maintain their lavish lifestyle if they plan on becoming 'financially independent'
Samir Hussein/Getty Images
BABY: Meghan and Harry dropped hundreds of thousands on baby-related expenses, which could be telling if they have another baby.
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Meghan Markle and Prince Harry are working to become "financially independent."
In an official statement shared on their website and social media accounts, the Duke and Duchess of Sussex wrote that they intend to "step back" as "senior" members of the royal family , but will continue to support Queen Elizabeth.
Most of the British monarchy's wealth is derived from inherited lands and investments . British taxpayers also support the royal family through a " sovereign grant " issued by the treasury.
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That set-up prohibits royal family members from earning professional income, according to their website . By choosing financial independence, Meghan and Harry would no longer receive money through the sovereign grant and would be able to work professionally.
Together, Meghan and Harry are worth $30 million: Meghan's reported net worth is around $5 million from her acting career and Harry's net worth is reportedly at least $25 million, comprised of an inheritance from Princess Diana and an annual allowance from Prince Charles. It's unknown how much of this comes from the crown.
Here's how much money they'd need to maintain their lavish lifestyle, based largely on the millions they've spent in the past year alone.
See Also:
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- Meghan Markle and Prince Harry plan to become 'financially independent' upon stepping back from royal life. Here's how much the British royal family is worth.
- Meghan Markle and Prince Harry just revealed they're planning to take a 'step back' from the royal family and split time between the UK and North America. Here's where all the most prominent royals live.
- Meghan Markle and Prince Harry are taking a 'step back' from the royal family after months of rumors. Here are 12 ways the couple has modernized the monarchy.
SEE ALSO: Meghan Markle and Prince Harry are taking a 'step back' from the royal family after months of rumors. Here are 12 ways the couple has modernized the monarchy.
DON'T MISS: Together, Meghan Markle and Prince Harry are worth about $30 million and none of that money belongs to the crown
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