Prince Harry is expected to receive millions from the late Queen Mother as he turns 40 next week. According to a report by The Independent, the Duke of Sussex will get a large sum from a trust set up by Queen Elizabeth, the Queen Mother, when he was just ten years old.
The Queen Mother, who was 94 at the time, reportedly set aside $40.4 million for her great-grandchildren in 1994, as reported by The Times. The inheritance was planned in two parts – one portion given when they turned 21, and the other on their 40th birthdays.
A former palace aide told The Times that the trust was a way for the Queen Mother to pass down part of her estate to her great-grandchildren in a tax-efficient manner.
Some reports suggest that Harry may receive a larger portion than his older brother, Prince William.
It is believed that this could be because William, as the future King, will inherit a much larger fortune from the Duchy of Cornwall, which he gained when he was named Prince of Wales after King Charles' coronation. William’s inheritance from the estate is estimated at $50.2 million.
The Queen Mother passed away in 2002 at the age of 101. At that time, Buckingham Palace announced that she had left her entire estate to Queen Elizabeth II, except for certain bequests to her staff, which would be subject to inheritance tax. Many of her valuable paintings and works of art were also transferred to the Royal Collection.
