Prince Harry Set to Receive £8 Million at 40 from Queen Mother's 1994 Trust for Great-Grandchildren
Prince Harry is poised to receive £8 million when he turns 40, a part of a £19 million trust established by the Queen Mother in 1994 for her great-grandchildren. The trust aims to distribute funds tax-efficiently, with beneficiaries including Harry, William, and their cousins. Harry has already earned £22 million from his bestselling book, "Spare." Despite financial success, misconceptions about wealth and past royal funding have surfaced, highlighting the couple's substantial income since moving to the U.S.
Prince Harry is poised to receive £8 million on his upcoming 40th birthday, as the Queen Mother established a trust for her great-grandchildren three decades ago. The fund, created in 1994, is set to provide significant financial support to Prince Harry and his cousins.
The Trust Fund Established by the Queen Mother
In 1994, Queen Elizabeth, the Queen Mother, set up a trust fund totaling £19 million for her great-grandchildren, including Prince Harry. At that time, Harry was merely ten years old. The fund stipulates that beneficiaries would receive payouts on their 21st and 40th birthdays, with palace sources indicating that Harry's payout will exceed that of his brother, William.
Details on Disbursement Amounts
Upon turning 21, both Prince Harry and Prince William were to receive £6 million, escalating to £8 million when they reach 40. Prince Harry will celebrate this milestone on September 15. Alongside the brothers, other potential beneficiaries include the children of Princess Anne and the Duke of York's daughters, as well as Princess Margaret's offspring.
Strategic Financial Planning by the Queen Mother
The establishment of this fund was reportedly a means for the Queen Mother to efficiently pass part of her estate to her great-grandchildren while minimizing potential inheritance taxes. Sources familiar with the fund confirmed that it was designed to safeguard part of her estate specifically for them.
Prince Harry's Financial Gains from His Book Spare
Recent reports indicated that Prince Harry generated £22 million from his book Spare, which became the fastest-selling non-fiction book in the UK after its release in January 2023. The book contains various assertions about his family, including criticisms aimed at Prince William and King Charles. This financial success adds to Harry's overall worth.
Meghan Markle's Expectations and Realities
A royal expert noted that Meghan Markle was reportedly surprised by the financial realities of Prince Harry's situation, as she initially imagined he would have a net worth in the hundreds of millions. The couple's financial situation during their tenure as senior royals was primarily supported by King Charles' Duchy of Cornwall estate.
Earnings Since Moving to the US
Following their departure from royal duties, Prince Harry and Meghan Markle have significantly increased their earnings, amassing around £100 million. This includes a notable £25 million Spotify deal, an £81 million contract with Netflix, and a £32 million agreement for a four-book series starting with Spare, which has become an international success.
High-Profile Speaking Engagements and Property Investments
In addition to their media deals, the couple has reportedly commanded substantial fees for public speaking engagements. Their recent purchase of an £11 million mansion in Montecito, California, secured by a mortgage of £7.5 million, is a further indication of their financial activities in the United States. Wealthy individuals have also shown a willingness to pay high sums to participate in events involving the Duke and Duchess of Sussex, reflecting their continued prominence despite a dip in popularity.
