Meghan Markle just proved her dominance over the 'Kate effect' - and it's worth $677 million

• Meghan Markle and Prince Harry are to be married in May, but Markle's icon status has already been cemented.
• Markle is following in the footsteps of Kate Middleton, who drives $1 billion to the UK fashion industry annually.
• The "Meghan Effect" has already taken hold and Markle may be poised to overtake Middleton.

Like Kate Middleton before her, Meghan Markle became an instant fashion icon the moment she announced her royal engagement.

The 36-year-old American actress has become an object of fascination by royal fans in Britain and the US.

Everything Markle wears and does is idolized - and that's translating to hundreds of millions of dollars for the British economy.

According to an estimation by Brand Finance, reported by Forbes, Markle's entrée into the royal family is expected to rake in about $677 million (£500 million) this year, but that's only the beginning. If Middleton and Prince William's 2011 nuptials are any indication, the public's obsession with Markle will only deepen over time. Especially when she starts having babies.

Markle is following in the footsteps of Middleton, whose fashion-icon status is worth about $1 billion annually to the British fashion industry.

But with fan bases in the US, Canada, and now the UK - and a decidedly trendier and less traditional style than Middleton's - it's possible Markle's newly initiated "Meghan Effect" could swiftly dominate the "Kate Effect."

Keep reading to find out how Markle has gained a foothold among the royal family.