The royal household publishes its annual financial statement, the Sovereign Grant report, around June every year. The report includes items such as travel costs, staff wages and property taxes among other things. As the Duke and Duchess of Sussex will no longer receive funding from the Sovereign Grant, Hello’s royal correspondent Danielle Stacey said “it makes sense for them to depart on this particular date.”

Now that they are no longer officially part of the royal family, Meghan and Harry are free to pursue their own commercial deals.

There has been a lot of speculation as to how they will go about earning their own income and realising their ambition of becoming “financially independent”.

It has been reported that they have put together an elite Hollywood team to help them cash in on their royal celebrity status.

According to the Mirror, a key member of the team is Nick Collins of The Gersh Agency.

Mr Collins acts as the agent for Tobey Maguire of Spider-Man fame, as well as Jamie Fox, and is now responsible for handling profitable film, TV and philanthropic offers for Meghan and Harry.

Other members of the crack team include Meghan’s former Beverly Hills business manager Andrew Meyer and Hollywood lawyer Rick Genow.

The Duke and Duchess have supposedly decamped to Los Angeles in order to be closer to their Hollywood team.

Royal commentator and author Kristen Meinzer has no doubt that Meghan and Harry have “great earning potential and believes they will follow in the footsteps of their friends Barack and Michelle Obama.

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Banking insiders have also revealed that there is a “gold rush” to work with the royal couple.

Prince Harry has already held talks with US bank Goldman Sachs about developing a future partnership.

Royal sources claimed that contact with the investment bank started back in November of last year.

It is thought that the Duke of Sussex could follow in the footsteps of other celebrities, such as David Beckham and Gwyneth Paltrow, who have been guest speakers at the bank’s “Talks at GS” events.

Although the bank does not pay its guest speakers, sources claim that it could pave the way for Harry and Meghan to establish a future profitable relationship.

The couple are also set to play a starring role at next year’s World Economic Forum in Davos, in a move which could see them securing lucrative commercial deals worth up to £1 billion.

Billionaire business leaders are said to be keen to invite the royal couple to make an appearance as guest speakers at the prestigious event, which is attended by some of the world’s most influential people.

The event offers the Duke and Duchess of Sussex the perfect opportunity to expand their business contacts and promote their brand.

Experts believe that by striking the right balance between corporate deals and brand ambassador roles, the royal couple could easily net a cool £1 billion.