Prince Harry and Meghan Markle are said to be on their way to building a $1 billion brand with their latest venture with financial tech asset management company Ethic.
The Duke and Duchess of Sussex announced their role as "impact partners" and investors in a statement posted on their Archewell website on Tuesday. They said they aim to "change the world" by becoming "ethical" bankers.
"When we invest in each other we change the world...Be it through the investment of time (as with mentoring), investment in community (as with volunteering), or the investment of funds (for those who have the means to), our choices—of how and where we put our energy—define us as a global community," reads the statement.
The couple believes that their "impact partnership with Ethic" is one of the ways they put their values in action." They also shared their belief that "it's time for more people to have a seat at the table when decisions are made that impact everyone." Meghan Markle and Prince Harry said that with their partnership, they aim to "rethink the nature of investing to help solve the global issues we all face."
The company, built in 2015 by Doug Scott, reportedly has $1.3 billion under its management and that it works in the "fast-growing environmental, social, and governance space." It is said that the involvement of the Duke and Duchess of Sussex could potentially add more attention to sustainable investing.
"From the world I come from, you don't talk about investing, right? You don't have the luxury to invest. That sounds so fancy," Meghan Markle said in an interview with the New York Times.
"My husband has been saying for years, 'Gosh, don't you wish there was a place where if your values were aligned like this, you could put your money to that same sort of thing?'" she added.
Ethic was reportedly introduced to the couple by friends and they decided to join the company in the hopes of attracting more people, especially the younger generation, in investing in sustainable companies. The Duke of Sussex suggested that it works in the same way when these young people vote "with their dollars and their pounds all over the world when it comes to brands they select and choose from."
Their partnership with Ethic is just one of the many ventures Prince Harry and Meghan Markle have signed up for since they moved to America in 2020. They already have a multi-million dollar deal with Netflix and Spotify to produce original content. The duke also works as chief impact officer for Silicon Valley startup BetterUp.