With a net worth like Prince Harry‘s, he won’t have any problem supporting himself or his family after he steps away from his royal duties. The Duke of Sussex is worth $40 million and his wife, Duchess Meghan, is valued at $5 million, according to Celebritynetworth.com.

Together, they share their baby boy, Archie, and, on Wednesday, January 7, they announced they were ready to start becoming more “financially independent” in 2020. “After many months of reflection and internal discussions, we have chosen to make a transition this year in starting to carve out a progressive new role within this institution,” they said via Instagram.

Prince Harry and Meghan Markle

“We intend to step back as ‘senior’ members of the Royal Family and work to become financially independent, while continuing to fully support Her Majesty The Queen. It is with your encouragement, particularly over the last few years, that we feel prepared to make this adjustment,” Harry, 35, and Meghan, 38, continued. “We now plan to balance our time between the United Kingdom and North America, continuing to honor our duty to The Queen, the Commonwealth, and our patronages.”

But that’s not all. The couple want to start doing things differently because they’re very concerned about how their son will grow up in the spotlight. So they’ve been thinking about moving to Canada.

“They’ve been considering it for a while and loved the time they spent in Vancouver over the holidays!” a source recently told Closer Weekly. “They’d also be able to give Archie a more normal upbringing in Canada, away from the media circus in London, which is a priority for the royal couple.”

Prince Harry and Meghan Duchess of Sussex visit to Africa - 25 Sep 2019

If you’re wondering if Queen Elizabeth approves of Harry’s decisions, well she’s still taking everything in. Shortly after Harry and Meghan announced their decision to “step away” from their royal duties, Buckingham Palace released a statement.

It read, “Discussions with The Duke and Duchess of Sussex are at an early stage. We understand their desire to take a different approach, but these are complicated issues that will take time to work through.”

“The Queen had an inkling that Harry and Meghan wanted to move to Canada,” a source then told Closer. “Harry did mention it to her but nothing was confirmed. The couple released the statement before having a full-on, sit-down discussion with the Queen about their future.”

Queen's Young Leaders Awards Ceremony, Buckingham Palace, London, UK - 26 Jun 2018

Even though we don’t know what’s to come next for Harry and Meghan, we’re optimistic that they’ll achieve their goal of becoming “financially independent!”