25-year-old bachelor inherits $16 billion, becomes youngest billionaire in the world

A man once described to have been born with "the longest silver spoon anyone can have", has officially become one of the richest people on planet Earth.

At just 25 years old, Hugh Grosvenor became the seventh Duke of Westminster after his father Gerald Cavendish Grosvenor died suddenly on Tuesday (Aug 9), aged 64.

Following his father's death, Grosvenor inherited a £9.3 billion (S$16.2 billion) estate, which includes hundreds of acres of land, homes and London-based real estate firm Grosvenor Group with assets under management of 13 billion pounds.

With his inheritance, the bachelor is now the youngest person in the Bloomberg Billionaires Index of the world's 400 richest people.

The second youngest billionaire in the list is 30-year-old Lukas Walton, heir to the Wal-Mart Inc empire. Walton is believed to have a fortune of US$12.5 billion (S$16.8 billion).

Next on the list are Facebook co-founders Mark Zuckerberg and Dustin Moskovitz, both 32, with net worths of US$55.1 billion and US$12.2 billion respectively.

According to Fortune, the late Gerald Grosvenor had once said of his son: "He's been born with the longest silver spoon anyone can have, but he can't go through life sucking on it," adding that he would be required to "put back what he has been given."

The young Grosvenor is a Newcastle University graduate, and despite his wealth, works as an account manager for a biofuels company, Fortune reported.

The godfather to Prince George is said to love partying, and held a US$7 million 21st birthday bash, which Prince Harry was said to have attended.

ljessica@sph.com.sg