Fox Business Network’s Trish Regan says the couple could grow their wealth from new branding opportunities
On Wednesday, The Duke and Duchess of Sussex revealed their new financial goals after announcing their decision to “step back as ‘senior’ members of the royal family.”
Meghan and Harry detailed their current financial situation in a Q&A on their Sussex Royal website, explaining that they will “no longer receive funding through the Sovereign Grant,” though, there are still many questions surrounding how the couple plans to make a living and how they will finance it.
In an interview with PEOPLE, Trish Regan, host of Trish Regan Primetime on Fox Business, elaborates on Meghan and Harry’s individual net worths and how the pair will most likely earn their own income to become “financially independent” in their new life.
“The possibilities right now are endless for them. They need to think about what it is that they like, what they identify with and whether there’s a market for that,” Regan, 47, tells PEOPLE. “Obvious things might include a book deal if they can really provide insight into what life is like as a royal. I think there’s a lot of Americans and people throughout the world that would be very interested in that, so that would be a value. Another obvious thing might be something like a talk show.”
According to a May 2019 piece from Money, Meghan, 38, has a net worth was estimated to be around $5 million thanks to her work on Suits and previous acting jobs. Harry, 35, is pegged to have a net worth between $25 and $40 million, a piece of which Forbes reports is the royal family’s net worth of $88 billion.
Looking to now chart their own destiny, Regan says the world-famous couple can easily “grow that wealth” by creating their own personal brand.
“They have a solid brand. It’s important that they keep their brand intact,” the FOX Business host says of couple’s beloved “wholesome family image” she believes they can market. “Opportunities that I think would be perhaps more long-lasting for them would be the creation of a brand or endorsing a certain product, or if they license their name to certain products. You can look at the success, for example, of the Kardashians, a different kind of brand, and you can look at the success of a Jessica Alba and the Honest Company.”
Regan continues on to say that Meghan and Harry will “without a doubt” have the opportunity to make “millions and maybe hundreds of millions of dollars depending on the success of the company.”
“There will be people that want to work with [Meghan]. There will be investors that want to work with her that will want to be able to help her cash in on that brand,” she explains. “Look at even Chelsea Clinton. She just revealed that she made millions of dollars as a board member on a company because she got stock in the company. There will be boards that want [Meghan and Harry] to join and in exchange, they may get equity value stock in a company.”
And with all these opportune ways that the Duke and Duchess can potentially make their own income and no longer be dependent on the royal family, Regan doesn’t believe that the former Suits actress needs to look at returning to acting as one of her money-making options.
“There’s tons of money in businesses that are not acting. And I think that she’s smart and savvy enough to be looking around and saying, there’s more that I can do. And her husband clearly supports her,” she says.
Though Meghan and Harry assured that “public funding has never been used, nor would it ever be used” for their private expenses, nor have they received any tax privileges — and stated that they will continue to pay privately for any travel and expenses undertaken in their own time — Regan estimates what those personal costs might actually be.
“I think that it adds up. Just off the top of my head, I would think it would be in the millions. They have a certain lifestyle that they’ll want to replicate,” she says of the luxe lifestyle the pair are accustomed to, adding that as an American, Meghan will continue to pay her U.S. taxes, which would now be on her new income. “They’re going to need to make somewhere within the vicinity of 10 million a year just knowing that a lot of that is going to go to taxes.”
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Despite their “step back” from the royal family and new financial goals, the Duke and Duchess stressed in their Q&A that they “remain dedicated to maximising Her Majesty’s legacy both in the UK and throughout the Commonwealth,” and will continue to support their patronages in addition to expanding their charity work.
Harry and Meghan are not the first members of the Royal Family to take on work outside of their royal duties: they acknowledged that “there is a precedent for this structure” which currently applies to other title-holding members of the Royal Family who also earn an income while supporting the monarchy.
“Their Royal Highnesses are hopeful that this change is in the best interest for all and look forward to carrying out their duties to the monarch as well as their charitable work with financial autonomy,” they wrote.