As Prince Harry approaches his 40th birthday on September 15, he is set to receive a significant financial boost from a trust fund established by his late great-grandmother, the Queen Mother. Reports suggest that the Duke of Sussex will inherit up to £8 million from a family trust fund, marking the second installment of a carefully structured inheritance plan that began when he was just 21.
The trust fund, reportedly worth £19 million when established in 1994, was created by the Queen Mother as a tax-efficient way to pass down a portion of her estate to her great-grandchildren. The fund was designed to provide two payments: one when the beneficiaries reached the age of 21 and another when they turned 40. This week, Harry becomes eligible for the second and more substantial disbursement.
Sources close to the Palace believe that Harry's share of the inheritance will be larger than that of his older brother, Prince William. The Queen Mother, aware that William would one day inherit the wealth of the Duchy of Cornwall as heir apparent, reportedly allocated a larger portion of the trust to Harry, ensuring that both brothers would benefit from her legacy.
A former Palace aide explained the reasoning behind the arrangement to The Times, stating, "It was a way in which the Queen Mother could set aside money for when her great-grandchildren were older and a way of passing a slice of her estate down in a tax-efficient way." The aide added that this was also a way to ensure Harry was financially secure, even as he took a different path from his elder brother.
The inheritance comes at a time of ongoing tension within the royal family. Since stepping down as senior royals in 2020, Harry and his wife, Meghan Markle, have been financially independent, funding their new lifestyle in California through various projects and media deals, including their lucrative Netflix contract and Harry's memoir, Spare. Despite their financial independence, the couple has remained a focal point of public interest and royal scrutiny, particularly due to Harry's candid criticisms of the monarchy.
The sizable inheritance from the Queen Mother has sparked some controversy. Royal author Christopher Andersen suggested in an interview with Fox News that had the Queen Mother known about Harry's recent actions and public remarks against the royal family, she might have reconsidered his inclusion in the trust. "Of course, the prince's great-granny couldn't have anticipated all the trouble Harry caused the rest of the family. I think she would have cut him out of [the trust] entirely had she known," Andersen speculated.
Prince William is reportedly less than pleased with the situation, especially given Harry's departure from royal duties and subsequent public critiques. The tension between the brothers has been well-documented, particularly in light of Harry's explosive interviews and his revealing memoir, which have further strained their relationship.
In a 2021 interview with Oprah Winfrey, Harry claimed that his family had "literally cut me off financially" following his and Meghan's decision to step back from their roles as senior royals. However, royal expenditure reports show that Prince Charles, now King Charles III, provided £4.5 million to support both William and Harry's families during the fiscal year beginning in April 2020. A spokesperson from Clarence House clarified that this financial support was intended to help the Sussexes transition out of their royal roles and that it ceased in the summer of 2021.
