As Prince Harry reaches his milestone 40th birthday today, he is set for a bumper payday of millions of pounds – and there’s a specific reason why the payout is more than what Prince William got when he turned 40 two years ago

It’s a big day for Prince Harry today – not only has he reached a landmark birthday, he also looks set for a bumper pay day running into millions.

The Duke of Sussex turns 40 today and will reportedly celebrate the milestone by spending time with wife Meghan Markle and their two children Prince Archie and Princess Lilibet before embarking on a ‘lads holiday’ with close pals.

No doubt Harry will be showered with gifts as he celebrates – but his birthday also reportedly means he will get another payment from a lucrative trust fund. That’s because he has now reached the reported age to get a windfall from a fund set up by the late Queen Mother when he was 10 years old.

Prince Harry turns 40 today ( 
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Getty Images)

Harry’s great-grandmother is said to have deposited around £19million in a fund in 1994 to leave a tax-free lump sum for her great-grandchildren. The Queen Mother, who was 94 at the time, distributed the money between her younger relatives with a first payment to be made on their 21st birthdays and a second when they reached the age of 40. Those who are also believed to have benefitted from the pot of cash include Harry’s estranged brother Prince William as well as cousins Princesses Beatrice and Eugenie as well as Peter Phillips and Zara Tindall.

Details of the trust fund haven’t been made clear but interestingly, sources close to the Palace said they assume Harry would have been left with a bigger share of the trust than his brother. It is said that the Queen Mother left a larger share of the cash to Harry than compared to William as he is the second born. As the heir to the throne, it was known that William would one day inherit the Duchy of Cornwall estate and its assets. This eventually happened two years ago upon the death of the late Queen, when William became heir to the throne and Prince of Wales.

A former Palace aide told The Times: “There was a trust fund set up at the time. It was a way in which the Queen Mother could set aside money for when her great-grandchildren were older and a way of passing a slice of her estate down in a tax-efficient way. It was a way in which some of her estate could be ring-fenced for them.”

Prince Harry with the late Queen Mother and his late mother Princess Diana ( 
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(Image: UK Press/Getty Images))

Following the Queen Mother’s death in 2002, her will remained private but Buckingham Palace released a statement saying: “Queen Elizabeth The Queen Mother has bequeathed her entire estate (which mainly comprises the contents of her houses) to The Queen.

“In her will, she asked The Queen to make certain bequests to members of her staff, and these bequests will be subject to inheritance tax in the normal way. The Queen has decided that the most important of Queen Elizabeth’s pictures and works of art should be transferred to the Royal Collection.”

Earlier this week, ahead of his 40th birthday, Harry spoke out revealing his favourite ever gift – his children. The Duke of Sussex told how he has told how he has found happiness in fatherhood. “The best gift I’ve ever been given is, without a doubt, my kids,” he said. “I enjoy watching them grow every single day, and I love being their dad.”

It came as America’s People magazine – the chosen publication of the Duke and Duchess of Sussex – reported that despite recent speculation Harry has no plans to return to royal duties. They described him as being “happy with his life in Montecito, California” and concentrating on his charitable endeavours.

Following his birthday celebrations, the Duke will visit New York City later this month to promote several projects close to his heart, including the organization behind Princess Diana’s Legacy Award. He is also focused on his work with his Archewell Foundation, the non-profit he co-founded with Meghan, and a series of entertainment projects through their Netflix deal, including an upcoming documentary airing in December that’s centred on his passion for polo.