Here's how much money Meghan Markle and Prince Harry could need to maintain their lavish lifestyle if they plan on becoming 'financially independent'
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- Meghan Markle and Prince Harry officially announced via their Instagram and website on Wednesday that they're stepping back as "senior" members of the royal family, intending "to become financially independent."
- This means that they would no longer receive money through the "sovereign grant" the royal family receives and that they would be able to earn professional income.
- They'll need millions to maintain their lavish lifestyle, which includes everything from $200,000 baby showers to $3 million home renovations.
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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.
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.
HOME: Meghan and Harry reportedly spent nearly $4 million on home renovations.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.
TRAVEL: Meghan and Harry travel widely, recently vacationing in a multimillion-dollar Vancouver home.Advertisement
FOOD: Meghan is known to enjoy healthy food and $100 wines.
CHARITY: Meghan and Harry have always been heavily involved in charity work.Advertisement
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