Why the Queen Mother had Harry in mind when dividing her wealth

When the Queen Mother set aside a large amount of money for her great grandchildren, she had a particular sum in mind for Prince Harry.

It was 19 years ago this week, on March 30, 2002, when Elizabeth Bowes-Lyon passed away peacefully in her sleep aged 101. She had battled a chest cold since before Christmas 2001.

According to reports after her death, the Queen Mother had an estimated personal fortune of 70 million pounds, or more than $120,000 in today's money.

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The fortune was said to have include valuable works of art, including a Faberge egg collection, artworks, jewellery, china and horses. It was bequeathed to her only surviving daughter, the Queen.

However, in 1994 the Queen Mother reportedly put two-thirds of her money into a trust fund for her great-grandchildren, the BBC reported.

Of the funds, Princes William and Harry would share about 14 million pounds, or $25 million, with Harry given the bulk of the money.

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The reason for the disparity in splitting the funds is because Prince William is set to financially benefit when he becomes king.

The Duke of Cambridge stands to inherit his father Prince Charles' tile as Prince of Wales and Duchy of Cornwall, when Charles becomes king.

Prince Harry is sixth in line to the throne, however, last year he officially walked away from his role and title as a working British royal.

The Duke of Sussex revealed details of his financial situation last month after claiming he and wife Meghan Markle were "cut off" from royal money following their split from the monarchy.

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"My family literally cut me off financially in the first half of 2020," Prince Harry told Oprah Winfrey.

"I have what my mum left me, and without that we wouldn't have been able to do this. It's like she saw it coming and she's been with us through this whole process."

This is contrary to reports the couple received money from Prince Charles' private estate to help finance their new lives.

The late Princess Diana reportedly left an estate of 21 million pounds, or $37 million in today's money, to her children. After taxes, the princes were left with 13 million pounds, or $23 million.

Since stepping down as royals last year and relocating to the US, Harry and Meghan have reportedly relied on their combined personal wealth, which Forbes estimates to be about $12 million, to get by.

The British royal family, "as a business", is estimated to be worth US$28 billion and is made up mainly of property such as unsellable assets of Buckingham Palace.

The Queen's personal fortune said to be more than $650 million.