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Hugh Richard Louis Grosvenor, who got the title of the 7th Duke of Westminster when his father passed away unexpectedly on Tuesday, has taken a high place in Bloomberg Billionaires’ Index today, based on his inheritance, making him the youngest billionaire among the 400 wealthiest people in the world.
25-year-old runs his family’s $12.3 billion property management company which controls hundreds of acres in Mayfair and Belgravia neighborhoods in London as well as Grosvenor Group, real estate company located in London with assets of 13 billion pounds under management at the end of 2015.
As Marilyn McKeever, London’s lawyer stated, the Grosvenor Estate is compelled to a 1933 Act of Parliament, the Grosvenor Estate Act, restricting inheritance to the male line.
Grosvenor is four years younger than Lukas Walton, the following youngest billionaire on the ranks. Walten got into the ranking in November 2015, when Bloomberg disclosed that he had got an inheritance of a bulk of his father’s wealth, not his mother’s, who was considered to be the wealthiest woman in the world.
Facebook entrepreneurs Mark Zuckerberg and Dustin Moskovitz are the next at the age of 32. Zuckerberg’s $55 billion wealth, which has increased to $9.2 billion this year, is near one-and-a-half times bigger than the summed $37 billion net estimated of the other three.
When the fresh-backed duke is responsible for the wealth via the inherited title, his bigger family, consisting of his three sisters and his mother, are still favored. The trustees of Grosvenor Estate keep its assets for present and prospect members of the Grosvenor family, as the website of Grosvenor Group states.
According to the information shared by Press Association, Gerald Cavendish had passed away at the Royal Preston Hospital in Lancashire after unexpectedly revealed illness at his Abbeystead Estate in north England.
Photo: Hello Magazine