Prince Harry inherited $10M on 40th birthday from family: Report
What's the story
Prince Harry, the Duke of Sussex, celebrated his 40th birthday on Sunday, September 15.
According to a report by The London Times, he received an inheritance of over $10M on this occasion.
This substantial amount was part of a family trust fund established by his late great-grandmother, Queen Elizabeth The Queen Mother.
Trust fund
Trust fund established by Queen Mother
The Queen Mother reportedly deposited approximately $25M into a trust fund for her great-grandchildren in 1994.
The establishment of this trust fund was a strategic decision by the Queen Mother to reserve money for her great-grandchildren's future and to pass on a portion of her estate strategically.
Said
Former palace aide explains trust fund's purpose
A former palace aide explained the purpose of the trust fund to The London Times, stating, "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."
The aide further added, "It was a way in which some of her estate could be ring-fenced for them."
Installments
Inheritance received in 2 installments
Prince Harry and his elder brother, Prince William, reportedly received the money in two installments: on their 21st and 40th birthdays.
The brothers were given $7.9M between them when they turned 21, and an additional $10.5M when they reached 40.
Celebrations
Prince Harry's birthday celebrations and wishes
Prince Harry reportedly planned to celebrate his milestone birthday with a party organized by his wife, Meghan Markle, in Montecito, California, where they currently reside.
He received public birthday greetings from his father, King Charles III, brother Prince William, and sister-in-law Kate Middleton on social media.
Strained relations
Prince Harry's strained relationship with the royal family
Prince Harry has had a tense relationship with his father, King Charles III, and brother, Prince William, since he and Markle stepped down from their royal duties and relocated to North America in January 2020.
The public birthday wishes from the royal family members after a two-year hiatus could potentially indicate a reconciliation between the two parties.