The 6th duke of Westminster (22 December 1951 – 9 August 2016) was Britain’s 3rd wealthiest national according to Sunday Times Rich List 2016.
His net worth?
£9.35 billion (around $13 billion USD)
How did he become so wealthy?
Mostly through real estate–he was a rentier*. His family controls about 200 acres of central London (large parts of Mayfair and Belgravia), plus valuable parts of LA as well as their holdings in Oz and elsewhere.
(*a person living on income from property)
6th Duke of Westminster
Hugh Grosvenor, the duke’s only son, will inherit his father’s title and estate after his untimely and sudden death at age 64.
According to Bloomberg, the estate generated profit of around $14,600 per hour, 24/7, 365 or about $128 million a year in 2012 (https://www.bloomberg.com/news/articles/2012-04-17/duke-of-westminster-s-grosvenor-reports-record-earnings-in-2011).
Also, it’s nice to know that the value of their portfolio plus property they manage went up by 15% that same year (to 12.5 billion pounds).
A study I did some years ago, showed that 61 of the 100 richest families in Canada had all or substantially all their wealth in real estate.
Apparently, they may have learned their lesson from one of Canada’s mothership nations, which is Britain.
Real estate is the only way I’ve found to protect and profoundly enhance multi-generational wealth, not to mention provide for yourself and your family in the here and now.
postscript: for real estate coaching, please reach out to:
Bruce M Firestone, PhD
More about how to become an “equity lord” yourself here, https://profbruce.tumblr.com/post/152948304979/equity-lord
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