Prince George's godfather loses £243m - but he's still way richer than King Charles

, the seventh Duke of Westminster, lost a staggering £243million in the last year but was still ranked the second richest person in the UK under 40, new figures show. The 42-year-old aristocrat, and Prince Archie, saw his and his family's net worth plummet to £9.8billion, down from £10.1billion in 2024, according to Rich list.

, became an instant billionaire when he inherited his title and control of the historic Grosvenor Estate from his father in 2016. He inherited his title and a vast land and property portfolio at the age of 25.

The source of the duke's wealth comes from The Grosvenor Group, which, according to the Sunday Times, is responsible for several developments in city centres in the northwest of England, including Liverpool One, where it is a partner in a £10million project to create an urban leisure complex.

The newspaper said: "One of 33 godchildren of the King, the duke is also related to Russia's Romanov imperial family and the writer Alexander Pushkin through his mother, Natalia."

Despite the drop in his net worth, Hugh is still richer than King Charles, who saw his net worth jump by £30million to £640million in the last year.

Charles, who acceded to the throne in 2022, ranked joint 238th in the list of the UK's 350 wealthiest people and families, up 20 places from 258th in 2024.

The 76-year-old monarch, who has faced a challenging past year as he continues to undergo treatment for cancer, has benefited from the investment portfolio he inherited from his late mother for the bulk of his wealth, the newspaper said.

His private estates, Sandringham in Norfolk and Balmoral in Aberdeenshire, which belonged to the Queen, are part of his financial fortune.

Only personal assets are included by The Sunday Times when assessing the sovereign's wealth.

This does not include the Crown Estate, which saw soaring profits thanks to wind farm deals, the Duchy of Lancaster estate, nor the Crown Jewels, which are held in trust by the King for the nation.

Meanwhile, the Duke of Westminster is close to the Prince and Princess of Wales, who made him godfather to their eldest son, George, in 2013.

Last year, in what was dubbed the society wedding of the year, Hugh married Olivia Henson, with Prince William being an usher in the ceremony. Princess Eugenie was also in attendance.

The couple, who now reside in the Eaton Hall estate in Chester, are expecting their first child this summer.

Back in March, a spokesman for the couple said: "The duchess is expecting a baby in the summer. The couple are delighted with the news and are very much looking forward to starting a family together."