The 29-Year-Old Duke Of Westminster Is Richer Than Queen Elizabeth
The Duke of Westminster, Hugh Grosvenor, 29, is one of the wealthiest people in the UK. He inherited the family property when his father, Gerald Cavendish Grosvenor, died in 2016 at the age of 64. It is close to the Royal Family. Young Hugh is the godfather of Prince George. He is also a philanthropist and recently pledged $ 15.6 million to the COVID-19 relief effort. Her donation will support the UK NHS, medical research and charities working on food distribution, especially for children who normally eat their meals at school. Hughie, as he is known among his friends, is the richest person in the world under the age of 30. Yes, he is even richer than Kylie Jenner. He is richer than the Queen of England, in fact.
The Queen’s income and net worth come in part from the Crown estate and the sovereign grant. The Crown Estate is owned by the reigning monarch and includes real estate such as Buckingham Palace. The British Treasury pays an amount known as a sovereign grant to the Queen to cover expenses Queen Elizabeth incurred in the course of his official duties. Some of these expenses include travel, entertainment and maintenance of the various castles and properties. The subsidy is calculated in principle at 15% of the annual profit of the Crown Estate.
The amount distributed cannot be lower than that of the previous year, even if the succession of the Crown has a bad year. The sovereign subsidy is exempt from tax. The queen also has her own personal income. In fact, she paid her income tax for the first time in 1992, after a fire damaged her favorite castle. Generally, she does not have to pay taxes on her net worth. That changed when Windsor Castle caught fire. The country was confused as to who would pay the damages. Queen Elizabeth started paying income tax. She was the first monarch to do so since the 1930s.
Queen Elizabeth does not own most of her palaces. The Crown does it. The Crown also owns the crown jewels, which contain over 140 individual pieces and are estimated to be worth at least $ 4 billion. They are part of the royal collection. The royal collection includes paintings, furniture, tapestries, photographs and other objects distributed in royal residences.
The monarch is authorized to possess and use them during their reign. Buckingham Palace and Windsor Castle are also held in trust. They are there for the use of the reigning monarch but cannot be sold by them. Queen Elizabeth owns the $ 65 million Sandringham House Estate and the $ 140 million Scottish Castle Balmoral Castle. The queen also receives income from two duchies that date back to the medieval age. The Duchy of Lancaster is a private estate created for Jean de Gaunt, son of King Edward III. The estate has been passed on from monarch to monarch since 1399. The revenues from this duchy are private revenues for Queen Elizabeth.
Queen Elizabeth is the wealthiest member of the royal family, but she is not nearly as wealthy as Hugh. Grosvenor inherited his money and title from a 400-year-old trust established by a group of very distant and very wealthy parents. Hugh is the 7the Duke of Westminster.
The influence of the Grosvenor family in England dates back to the 17th century when Richard Grosvenor became baroness of Eaton in 1622. Basically, it is a courtesy title bestowed on an influential family with no real claim to the throne . Hugh owns more land than Queen Elizabeth, an art collection that includes works by Rembrandt, a shopping center and, curiously, the land on which the American Embassy is located in Grosvenor Square. Hugh also inherited estates in Mayfair and Belgravia.
Despite the enormous wealth of the Grosvenor family, Hugh and his siblings Tamara, Edwina and Viola were raised fairly normally. Hugh went to local schools rather than boarding schools like most of the children in his heritage do. His parents believed that the surest way to prevent their children from developing a sense of rights was to keep them rooted in the home and family. As deeply rooted as his family may be, they are always multi-billionaire. His father had a private jet, and Hugh’s birthday parties were attended by his classmates of course, but also by members of the royal family.
The Grosvenor family also has close ties to the Windsors. We mentioned earlier that Hugh is the godfather of Prince George. His mother is Prince William’s godmother. Princess Diana was the godmother of her sister Edwina and Hugh’s grandmother was the godmother of Prince Andrew.
One day his late father was told that his main goal as a parent was to teach his son self-discipline and a sense of duty. This parental philosophy is in line with the family motto: Virtus nonstemma, which means Valor not garland – or, more colloquially, Virtue, not ancestry.
Queen Elizabeth has a personal fortune of $ 600 million, which is not a sneeze. Hugh Grosvenor has a net worth of $ 12 billion. Oh, and by the way, ladies, he’s single.