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The statement from Her Majesty read: “The Duke and Duchess of Sussex have confirmed to Her Majesty The Queen that they will not be returning as working members of The Royal Family. Following conversations with The Duke, The Queen has written confirming that in stepping away from the work of The Royal Family it is not possible to continue with the responsibilities and duties that come with a life of public service.
“The honorary military appointments and Royal patronages held by The Duke and Duchess will therefore be returned to Her Majesty, before being redistributed among working members of The Royal Family.
“While all are saddened by their decision, The Duke and Duchess remain much-loved members of the family.”
Now, this step has been made official for Meghan and Harry they will be free to make a private income permanently, as they have begun to do over the past year.
This includes taking part in an interview with Oprah set to air soon, to the delight of fans.
Meghan Markle and Harry: Expert on ‘deal breaker with Queen’
Harry and Meghan have an enormous earning potential thanks to their huge fame.
They will have numerous avenues to monetise, as experts at money.co.uk have explained.
Salman Haqqi, a personal finance expert at money.co.uk, said: “Now the decision not to return to their positions as working members of the Royal family has been made, the need for a steady income as private individuals will mean it’s down to business for Meghan and Harry.
“Maximising their celebrity to further causes close to their hearts, as well as increasing their commercial earnings to support their growing family, will be a focus for the couple as they continue building their new lives in California.”
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How will Harry and Meghan make money?
Social media
Salman said: “The couple currently has 10.3 million followers on their joint account, @sussexroyal, and if they chose to cooperate in brand deals their earnings could reach in excess of $34,000 (£24,000) per post.
“And although this seems like a lot if they worked together by creating separate social media accounts, the number of followers they could obtain is likely to be astronomical.
“The increase of followers could easily be turned into a money-making machine.”
Commercial partnerships
Most celebrities make cash by partnering with companies for endorsements.
Salman said: “One example of a successful commercial partnership is Michael Jordan and Nike. Since 1984, the sportswear giant is estimated to have paid Jordan $1.3billion (£927m) throughout their deal.
“Nike continues to release new ranges of the Jordan shoe, with the items often selling out – showing the demand is clearly still there.
“Whether it be a beauty range, clothing line, gaming series, or food partnership, if Harry and Meghan chose to partner with a brand, their potential earnings would be seriously impressive.”
Book deals
A voracious writer, Meghan previously ran her own lifestyle blog, the Tig. She has written for numerous magazines so a book deal looks likely.
Salman said: “Meghan’s New York Times article was shared by thousands of journalists and read by millions across the globe, so evidently there is a huge market of people interested in the pair, which opens up the potential for a best-selling book.
“In 2017, Barack and Michelle Obama signed a deal with Penguin Random House which, at the time, was said to have been sold for more than $60million (£42m).”
TV and Film
A former actress, Meghan is a natural in front of the camera. “With what is rumoured to be a $100-150million (£71-106m) deal already signed with streaming service Netflix, TV and Film is a natural medium for the couple,” Salman said.
Public speaking circuit
Salman said: “The keynote speaking circuit in a post-coronavirus world is bound to be a tempting opportunity for Harry and Meghan to tell their story and throw their support behind causes they both care about.
“With their level of fame, they could potentially charge upwards of $1million (£713m) for each appearance.”
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