Could Prince Harry and Meghan Markle lose their financial resources if Queen Elizabeth decides to cut them off? This was the question royal fans raised when rumors of the Sussex royals' renouncement came to light.
Speculations have been rife that Prince Harry and Meghan might give up their royal titles to live a quiet life away from the limelight and media scrutiny. Doing so, however, would mean that they will be stripped off their royal privileges, including the money or allowance they allegedly get from the Queen.
However, royal fans of Quora discussed that most people in the U.K. do not understand that the royals don't get their money 100 percent from their taxes. Prince Harry and Meghan, specifically, don't get financial support from Queen Elizabeth. Thus, there is no reason for her to "cut them off" since she doesn't give the Duke and Duchess of Sussex money.
Instead, Prince Harry and Meghan are supported by Prince Charles, the Prince of Wales. He finances his sons and their family through his private Duchy of Cornwall estate, which isn't owned by the government or the taxpayers.
The Duchy of Cornwall Estate has been in the family since 1337 or during King Edward III's reign. It was set up as the source of income for the heir to the British throne.
Prince Charles has made strides in expanding this estate's portfolio in the last 50 years as its landowner. The Duchy of Cornwall covers 130,000 acres of land for farming and housing for rent or lease with an estimated $27 million annual income.
As it stands, Prince Charles' family receives annual allotments from this income to pay for their living expenses, staff workers, education and their royal engagements. The only time Prince Harry and Meghan receive money from Queen Elizabeth is if they are on official state visits to represent the monarch. They also benefit from the Crown's estate for renovations and upkeep of heritage properties such as their home, Frogmore Cottage.
When Prince Charles ascends the throne after his mother, his direct heir Prince William will inherit the Duchy of Cornwall. Prince Harry, on the other hand, will not be financially crippled when this happens because he has inherited wealth coming from his mother, Princess Diana, and his great-grandmother, the Queen Mother.
According to reports, the Queen Mother set up a trust fund of her multimillion dollar fortune for her great-grandchildren in 1994. Both Prince William and Prince Harry received at least $17 million (or £14 million) each from this fund.
Prince Harry's wife is also not without any wealth. Meghan was earning a hefty sum of money before she married since she worked as a TV star in a successful show in the U.S. She also ran a lifestyle blog that generated online income. Her estimated wealth before becoming a royal was estimated at nearly $5 million (£3.8 million).
