Grand Duke Henri, of Luxembourg has abdicated the throne in favor of his son, Guillaume, in a historic ceremony attended by world leaders and royals on Friday. The 70-year-old, who is Europe’s richest royal with a staggering $4 billion net worth, stepped down after 25 years as head of state during a glitzy event at the Grand Ducal Palace. The ceremony, attended by a range of guests including Dutch and Belgian royals, saw Guillaume, 43, crowned as he stepped into the role of a lifetime.

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