Along with Meghan Markle and Prince Harry's announcement to step down from their royal duties is their desire to be financially independent. Although it remains to be known where the Sussexes will get their income, they are said to remain funded by Prince Charles' Duchy of Cornwall. However, with the huge price of their lavish home, is the fund from Prince of Wales enough to cover its cost?
The Duke and Duchess of Sussex's finances are yet to be worked out. In fact, the final deal after their royal exit is still being negotiated, per Express.
Prince Charles is expected to fund Meghan Markle and Prince Harry. Their arrangement will be under review for a year.
As working royals, the majority of the couple's finances came from Duchy of Cornwall. They even revealed on the Sussex Royal website that 95 percent of their income was from Prince Charles' property, while the remaining five percent came from the Sovereign grant that they would no longer receive.
Prince Charles' Duchy of Cornwall is a private estate, so he has the right to do what he wants with its money. Aside from that, Camilla's husband also received private income from the land's monies invested in the stock markets.
In Duchy of Cornwall's last financial year, it reported that over £5 million was spent on both the Sussexes' and Cambridges' household. If it would be divided, it only meant that Prince Harry and Meghan Markle received £2.5million every year from Prince Charles.
It could cover the cost of the Frogmore Cottage's renovation that came from taxpayers' money, which was £2.4million, that Prince Harry and Meghan Markle promised to pay. They were also set to pay commercial rent on the property, which cost was even yet to be revealed. But with this amount that they would receive from Prince Charles, it seemed to be not enough to buy their current home, which was at $18 million Canadian or £10.5 million.
Prince Harry and Meghan Markle are still prohibited from receiving an income from their work because of the current structure. But according to Harper's Bazaar, when they become financially independent, they noted on their website that they would "value the ability to earn a professional income."
"There is precedent for this structure and applies to other current members of the Royal Family who support the monarch and also have full-time jobs external to their commitment to the monarchy," they said. Prince Harry and Meghan Markle reportedly planned to do what Princess Beatrice and Princess Eugenie are doing, like holding more traditional jobs, earning them an outside income.
