A LIFE LESS ROYAL
As Harry & Meghan look to step back from their duties, what awaits?
Harry and Meghan were the royal couple who were going to modernize the monarchy. Young and popular both, and she an American who spoke proudly about her feminism and biracial background, they brought their own style and swagger to Buckingham Palace and were helping to rejuvenate the beloved but fusty royal brand.
But the Duke and Duchess of Sussex dramatically announced Wednesday that they would be “stepping back” from royal duties and split their time between the United Kingdom and North America, which most suspect means Canada.
They said they want to become “financially independent,” stating they “value the ability to earn a professional income.”
But no one is sure how cleanly they’re cutting the cord or how else they plan to generate income.
On their new website, Sussexroyal.com, they explain they will no longer accept money from the taxpayer- funded Sovereign Fund, which has covered five per cent of their expenses.
They are silent on whether they will continue to get support from Harry’s father, Prince Charles. Last year, Charles paid them around $ 6.5 million from his Duchy of Cornwall estate, covering what they said were 95 per cent of their costs.
Either way, they shouldn’t have to worry too much about paying the bills. According to British press reports, Harry’s net worth is estimated to be close to $39 million, most of it inherited from his mother, Princess Diana, and the Queen Mother. Meghan’s net worth is estimated to be about $5 million, much of it coming from her TV role on “Suits.”
The Sussexes seem to be chafing against the arrangements for senior royals, who regularly carry out duties on behalf of the Queen and are not allowed to take an outside salary. They also don’t pay taxes.
But if they are no longer fulltime working royals, Harry and Meghan may be able to have both royal titles and paid jobs — like Harry’s cousins, Beatrice, who works in finance, and Eugenie, an art gallery director.
Could Harry and Meghan join the speaking circuit? Could Harry rejoin the army? Could Meghan relaunch her acting career, perhaps joining the cast of The Crown? Or could she revive her shuttered lifestyle blog, The Tig?
“They can do anything,” said Dicke Arbiter, a former press secretary to the Queen. As newly liberated royals, Harry and Meghan have the world at their feet with the potential to make money in areas ranging from fashion and speaking engagements to forming their own production company.
“Brand Sussex is a global brand,” said Nick Bullen, editorin-chief of True Royalty TV, “and could end up making an absolute fortune, from public speaking to Meghan reinventing her lifestyle blog, to merchandising or brand endorsements.”
It could include establishing a production company to make TV shows, documentaries, podcasts or movies along the lines of the Higher Ground company formed by Barack and Michelle Obama.
Harry already has teamed up with Oprah Winfrey to produce a forthcoming documentary focusing on mental health for Apple’s new streaming service.
“The Obamas are a great model for how to make money and keep it classy,” said veteran Hollywood public relations strategist Howard Bragman. “They could find projects that are moving and sometimes Meghan could be in them. If it’s a documentary, maybe Harry could narrate it.”
Bragman said the pair should be judicious about their choices because “the level of scrutiny they are going to get is going to be ridiculous and not always fair.”
The booming public speaking circuit in North America could prove to be a lucrative source of income.
“Big- name speakers get well into six figures to make an appearance or give a speech at an event. If they choose to pursue that avenue, they would be considered in the top echelon of speakers,” said Jeff Jacobson, cofounder of Canada- based Talent Bureau.
Meghan also has considerable clout in the fashion world. Britain’s Sun newspaper reported on Friday that the duchess was discussing a project with French fashion house Givenchy, which made her wedding dress in 2018. Reuters could not confirm the report.
But the Sussexes face stiff competition from established celebrities and Youtubers, who can earn hundreds of thousands of dollars from a single endorsement on social media.
“Harry and Meghan have a combined Instagram following of 10 million, which is eclipsed by the likes of ( soccer player) Cristiano Ronaldo with nearly 200 million,” said L. A. branding expert Jeetendr Sehdev, author of The Kim Kardashian Principle. “The Meghan and Harry brand is like a startup. There is lots of potential but no proven value yet,” Sehdev said.
The fly in the ointment is the couple’s personal security, experts warn.
Canadian taxpayers could be on the hook for millions of dollars a year in security expenses if Harry and Meghan move, even part time, to Canada. The couple spent the past six weeks of 2019 in British Columbia.
The Canadian government would likely have a legal obligation to provide them with security because of their royal status. “I don’t believe they can refuse the government of Canada’s security,” said Larry Busch, a former RCMP officer who directed security for world leaders.
The cost could easily run into the millions, said New York executive security expert Mike Zimet. “If they want private protection, then a whole machine needs to be built around them,” he said.
Roy Greenslade, a media commentator, anticipated that “ceaseless and relentless” media interest in the couple will only increase.
Greenslade said Diana endured more attacks by the British tabloids after her divorce from Charles, in part because she didn’t have the same access to protection officers.
“If you’re the world’s most famous family,” Greenslade said, “you’re going to get interest, you’re going to get media involvement.”