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Topics: Prince Harry, Celebrity, Royal Family, UK News, News, Money
Rhiannon Ingle
Topics: Prince Harry, Celebrity, Royal Family, UK News, News, Money
Prince Harry’s net worth saw a pretty monumental rise this weekend as he celebrated his 40th birthday (15 September) - and it’s all thanks to a gift left to him by his late great-grandmother.
Now, Queen Elizabeth II’s mother, also called Elizabeth, was crowned Queen of the United Kingdom following her husband King George VI’s surprise accession to the throne in December 1936.
However, before she passed away in 2002 at the grand old age of 101 - 20 years before her daughter Queen Elizabeth II passed away back in September 2022 - she put a number of things in place to ensure her family inherited her staggering fortune.
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And it's way more than just family heirlooms as, now that he's officially 40, the Duke of Sussex is reportedly set to receive a fraction of the Queen Mother's estimated fortune of £70 million, which she placed into a trust fund for her family.
According to The Times, Harry will finally be granted his share the inheritance fund making him set to receive around £8 million now that he's hit the milestone birthday.
Now, for a bit of context, when assets have successfully been transferred into trust, they're no longer subject to Inheritance Tax on your death.
Therefore, the Royal Family seem to have found a loophole in avoiding paying tax on the lump sum - making Harry a whole lot richer.
Tyla has reached out to Buckingham Palace for comment.
"There was a trust fund set up at the time,” a source told the publication.
"It was a way in which the Queen Mother could set aside money for when her great-grandchildren were older and a way of passing a slice of her estate down in a tax-efficient way.
"It was a way in which some of her estate could be ring-fenced for them.”
His older brother, Prince William, who turned 40 in June 2022, is also expected to have received a lump sum of their great-grandmother's fortune.
The official Royal Family X page shared a message for Harry on his big day.
Accompanied by a picture of the father-of-two was the message: "Wishing The Duke of Sussex a very happy 40th birthday today!"
This is by no means the first time either Harry or the Prince of Wales received an insane amount of money from their family as when the pair turned 21 - in 2005 and 2003 respectively - they reportedly received a cool £6 million between them.