How will Harry and Meghan become financially independent?

Prince Harry and Meghan Markle have announced that they will be stepping down from their roles as 'senior royals' in a statement released on Wednesday (8th January). They also revealed that they would be splitting their time between the UK and North America, but according to sources they didn't consult the Queen about their decision and the monarch found out with the rest of the world.

In their statement, the Duke and Duchess of Sussex said: 'After many months of reflection and internal discussions, we have chosen to make a transition this year in starting to carve out a progressive new role within this institution.

'We intend to step back as ‘senior’ members of the Royal Family and work to become financially independent, while continuing to fully support Her Majesty The Queen.'

Harry and Meghan - financially independent

Many are questioning how they are planning to become 'financially independent' from the institution, something which they've clearly pre-empted as they have created a page on their website, sussexroyal.com, called 'Funding'. It details how they are currently funded and explains how they aim to distance themselves financially.

Where does Harry and Meghan's money come from?

Harry and Meghan state that the Sovereign Grant makes up 5% of the money they receive, with the other 95% from Prince Charles' estate - a 'financial tie' which they would 'prefer to release'.

It reads: 'Since the establishment of The Office of The Duke and Duchess of Sussex, 95 percent of the funding received for their Office expenditure is derived from income allocated by HRH The Prince of Wales, generated through the Duchy of Cornwall.

'This provision has been in place since Prince William and Prince Harry first established their offices in support of The Queen, and is the responsibility of The Prince of Wales. This information continues to be available on The Duchy of Cornwall website.'

How will Harry and Meghan fund themselves in the future?

The couple goes on to explain how they intend to fund themselves in the future by 'earn[ing] a professional income... working externally.'

'The Duke and Duchess of Sussex take great pride in their work and are committed to continuing their charitable endeavours as well as establishing new ones. In addition, they value the ability to earn a professional income, which in the current structure they are prohibited from doing.

'For this reason they have made the choice to become members of the Royal Family with financial independence. Their Royal Highnesses feel this new approach will enable them to continue to carry out their duties for Her Majesty The Queen, while having the future financial autonomy to work externally.'

Prince Harry and Meghan Markle worth

According to the MailOnline, Harry is estimated to be worth around £30 million. It is claimed that he inherited more than £20 million from his mother, the late Princess Diana, and £7 million from the Queen Mother, his great-grandmother.

On the other hand, Meghan is said to be worth £4 million, earning £40,000 an episode when she appeared on Suits.

Together they could earn at least £300,000 for public appearances.

The Palace released a statement explaining that the split will be 'complicated', so it remains to be seen how the Sussexes will move forward with their plan.