Prince Harry is set to receive a major financial boost as he turns 40 on September 15. The Duke of Sussex will gain access to an estimated £8 million from a family trust fund established by his great-grandmother, the late Queen Elizabeth.
According to The Times, the trust fund, created in 1994, was designed to provide a tax-free financial gift to the Queen Mother’s great-grandchildren upon reaching the ages of 21 and 40. While the total amount set aside was approximately £19 million, individual payouts were structured to be £6 million at age 21 and £8 million at age 40.
The Queen Elizabeth, who was 94 when she set up the fund, allocated more to Harry compared to his brother, Prince William. This decision is based on the understanding that William would inherit significant funds from the Duchy of Cornwall, given his position as the heir apparent.
A former palace aide told Express.co.uk, “The trust was a way for the Queen Mother to provide a financial cushion for her great-grandchildren and manage her estate in a tax-efficient manner. It was essentially a way to ring-fence some of her estate for them.”