By THE DISPATCH DIGITAL REPORTER
Prince Harry is set to receive £8 million upon turning 40, thanks to a trust fund established 30 years ago by his great-grandmother, Queen Elizabeth the Queen Mother. The trust, originally created in 1994 with a total value of £19 million, was designed to benefit her great-grandchildren, including Prince Harry and his brother, Prince William.
The fund was reportedly structured to distribute payments in two stages: the first instalment was received when the beneficiaries turned 21, and the second is due on their 40th birthdays. It has been suggested that Harry may receive a larger portion than William due to specific terms outlined by the Queen Mother.
According to a former Palace aide, the Queen Mother intended the trust as a way to preserve a portion of her estate for her great-grandchildren while minimising inheritance tax. “It was a tax-efficient way of allocating part of her estate to them,” the aide told The Times. This trust also helped the Queen Mother avoid paying substantial inheritance tax on this significant gift.
As Harry approaches his 40th birthday on 15th September, he has seen his financial situation improve dramatically since relocating to the United States with his wife, Meghan Markle. Their move has resulted in significant earnings from various ventures, including Harry’s bestselling memoir, Spare, which was published in January 2023. The book has reportedly generated £22 million, making it the fastest-selling non-fiction title in UK history.
Despite these financial gains, there have been reports that Meghan was initially disappointed by Harry’s wealth. Royal author Tom Bower claimed that Meghan was “surprised and disappointed” to learn that Harry’s fortune was not as substantial as she had anticipated, allegedly expecting him to be worth “hundreds of millions, if not billions.”
Before stepping down from their roles as senior working royals, Harry and Meghan were primarily funded by King Charles’ Duchy of Cornwall estate, which provided around £2.3 million annually for their expenses. Since leaving their royal duties, the couple have secured a series of lucrative deals, including a £25 million contract with Spotify and a £79 million deal with Netflix. Along with a £32 million book deal, these ventures have significantly strengthened their financial position.
Their success in the United States has been highlighted by high-profile speaking engagements and appearances. Last November, for example, wealthy Americans reportedly paid up to £780,000 per ticket to attend a gala in New York where they could meet Harry and Meghan. The couple also purchased a £10 million mansion in Montecito, California, financing part of the property with a £6.9 million mortgage.
As Harry approaches this milestone birthday, the substantial sum from the Queen Mother’s trust will further cement his financial independence, adding another chapter to his life as he continues to carve out a path away from his royal heritage.