Prince Harry is set to receive a major financial boost as he turns 40 on September 15. The Duke of Sussex will gain access to an estimated £8 million from a family trust fund established by his great-grandmother, the late Queen Elizabeth.
According to The Times, the trust fund, created in 1994, was designed to provide a tax-free financial gift to the Queen Mother’s great-grandchildren upon reaching the ages of 21 and 40.While the total amount set aside was approximately £19 million, individual payouts were structured to be £6 million at age 21 and £8 million at age 40.
The Queen Elizabeth, who was 94 when she set up the fund, allocated more to Harry compared to his brother, Prince William. This decision is based on the understanding that William would inherit significant funds from the Duchy of Cornwall, given his position as the heir apparent.
A former palace aide told Express.co.uk, “The trust was a way for the Queen Mother to provide a financial cushion for her great-grandchildren and manage her estate in a tax-efficient manner. It was essentially a way to ring-fence some of her estate for them.”
In addition to this inheritance, Prince Harry and his wife, Meghan Markle, have seen their wealth grow significantly since stepping back from royal duties. Their financial portfolio includes lucrative deals with Spotify, Netflix, and a successful book contract. Despite a decline in their public popularity, their combined earnings have surged.
Recent reports from the Daily Mail suggest that Prince Harry will not return to the UK for royal duties, contrary to speculation about a possible return. Interactions between Harry and his brother William have been strained, though there are indications both siblings are open to mending their relationship. A source close to both brothers told Express.co.uk, “Harry is open to reconciling with his brother, but it will be challenging. William is not opposed to a reconciliation but wants a fresh start.”
According to The Times, the trust fund, created in 1994, was designed to provide a tax-free financial gift to the Queen Mother’s great-grandchildren upon reaching the ages of 21 and 40.While the total amount set aside was approximately £19 million, individual payouts were structured to be £6 million at age 21 and £8 million at age 40.
The Queen Elizabeth, who was 94 when she set up the fund, allocated more to Harry compared to his brother, Prince William. This decision is based on the understanding that William would inherit significant funds from the Duchy of Cornwall, given his position as the heir apparent.
A former palace aide told Express.co.uk, “The trust was a way for the Queen Mother to provide a financial cushion for her great-grandchildren and manage her estate in a tax-efficient manner. It was essentially a way to ring-fence some of her estate for them.”
In addition to this inheritance, Prince Harry and his wife, Meghan Markle, have seen their wealth grow significantly since stepping back from royal duties. Their financial portfolio includes lucrative deals with Spotify, Netflix, and a successful book contract. Despite a decline in their public popularity, their combined earnings have surged.
Recent reports from the Daily Mail suggest that Prince Harry will not return to the UK for royal duties, contrary to speculation about a possible return. Interactions between Harry and his brother William have been strained, though there are indications both siblings are open to mending their relationship. A source close to both brothers told Express.co.uk, “Harry is open to reconciling with his brother, but it will be challenging. William is not opposed to a reconciliation but wants a fresh start.”