In addition, about 5% of the Sussexes' income comes from the Sovereign Grant. This money is paid from the government to the Royal Family to cover the cost of official duties and looking after royal palaces.
What does being 'financially independent' mean?
On their website, Harry and Meghan say they will no longer receive funding through the Sovereign Grant, "thereby making them members of the Royal Family with financial independence". However, the grant only provides 5% of their income and it is unclear whether they will give up their other sources of funding.
The couple will continue to be given a security detail paid for by the taxpayer-funded Metropolitan Police, which does not disclose the costs involved.
The couple are expected to step back from official royal duties
The couple's intention to travel back and forth from North America would be likely to add to this cost, but it is possible they will pay towards this - although it will be a very big bill.
The couple say they have always funded their private travel, and this will continue to be the case. This suggests travel taken for official engagements will still be paid for by the taxpayer.
Exactly how Harry and Meghan will finance themselves in future is up for debate, according to David McClure, author of a book on royal finances.
"I suppose they could get money from writing books, a more likely source is from television. There has been talk about Harry and Meghan doing a deal with Oprah Winfrey, so that's a possible way of making money," he told the BBC.
An independent commercial property business and one of the largest property portfolios in the UK
The majority of assets are in London, but the estate also owns property in Scotland, Wales and Northern Ireland
Holdings include Windsor Great Park and Ascot racecourse, but most is residential and commercial property
Managed by an independent organisation, with any profit paid to the Treasury for the benefit of all UK taxpayers
Funds the Sovereign Grant which supports official royal duties and maintains the occupied royal palaces
What could their next steps be?
In their statement, the couple said that launching a new charity would become one of their future priorities. This follows their decision to leave the Royal Foundation last year, which they shared with the Duke and Duchess of Cambridge. Set up in 2009, the Royal Foundation focuses on causes close to the princes' hearts, including the armed forces, conservation and mental health.
As one of the most famous couples in the world, their brand has the potential to be highly lucrative. Their joint Instagram account @sussexroyal has more than 10 million followers, while Meghan was the most Googled person in the UK last year.