Here's how much money Meghan Markle and Prince Harry could need to maintain their lavish lifestyle if they plan on becoming 'financially independent'

meghan markle prince harry

Samir Hussein/Getty Images

Meghan Markle and Prince Harry will need millions to maintain their lavish current lifestyle once they become financially independent.

Meghan Markle and Prince Harry are working to become "financially independent."

In an official statement shared on their website and social media accounts, the Duke and Duchess of Sussex wrote that they intend to "step back" as "senior" members of the royal family, but will continue to support Queen Elizabeth.Advertisement

Most of the British monarchy's wealth is derived from inherited lands and investments. British taxpayers also support the royal family through a "sovereign grant" issued by the treasury.

That set-up prohibits royal family members from earning professional income, according to their website. By choosing financial independence, Meghan and Harry would no longer receive money through the sovereign grant and would be able to work professionally.

Together, Meghan and Harry are worth $30 million: Meghan's reported net worth is around $5 million from her acting career and Harry's net worth is reportedly at least $25 million, comprised of an inheritance from Princess Diana and an annual allowance from Prince Charles. It's unknown how much of this comes from the crown.
Advertisement

Here's how much money they'd need to maintain their lavish lifestyle, based largely on the millions they've spent in the past year alone.

{{}}

BABY: Meghan and Harry dropped hundreds of thousands on baby-related expenses, which could be telling if they have another baby.

BABY: Meghan and Harry dropped hundreds of thousands on baby-related expenses, which could be telling if they have another baby.

While interviewing Dr. Jane Goodall for the September 2019 issue of Vogue UK, Harry remarked that when it comes to having children, he wants "two, maximum."

Meghan's Manhattan baby shower was reportedly worth an estimated $200,000, Katie Nicholl for Vanity Fair reported. Serena Williams reportedly hosted and paid for the shower, Nicholl wrote, but it stands to reason Meghan may want a similar caliber shower in the future and might intend to foot the bill herself once she and Prince Harry are "financially independent" of the rest of the royal family.

The Duchess also reportedly spent $11,384 on acupuncture and numerology in the months leading up to baby Archie's birth, Jess Lester reported for The Sun.

The Duke and Duchess also went on a $43,183 babymoon at Heckfield Place, Lester added.

That's not to mention costs for education, feeding, and clothing the baby once it's born, as well as a nanny. Meghan and Harry have reportedly gone through three different nannies since Archie was born. Graduates from the famous Norland College, which schools aspiring nannies, can earn between $36,493 and $58,552 in London. It's likely a nanny for members of the royal family would earn more.

HOME: Meghan and Harry reportedly spent nearly $4 million on home renovations.

HOME: Meghan and Harry reportedly spent nearly $4 million on home renovations.

Meghan and Harry reportedly spent up to $3.8 million in 2019 renovating their home, Frogmore Cottage, reported Valentine Low for The Times. That includes the $60,000 cost to include a green energy unit and add fireplaces, staircases, and a floating floor.

According to their official website, Frogmore Cottage was already undergoing "mandatory renovations" before they moved in. Those renovations cost half of the $5.2 million mandatory renovations necessary for their proposed residence at Kensington Palace, which wouldn't have been available for them to move into until late 2020.

That's more than the $1.9 million the Duke and Duchess of Cambridge spent renovating Anmer Hall in Norfolk, Low wrote.

The couple spent an estimated $65,560 renovating the nursery, Lester reported.

Advertisement

CLOTHING: While Meghan mixes high-end and low-end pieces, she reportedly spent more on her wardrobe than other royals in the past year.

CLOTHING: While Meghan mixes high-end and low-end pieces, she reportedly spent more on her wardrobe than other royals in the past year.

Meghan is known as a style icon — her clothes often sell out as soon as she wears them, known as "The Meghan Markle Effect," wrote Leah Bourne for Glamour.

She's been spotted in everything from a $2,000 Stella McCartney dress and a $1,390 Sentaler coat to a $116 Banana Republic dress and $123 Everlane jumpsuit. She's also reworn some of her outfits.

But, according to several estimations, she spent more on clothing than other royals in the past year — Kate, for example, reportedly spent $85,000 on clothing. That might be because Meghan reportedly spent up to $500,000 on maternity clothes during her pregnancy.

Meanwhile, Prince Harry was spotted wearing the same $170 J.Crew blazer 24 times last year.

TRAVEL: Meghan and Harry travel widely, recently vacationing in a multimillion-dollar Vancouver home.

TRAVEL: Meghan and Harry travel widely, recently vacationing in a multimillion-dollar Vancouver home.

Instead of spending Christmas 2019 at Queen Elizabeth's Sandringham estate, Meghan and Harry took a six-week vacation in the US and Canada with baby Archie.

According to the Mirror, they stayed in a $13.26 million Vancouver waterfront home spanning 10,000-plus square feet, which includes a surplus of bedrooms and bathrooms and a kitchen with a pizza oven.

In the past, they've traveled to Botswana, Jamaica, and Norway; in Norway, they reportedly stayed at the remote Tromvik Lodge, which is available to rent on Airbnb for $408 a night.

Advertisement

FOOD: Meghan is known to enjoy healthy food and $100 wines.

FOOD: Meghan is known to enjoy healthy food and $100 wines.

There aren't any reports on how much Meghan and Harry spend on food, but Meghan is known to eat pretty healthy: Her go-to breakfast is an acai bowl, she loves green juice and veggie quinoa, and snacks on carrots and hummus, Mikhaila Friel reported for Insider.

Meghan's favorite wine, according to Friel, is Tignanello, which can cost as much as $130 a bottle.

Meghan also enjoys cooking and entertaining. "Whether we're eating lamb tagine, pot roast, or a hearty soup, the idea of gathering for a hearty meal with friends and family on a Sunday makes me feel comforted," she told Today in 2012. "I enjoy making slow-cooked food on Sundays, like Filipino-style chicken adobo."

This hasn't changed since becoming a member of the royal family. A friend of hers told People in 2019 that Meghan cooks for herself and Harry every day.

CHARITY: Meghan and Harry have always been heavily involved in charity work.

CHARITY: Meghan and Harry have always been heavily involved in charity work.

Last year, the Duke and Duchess of Sussex announced they would leave the Royal Foundation to start their own charity, Sussex Royal, in 2020.

In August 2019, they promoted the work of smaller or lesser known charities they dubbed Force for Change charities on their Instagram page.

But in addition to inspiring others to make donations, they also make donations themselves. In September 2019, Meghan and Harry donated $5,000 toward building a swimming pool in Guinjata Bay, Mozambique, to teach locals how to swim, Omid Scobie reported for Harper's Bazaar.

They've also both traveled to Africa for charity work several times.

Advertisement