Last week, Duchess of Sussex Meghan Markle, who has stepped down as a member of the British royal family, was interviewed by famous American talk show host Oprah Winfrey. In the interview, she launched into a lengthy criticism of her husband’s family and even claimed to be a victim of racism. The incident triggered a fierce debate between both sides of the Atlantic. Most US media outlets are supportive of US-born Markle regaining her freedom, while the majority of UK media outlets have criticized her for what they regard as groundless claims and for wanting to enjoy the rights pertaining to royal family members without wanting to fulfill her obligations.

In the interview, Megan mentioned Princess Diana several times. Some criticized her for using Diana to her own advantage. I am no fan of Lady Di. In 1997 when she died from a car accident and the whole world was in mourning, I wrote a newspaper article headlined “Everyone loves fairy tales” (it can be found on my blog www.wing2009.com). I argued that although Diana’s accident was indirectly caused by the media, she was no fool. Both she and Prince Charles used their own ways to try to manipulate the media. On Oxford Street in London, there is no shortage of blond beauties, and yet not everyone gets to be a princess. To be in the limelight, there must be a price to pay. The same goes to Meghan.

According to Prince Harry, the royal family cut him off financially and he relied on the money he inherited from his mother to leave the UK. This has me wonder how much the British royal family is worth.

There are many ways to calculate the wealth of the Windsor dynasty. When its real estates are taken into account, the Queen of England is no doubt the richest royal family member in the world. A Forbes magazine report in 2017 estimated the British royal family’s wealth, including its real estates, amounted to £88 billion. Nonetheless, it is doubtful whether the Queen can sell Buckingham Palace for cash as she likes. According to Wikipedia, the net worth of the Queen is merely US$500 million if her real estates are excluded. That brings her ranking from the first down to the 12th on the list of the wealthiest royal family members in the world, and the one topping the list is the King of Thailand, whose wealth is estimated at US$30 billion to US$43 billion. In fact, the ultimate value of the British royal family lies in its brand. According to a Daily Mail report in 2017, the British royal family generated nearly £1.8 billion in revenue for the UK each year, of which £500 million came from the tourism sector, £200 million from informal endorsements and another £200 million from royal warrants. Brand Finance, a globally renowned consultancy firm, estimated the Windsor dynasty had a value of £67.5 billion, ranking second only to Apple and Google.

Times have changed. During the Second World War, the British royal family served to unite people and boost their morale. The Queen and her husband feel they have the obligation to maintain and continue the monarchy. But her grandchildren, especially the one who will not get to be the heir to the throne, do not have such a strong sense of mission. Meanwhile, for younger British people, they support the royal family probably out of economic consideration.

Queen Elizabeth once referred to the year 1992 as an “annus horribilis”. That year, Prince Charles’ marriage with Diana broke down, a fire devastated Windsor Castle, and photographs showing the lover of Prince Andrew’s ex-wife Sarah sucking her toes were exposed. Nearly three decades on, the Windsor dynasty has become an invincible force. The controversy triggered by Meghan’s interview will probably be reduced to a harmless gossip soon.

(Cheung Chung-wing, Senior Partner and CEO, Asia Pacific at StormHarbour Securities)

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