We all expect the monarchs of the world to have quite the fortune, with King Charles and Queen Camilla believed to be worth £576 million. However, this amount is tiny compared to one of their European neighbours. Although Luxembourg isn't a large country and its royals might not be as famous, they have amassed quite a lot of wealth. Grand Duke Henri, who, on Friday abdicated the throne for his son Prince Guillaume, is believed to be worth up to $4 billion, which is roughly equivalent to £3 billion. How did the former monarch make his money? Read on to find out all you need to know…
How did Henri get his wealth?
It's worth noting that most of the money generated from the Luxembourg royal family does not come in the form of a royal grant. While Britain's Charles and Camilla have received over £86 million through the Sovereign Grant over the past three years, Luxembourg's royals are only paid around £9 million.
The fund goes towards the costs for their staff and any expenses related to their official duties, such as travel. Most of the wealth generated by the royals comes from their private assets, including their land, property and jewellery. Controversy was generated in 2006 when the late Grand Duchess Joséphine-Charlotte's jewels were put up for auction, with some citizens decrying their "national heritage" being put on sale. Henri later withdrew the items from sale.
Properties
Henri owns three official properties: the Grand Ducal Palace, Berg Castle, and Fischbach Castle. While the Grand Ducal Palace is listed as Henri's official residence, it's not actually his primary residence. However, the royal carries out most of his official duties within the palace's walls. The home is situated in the centre of Luxembourg City, which is supposed to symbolise the monarch's closeness with his people. The residence is opened to members of the public in the summer months, with money generated going towards the Duke and Duchess's charitable organisation.
Henri's primary residence is Berg Castle in the town of Colmar-Berg. The castle has been the primary residence of the Luxembourg monarch since World War II, with Henri's father, the late Grand Duke Jean, residing at the historical property. The castle's grounds are opened to members of the public on Luxembourg’s National Day.
The final property owned is Fischbach Castle, which typically serves as the residence for the heir to the throne or the former monarch. Henri lived in the property while he was heir to the throne, moving out in 2000. His father, Grand Duke Jean, lived there from 2002 until his death in 2019. Following his passing, Hereditary Duke Guillaume moved in.
Rich royals
Although Henri has an impressive wealth, this is nothing compared to Thailand's King Vajiralongkorn, who is believed to be worth up to $43 billion, mostly secured through investments. Henri also faces close competition from Liechtenstein's Prince Hans-Adam for the claim of Europe's richest royal. While some estimates have Hans-Adam below Henri's wealth, others put him clear of the Luxembourgish monarch by $3 billion. The Palace has previously denied the wealth of the family. In 2019, after a report from Business Insider named Henri as Europe's richest royal, a statement was released reading: "The figures published for years in certain publications regarding the wealth of the Grand Ducal Court are pure fantasy. In reality, the said wealth amounts to only a tiny percentage of the figures recently peddled."
What happens now he's abdicated?
Henri just abdicated the throne, succeeded by his eldest son, Hereditary Grand Duke Guillaume. Back in October last year, Henri appointed Guillaume as Lieutenant-Representative, allowing him to take over most of the monarch's constitutional powers. It is currently unclear how Guillaume will inherit his father's wealth and whether he will follow in his father's footsteps as Europe's richest monarch following him ascending the throne.