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Meghan Markle: Who will pay for royal's wardrobe as Duchess & Prince Harry 'step back'?

Meghan Markle, 38, and Prince Harry, 35, intend to take a step back from their roles as ‘senior’ members of the Royal Family, they have confirmed tonight. A statement from the Duke and Duchess of Sussex was released this evening, posted on their official @sussexroyal Instagram acount.

The post, shared in view of their 10.1million Instagram followers, read: “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.

“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.

Meghan Markle news: Meghan Markle and Prince Harry intend to ‘step back’ from ‘senior’ royal roles (Image: GETTY)

“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.

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“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.”

While exact details about what this will mean are yet to be known, some people may wonder what it means in terms of funding the royals.

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Prince Harry and Meghan Markle net worth

The Duke and Duchess of Sussex have said that they plan to become “financially independent” of the Royal Family.

With their combined net worth in the multi-millions, it’s unlikely that they will struggle to make ends meet in the future.

According to the Mirror, Meghan has a net worth of £5million, having built up the impressive fortune from her successful career as an actor.

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Meghan Markle news: The Duchess of Sussex first found fame as an actor (Image: GETTY)

Meanwhile, Prince Harry reportedly has a net worth of around £30million, according to Money.com.

Before taking on the role of a full-time royal, Prince Harry worked for 10 years in the Army Air Corps and earned a salary of £40,000.

Royal funding

The Duchy of Cornwall is a private estate established in 1337 which funds the public, charitable and private activities of the Prince of Wales and his family.

Back in 1969, at the age of 21, Prince Charles became entitled to the full income of the Duchy and took over its management.

It has been used to fund the public, charitable and private activities of the Duke and Duchess of Cornwall, the Duke and Duchess of Cambridge, and the Duke and Duchess of Sussex.

Meghan is widely considered a style icon, with many people interested to know what clothes she wears on her royal visits – how will they be funded in the future?

While it is not clear what this news will mean for the Duke and Duchess of Sussex, the pair have said they intend to “work to become financially independent” – suggesting they would cover costs themselves.

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