As the famous younger son of Princess Diana and Prince Charles, Prince Harry has lived in the spotlight since birth. After years as a senior royal, he shocked the world in 2020 by exiting from official duties with his wife Meghan Markle to become financially independent. This transition understandably leaves many wondering – what contributed to Prince Harry amassing a $60 million net worth, and how much wealth does his new non-royal life provide?
This in-depth guide will uncover the key sources of Prince Harry‘s current fortune, from royal allowances to Hollywood deals. We‘ll also compare his wealth growth to other royals and celebrities. Let‘s dive deep into the finances of the Duke of Sussex!
Prince Harry‘s Royal Upbringing and Duties
Prince Harry was born in London in 1984 to Princess Diana and Prince Charles, the heir apparent to the British throne. His older brother Prince William is second in line after their father.
Growing up, Harry attended exclusive boarding schools Eton College and Sandhurst Military Academy. He embarked on a 10-year military career, including two tours in Afghanistan.
As a senior royal, Prince Harry carried out public duties on behalf of Queen Elizabeth II. Prior to his exit, these duties occupied much of his time. For example, in 2018 he carried out over 200 official engagements across 16 countries!
Where Prince Harry‘s Annual Royal Allowance Came From
Up until 2020, Prince Harry received an annual allowance from the Duchy of Cornwall to fund his royal duties and lifestyle. This sizable sum provided a major boost to his net worth over the years.
The Duchy of Cornwall
The Duchy of Cornwall is a private estate established in 1337 to generate income for the heir to the British throne. It was created with the intent to fund the daily activities and expenses of the monarch‘s eldest son.
The estate consists of around 53,000 hectares of land and assets across 23 counties in England and Wales. This includes farmland, forests, vacation rental properties, and commercial buildings.
Prince Charles took over management of the Duchy at age 21 after Prince Harry‘s grandfather Prince Philip was granted the title Duke of Edinburgh.
Annual Allowance for Prince Harry
The annual Sovereign Grant from the government only covers official royal duties. The Duchy of Cornwall provides royals with their private income.
As second in line to the throne, Prince William relies fully on the Duchy for his private income as he does not take on other work. But Prince Harry also received a portion of the Duchy income despite being further back in succession.
In the 2018-2019 fiscal year, Prince Harry was allotted £4.9 million ($6.9 million) from the Duchy‘s income. This was paid out of Prince Charles‘ allocation and helped fund Prince Harry and Meghan Markle‘s work and lifestyle.
Over the 10 years leading up to their royal exit, Prince Harry received an estimated $40 million in total from his father through the Duchy of Cornwall.
The Impressive Scale of the Duchy of Cornwall‘s Assets
To understand the scale of wealth the Duchy of Cornwall provided Prince Harry, it‘s worth exploring the size and profitability of its assets.
The Duchy consists of:
- 134,000 acres of land (215 square miles)
- Investment portfolio valued around £1 billion ($1.4 billion)
- 52,000 acres let out to farmers
- Residential and office properties across London
- Additional financial investments, securities, art, antiques
The savvy management of these assets has created an extremely lucrative income source for the royals.
Key Financials:
- 2021 revenue – £23 million ($32 million)
- 2021 profit – £24 million ($33 million)
- 2022 projected profit – £26 million ($36 million)
The Duchy has outperformed the British stock market over the past 30 years, delivering annualized returns of 8.9% since 1991.
Prince Charles argues that he does not personally benefit from Duchy profits. However, expenses like official overseas trips, vehicles, staff, and even the family‘s country mansion Highgrove House are covered by the Duchy.
Other Sources That Have Contributed to Prince Harry‘s Wealth
In addition to his Duchy of Cornwall allowance, a few other key sources have grown Prince Harry‘s net worth over the years:
Inheritance from Princess Diana
Following Princess Diana‘s tragic death in 1997, the bulk of her estimated $29 million net estate was divided between 15-year-old Prince William and 12-year-old Prince Harry.
On his 30th birthday in 2014, Harry inherited his share of the inheritance – approximately $14 million. He invested the funds with wealth management company Quilter Cheviot to generate investment returns over the past decade.
Military Salary
During his decade of military service, Prince Harry earned an income as an officer. Junior officer salaries start around $45,000. With his career advancement, Harry likely earned up to around $100,000 annually at his peak.
While not huge sums for a royal, the steady salary over 10 years provided a boost to his net worth.
Book Deal Proceeds
In 2021, Harry announced he was working on a memoir scheduled for release in late 2022. He received an advance of around $20 million for the book deal with Penguin Random House.
However, after the Queen‘s passing, he reportedly wants to downplay elements about his departure from royal life out of respect. It remains to be seen how his book proceeds eventually contribute to his wealth.
Prince Harry‘s Net Worth Since His Royal Exit
Prince Harry and Meghan Markle sent shockwaves through Britain when they announced plans to "step back" from royal duties in January 2020. As part of this unprecedented agreement, they stopped receiving any money from Prince Charles‘ Duchy income.
However, their financial independence has allowed them to seek their own income opportunities. Let‘s look at some of their lucrative business deals and investments that now contribute to their net worth:
Spotify Partnership
In 2021, the couple‘s production company Archewell Audio signed a multi-year deal with Spotify to produce exclusive podcasts. Details were not released, but similar contracts are estimated to be worth around $15-$25 million per year.
Their first podcast series was a holiday special featuring celebrity guests like Elton John and James Corden. In March 2022 they released a series focused on women‘s experiences.
Spotify gains from associating with their global clout, while they earn hefty payouts and reach broad audiences with their content.
Netflix Production Deal
In September 2020, the couple founded a production company called Archewell Productions and inked a major deal with Netflix. They committed to producing documentaries, feature films, and children‘s programming – with an estimated value of over $100 million.
