On August 26, Prince Harry and Meghan Markle returned to the UK with their two children after six years in California, but new details about their move have raised questions about how the family is setting up its new life.
The couple reportedly received financial help from hedge fund billionaire Ian Wace, a longtime friend of Harry's with a personal connection to the prince.
Highlights
- Billionaire hedge fund executive Ian Wace has reportedly helped financially support Prince Harry and Meghan Markle’s move back to the UK.
- The Sussexes are expected to establish a private life outside London.
- Archie and Lilibet are reportedly set to attend school in Britain.
Wace, who is worth an estimated $1.2 billion, has reportedly helped finance their relocation.
A billionaire friend has reportedly helped Prince Harry and Meghan Markle settle back in Britain
Harry and Markle’s return was first reported on August 20, when it emerged that the couple planned to move their family back to Britain after spending more than six years in the US.
The family arrived privately from California to Birmingham, which cost them around $120,000. They are expected to live in a private, non-royal home outside London rather than move into a royal residence, per Page Six.
Just days after their arrival, the outlet reported that British hedge fund billionaire Ian Wace was helping finance the couple’s move.
The 63-year-old is the founding partner, CEO, and chief risk officer of Marshall Wace LLP, one of the world’s largest hedge fund firms. Two sources told Page Six that he was helping with the Sussexes’ relocation.
The exact amount Wace is reportedly contributing has not been made public.
Besides being a wealthy acquaintance, Wace and Harry have reportedly been close for years, and their friendship is deeply personal.
Wace lost his first wife and two children in a car crash in 1997. Harry lost his mother, Princess Diana, in a car crash in Paris in 1997.
That shared experience helped create a strong bond between the two men.
Harry and Markle have also spent time with Wace and his family away from the spotlight. In July, the Sussexes took Archie and Lilibet to Wace’s private Scottish Island, Tanera Mòr.
Although the Sussexes have returned to Britain, they will be starting their UK life without returning to royal duties
Harry and Markle stepped down from their senior royal roles in 2020 and moved to California soon afterward. Their new UK home is expected to be private, and neither of them plans to resume official royal duties.
The couple will also keep their Montecito home in California and their property in Portugal, meaning their UK return does not completely end their life abroad.
Harry is expected to spend more time working with UK-based charities, particularly as the 2027 Invictus Games in Birmingham approach.
Markle, meanwhile, is expected to continue running her lifestyle business, As Ever, from Britain.
The family's biggest change will likely be for their children.
Archie and Lilibet are expected to attend school in Britain from September. Their education was reportedly an important part of the decision to return, giving them a closer connection to the country where their grandfather, King Charles III, is monarch.
The children have spent most of their lives in California, with Archie born in Britain in 2019 and Lilibet born in California in 2021.
Prince Harry and Meghan Markle are not expected to receive a royal residence, and their private life could be expensive
The Sussexes are not expected to receive a royal residence, so they will have to cover their own housing and security costs.
Page Six reported that a suitable property in areas such as the Cotswolds could cost millions of pounds to buy, while luxury rentals can run into tens of thousands of pounds every month.
Their children's education will also add to the bill. Estimates reported by The Times put private-school fees at as much as £50,000 a year for two children at some top day schools in the Cotswolds.
Security is another major expense. Harry has previously fought a legal battle over his level of police protection in Britain, and the couple is expected to rely heavily on private security for their family.
The family's financial situation is different from when Harry was a working royal. They no longer receive money from the royal family and instead earn income through commercial projects, including Netflix-related work, Harry's memoir, and Markle’s business ventures.
Their return has also raised tax questions. Fortune reported that moving back to Britain now, rather than waiting longer, could mean the couple misses out on potential tax savings worth millions of dollars.
The move also comes at a significant time for Harry's relationship with the royal family
King Charles was informed about Markle and Harry’s
plans before the announcement. The family also spent time with Charles and Queen Camilla during a visit to Britain in July, allowing Archie and Lilibet to see their grandfather.
It was reportedly the first time the children had seen him since Queen Elizabeth II's Platinum Jubilee in 2022.
Harry has spoken about wanting to spend more time with his father, who is undergoing treatment for cancer.
His relationship with his older brother, Prince William, remains much more strained, however.
The Sussexes' return therefore does not mean the family rift has been completely repaired.
Instead, Harry and Meghan appear to be building a private life in Britain while keeping their distance from official royal duties.
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