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Prince Harry and Meghan Markle's new life will be funded by £34m private fortune - but they want

Prince Harry and Meghan Markle will be walking away from an estimated £5.5 million a year in Royal funds after they announced they would be 'stepping back' from their duties as senior Royals in a bid to become 'financially independent'.

They will however be staying in Frogmore Cottage and have now stated that they will still be entitled to state security while they split their time between the UK and North America.

Their Windsor home was a gift from the Queen and they will be keeping hold of the property so they 'always have a home in the UK'.

When it comes to their security the Duke and Duchess of Sussex are classified as internationally protected people and will therefore still be protected by the Metropolitan Police.

The couple had seemingly set up a dedicated page on their website, answering questions about funding and what their new lives would mean for their role in the Royal family.

The couple had built a web page dedicated to answering all of the questions which could be raised after their announcement

But just how do the couple, who have an estimated combined net worth of £34 million, fund their lavish lifestyle which in the past has included their six-week Christmas break to Canada and solo trips to the US, such as when Meghan flew to America to watch Serena Williams play tennis.

In terms of what the couple receive from the Royal household, it is thought that the Queen gives around £2 million to Prince Harry from the Crown.

Her Majesty pays Harry and William jointly £5 million from the £82 million annual Sovereign Grant, which is funded by the taxpayer, and handed to the most senior members of the royal family.

The royal couple will no longer receive funding from the Sovereign Grant, which they claimed covered just five per cent of costs for the pair and is specifically used for their official office expenses.

A statement on their official website stated that while they take 'great pride' in their work, they also value the 'ability to earn a professional income', which under current rules they are prohibited from doing.

'For this reason they have made the choice to become members of the Royal Family with financial independence. Their Royal Highnesses feel this new approach will enable them to continue to carry out their duties for Her Majesty the Queen, while having the future financial autonomy to work externally.

'While the contribution from The Sovereign Grant covers just five percent of costs for The Duke and Duchess and is specifically used for their official office expense, Their Royal Highnesses prefer to release this financial tie.'

The £5 million from their grandmother the Queen is not broken down between the royal siblings – but William is believed to get slightly more so Harry and his family probably receive around £2 million from the Crown.

Source: Read more from Daily Mail

My view: Meghan Markle expects everything, she signed up to be part of the royal family and now changed her mind after getting the global recognition she couldn't attract when she was just a C-list actress, then dragging her weak husband along, no wonder he looks so stressed. They are essentially picking money over family, but it's not Meghan's fault, you can lead a horse to water but you can't make it drink. Maybe Harry sincerely now believe the royals are not his true family and doesn't care if along with his ambitious wife completely bring the British monarch down. How sad is that, Meghan doesn't care about her own father and her family and couldn't careless about the royal family, it's all about making money and using her royal status to do so. Meghan has got all she wants from the royal family, the main royal connection and a child so that's enough, she doesn't need them but she can continue to indirectly use the firm with or without her royal title, she's very smart. It is sad to watch Harry become so weak, from a hardworking former army officer who worked hard for his country and to now turn his back, he reportedly just wants to be a paid A-list celeb with his wife. I think the palace should fund their security because of baby Archie.

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