Their first released project was a 2020 documentary called "Rising Phoenix" about the Paralympic Games. In April 2022 they announced an upcoming docuseries called "Heart of Invictus" about the Invictus Games founded by Prince Harry.
Netflix gains their exclusive partnership while the couple earns massive sums as producers.
BetterUp Partnership
In March 2021, Harry joined BetterUp as Chief Impact Officer to promote mental health awareness and expand service access to underserved communities.
BetterUp provides executive coaching, counseling, mentorship, and other professional development services for corporate employees. The Silicon Valley startup has raised over $300 million in venture capital.
The specifics of Harry‘s deal were undisclosed, but similar arrangements often grant equity stakes. The publicity also helps accelerate BetterUp‘s growth. It‘s a shrewd move as the firm is estimated to go public within 3-5 years at a multi-billion dollar valuation.
Public Speaking Engagements
The couple has also earned income from public speaking appearances since leaving royal life. In June 2021, Harry appeared at a virtual event for his startup Travalyst and spoke about sustainable tourism.
In December 2021, he made opening remarks at the BetterUp Inner Work Day virtual event. Industry experts estimate his speaking fees range from $100,000 to $1 million per event.
Real Estate Investments
Despite relocating to California, Prince Harry and Meghan maintained their Frogmore Cottage home in England, which underwent $3 million in renovations paid by the Duchy before their exit.
In May 2020, they purchased a $14.7 million estate in Montecito, California known as the Chateau of Riven Rock. They signed lucrative real estate deals with Netflix and Spotify shortly after.
The couple‘s savvy real estate investments likely make up a chunk of their net worth.
How Prince Harry‘s Net Worth Growth Compares to Other Royals
To provide context around the scale of Prince Harry‘s $60 million fortune, let‘s compare his net worth growth since leaving royal life to other prominent royals and celebrities:
Prince Harry‘s Estimated Net Worth Growth
| Year | Net Worth | Key Income Sources |
|---|---|---|
| 2020 (pre-royal exit) | $40 million | Royal allowance, inheritance |
| 2022 (2 years post-exit) | $60 million | Spotify, Netflix, BetterUp |
| Increase | $20 million | +50% |
Prince William‘s Estimated Net Worth Growth
| Year | Net Worth | Key Income Sources |
|---|---|---|
| 2020 | $40 million | Inheritance, royal allowance |
| 2022 | $40 million | No major new income sources |
| Increase | $0 | 0% |
Meghan Markle‘s Estimated Net Worth Growth
| Year | Net Worth | Key Income Sources |
|---|---|---|
| 2020 (pre-royal exit) | $2 million | Acting career |
| 2022 (2 years post-exit) | $5 million | Spotify, Netflix deals |
| Increase | $3 million | +150% |
Kylie Jenner‘s Estimated Net Worth Growth
| Year | Net Worth | Key Income Sources |
|---|---|---|
| 2020 | $700 million | Kylie Cosmetics |
| 2022 | $600 million | Sold stake in cosmetics company |
| Increase | -$100 million | -14% |
The numbers illustrate how Prince Harry and Meghan‘s financial independence has been extremely lucrative for them compared to other royals and even a beauty mogul like Kylie Jenner.
Prince William‘s net worth has stayed constant given his full-time royal duties. In contrast, the Sussex‘s have skyrocketed their wealth since departing royal life.
However, the couples‘ deals and partnerships show no signs of slowing down, so their net worth trajectory will likely continue rising.
Inheritance From Queen Elizabeth II‘s Estimated $500 Million Net Worth
Following the Queen‘s passing in September 2022, speculation has mounted around the inheritance for members of the royal family.
The Queen‘s eldest son and heir, Prince Charles, inherited her private real estate holdings. This includes the Balmoral Castle estate in Scotland, stud farm at Sandringham, and more, valued at up to $750 million total.
As Duchy of Cornwall beneficiary, Charles inherited that $1.4 billion estate which he manages on behalf of the next heir, Prince William.
Prince William also inherited the Duchy of Lancaster estate which generated £24 million ($33 million) in income last year used to fund official duties.
Details on Prince Harry‘s inheritance share are more murky. Royal expert David McClure estimated the Queen‘s net worth around £370 million ($500 million) from property, art, jewels, horses, and other holdings.
Based on precedent, Harry may receive around 10-25% of personal assets that the Queen could dictate in her will (an estimated $50-$125 million). However, the final inheritance numbers remain private.
While the payout timing is also unclear, any inheritance will pad Prince Harry‘s already enormous personal fortune.
The Bottom Line: Prince Harry‘s Net Worth Poised for Growth
Prince Harry has unquestionably been born into remarkable privilege. However, his and Meghan‘s business initiatives have accelerated their net worth even after leaving behind royal duties and income.
Thanks to his royal upbringing combined with lucrative new media deals, Prince Harry boasts an impressive $60 million net worth at just age 38. With his global profile and attraction to companies, this wealth seems poised for continued growth.
While controversies persist around the circumstances of Megxit, Prince Harry and Meghan continue expanding their content creation activities and business ventures. Only time will tell how far these and future deals can propel the Duke and Duchess of Sussex‘s net worth.
One thing is clear – Prince Harry enjoys significant financial freedom to pursue passions like Invictus Games, manage the Diana Awards charity, partner with think tanks like the Aspen Institute, and much more. With his robust sources of income and inheritance, he is able to focus time and resources on making an impact independent of official royal duties.
That freedom and flexibility over his career is a luxury few can claim. As Prince Harry charts his own path outside the bounds of royalty, his net worth provides the springboard to fund these ambitions for years to come.
