Prince Harry and Meghan Markle are allegedly going to rely on a £44 million fortune to fund their new lives together, after announcing that they intend to step back from royal duties and live independently.

Although Prince Harry and Prince William currently receive £5 million from the £82 million annual Sovereign Grant, handed to the most senior members of the royal family through taxation, Harry and Megan have now announced that they will no longer receive funding from it.

However, per British tabloid newspaper The Daily Mail, the couple currently boast an estimated combined net worth of £34 million and can draw upon a further £10 million to fund their lifestyle. The couple will also be allowed to keep their residence in Frogmore Cottage, which was given to them as a gift by Queen Elizabeth II following their marriage. 

In a statement posted on their official Instagram, the Duke and Duchess of Sussex wrote:

“After many months of reflection and internal discussions, we have chosen to make a transition this year in starting to carve out a progressive new role within this institution. We intend to step back as ‘senior’ members of the Royal Family and work to become financially independent while continuing to fully support Her Majesty The Queen."

They continued: "It is with your encouragement, particularly over the last few years, that we feel prepared to make this adjustment."

"We now plan to balance our time between the United Kingdom and North America, continuing to honour our duty to The Queen, the Commonwealth, and our patronages. This geographic balance will enable us to raise our son with an appreciation for the royal tradition into which he was born, while also providing our family with the space to focus on the next chapter, including the launch of our new charitable entity."

"We look forward to sharing the full details of this exciting next step in due course, as we continue to collaborate with Her Majesty The Queen, The Prince of Wales, The Duke of Cambridge and all relevant parties. Until then, please accept our deepest thanks for your continued support.”

According to reports by insiders, the other members of the Royal Family were apparently shocked and blindsided by the announcement.

Prince Harry and Meghan Markle are allegedly going to rely on a £44 million fortune to fund their new lives together, after announcing that they intend to step back from royal duties and live independently.

Although Prince Harry and Prince William currently receive £5 million from the £82 million annual Sovereign Grant, handed to the most senior members of the royal family through taxation, Harry and Megan have now announced that they will no longer receive funding from it.

However, per British tabloid newspaper The Daily Mail, the couple currently boast an estimated combined net worth of £34 million and can draw upon a further £10 million to fund their lifestyle. The couple will also be allowed to keep their residence in Frogmore Cottage, which was given to them as a gift by Queen Elizabeth II following their marriage. 

In a statement posted on their official Instagram, the Duke and Duchess of Sussex wrote:

“After many months of reflection and internal discussions, we have chosen to make a transition this year in starting to carve out a progressive new role within this institution. We intend to step back as ‘senior’ members of the Royal Family and work to become financially independent while continuing to fully support Her Majesty The Queen."

They continued: "It is with your encouragement, particularly over the last few years, that we feel prepared to make this adjustment."

"We now plan to balance our time between the United Kingdom and North America, continuing to honour our duty to The Queen, the Commonwealth, and our patronages. This geographic balance will enable us to raise our son with an appreciation for the royal tradition into which he was born, while also providing our family with the space to focus on the next chapter, including the launch of our new charitable entity."

"We look forward to sharing the full details of this exciting next step in due course, as we continue to collaborate with Her Majesty The Queen, The Prince of Wales, The Duke of Cambridge and all relevant parties. Until then, please accept our deepest thanks for your continued support.”

According to reports by insiders, the other members of the Royal Family were apparently shocked and blindsided by the announcement.