Thursday 9 January 2020 2:33 pm

How exactly can Prince Harry and Meghan become financially independent?

For most people the term “financially independent” means looking for a job after finishing high school or university in a bid to stop leeching off their parents.

However, for 30-something-year-old Royals the reality is starkly different.

Read more: Queen ‘disappointed’ with Prince Harry decision to step away from senior Royals

Prince Harry and Meghan Markle have said they want to step away from their positions as senior Royals and instead “carve out a progressive new role” for themselves.

They also said they wanted to be “financially independent” and a newly launched website for the couple says “they value the ability to earn a professional income”.

However, it appears that doesn’t mean they will no longer accept money from the public purse and benefit from Royal status.

Financially independent?

The pair have an estimated combined worth of £34m, much of which came from Princes Harry’s inheritance from his mother.

Princess Diana left her son £20m upon her death in 1997, while the Queen Mother left him £7m upon her death in 2002.

It is estimated that Harry and Meghan will continue to receive £2.3m a year from Prince Charles’ estate that he claims as the Duchy of Cornwall.

The estate is estimated to be worth £1.2bn.

It is also expected they will continue to take residence at Frogmore Cottage when staying in the UK, which was renovated at a cost of £2.4m to the taxpayer last year.

However, the pair will lose out on the £82.4m-a-year Sovereign Grant that is shared among the Royal Family.

The amount they receive from the grant is undisclosed, however it is thought to be in the range of £2m each year, plus around £130,000 in travel costs.

Working hard for the money

With the pair soon freed Royal obligations, there is speculation they will move onto the professional speakers’ circuit.

Some even believe they could charge similar amounts to ex-US President Barack Obama, who charges up to $500,000 (£383,000) per speech.

Ronn Torossian, chief executive of New York PR firm 5W Public Relations, told the MailOnline that America could be a goldmine for the couple.

“Their earning power — both individually and as a couple — is limitless in all aspects of endorsements,” he said.

“Whether appearances, brand partnerships or more, they could make eight or nine figures annually with endorsement deals.

“With the level of name recognition both of them have, brands will no doubt be tripping over themselves to offer Meghan and Harry partnerships.”

Another potential money-making venture could be an expansion of their Sussex Royal brand.

Read more: Duke of York to step back from public duties

Harry and Meghan have already trademarked the name and offer 100 products under the moniker.

The launch of their new Sussex Royal website yesterday could be a sign that they will look to commercially expand the brand name much further.