Prince Harry and Meghan Markle have been getting a lot of attention lately following their controversial trip to Australia – and now their finances are also under scrutiny! According to reports, the Duke and Duchess of Sussex may struggle to sustain their current lifestyle in the coming years, as their high spending is said to be outpacing their income following the loss of their contracts with Netflix and Spotify. Keep reading for more information.
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Prince Harry & Meghan Markle Slated To Produce A War Film With Netflix
Once Prince Harry and Meghan Markle left the royal family and stepped down from their official duties, moving from the UK to California in 2020, a lot of people were confused as to what their next career move would be.
However, not long after leaving and doing a bombshell interview here and there, they teamed up with Netflix, signing a $100M contract to create content for them, beginning with their documentary, Harry & Meghan, which explored their love story, what led them to leave royal life, and how they went about doing it. Then came the former actress's at-home lifestyle series, With Love, Meghan, which didn't get the most rave reviews.
Despite it all, Deadline recently revealed that the couple's media production company, Archewell, was going to produce an upcoming film made by the streaming platform. The film is an adaptation of the war-themed memoir, No Way Out: The Searing True Story of Men Under Siege. The story, written by Major Adam Jowett, follows a unit of rangers who worked in 2006 during the war in Afghanistan.
It also doesn't help that Prince Harry doesn't hold a real job, and rather focuses his efforts on philanthropy while Meghan Markle focuses on growing her business empire. "Money is tight," one insider reported.
Their luxurious 9-bedroom, 16-bathroom Montecito mansion is said to be one of their biggest expenses. The couple reportedly purchased the property for $14M back in 2020, the same year they stepped down as senior royals. They put down around $5M and financed the rest through a mortgage, which sources said at the time was a bad idea.
"They should have bought a $7M house free and clear," a source told Us Weekly Editor-in-Chief Dan Wakeford, adding: "People who buy a $14M home usually buy it outright."
Security is another major cost, as the couple are believed to employ four security staff at home, with additional personnel when travelling. According to an insider, their protection alone costs an estimated $3M per year.
As a result of this huge expense, they have reportedly made cuts elsewhere. Their team – once said to include around 16 full-time staff – has allegedly been reduced to just five employees across their household and Archewell organization. In addition to their security, remaining roles are said to include a chief of staff, two TV executives, a U.K. press representative, and a U.S.-based PR agency.
Sources also suggest there may be differences in how the couple approach money. The former Suits star, who built her career before joining the royal family, is reportedly more mindful of money and more skilled at budgeting.
"Meghan realizes how careful they need to be," one insider claimed. Prince Harry, on the other hand, having grown up surrounded by wealth in the royal family, is said to be less attuned to everyday costs and the act of saving.
And the money he is spending on lawsuits is reportedly a huge part of their expenses too! According to RadarOnline, Prince Harry is allegedly spending "tens of millions of dollars" on his ongoing lawsuits, with his current privacy lawsuit against Associated Newspapers allegedly costing $38M alone.
