World's Newest Billionaire Is This 25-Year-Old

Hugh Richard Louis Grosvenor is to inherit $12B, a new title
By Linda Hervieux,  Newser Staff
Posted Aug 12, 2016 8:24 AM CDT
Meet the World’s Newest Billionaire
Hugh Grosvenor, the new Duke or Westminster, has inherited $12 billion.   (John Stillwell / PA FILE via AP)

(Newser) – The world’s newest billionaire is a 25-year-old little-known duke whose main claim to fame is being Prince George’s godfather, the Los Angeles Times reports. Hugh Richard Louis Grosvenor is set to inherit $12 billion after the unexpected death this week of his father, the sixth Duke of Westminster, who fell ill at age 64. The elder Grosvenor was the third richest man in Britain and the 68th in the world, according to Forbes. Along with the fortune, the title of seventh Duke passes to the baby-faced tycoon, who has reportedly made a splash only once: When he threw himself a $6.5 million “black tie and neon” bash at the family estate for his 21st birthday.

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Friends called the fair-haired duke down to earth and low key, though one news outlet found a photo of him wearing a pink teddy bear onesie at a costume party, notes the Times. The new fortune is not without pitfalls, at least according to Prince William. "I do feel sorry for Hugh," mused the future king, who picked Grosvenor to be godfather to his firstborn. "He's a lucky boy to be given all the material things in life, but he'll need to be robust mentally to survive." The British press is buzzing about the tax bill to come. It appears the new duke won’t have pay the UK’s steep one-off 40% inheritance tax because his loot was cleverly placed in a trust, reports the Guardian, which has details on the duke's valuable portfolio. (Read more Duke of Westminster stories.)

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