Grand Duke Henri of Luxembourg, the richest royal in Europe, has abdicated the throne in favor of his 43-year-old son, Guillaume, on Friday.

The 70-year-old monarch, who’s worth $4 billion, put an end to his 25-year reign over the small Western European country in a passing-of-the-torch ceremony at his gilded royal residence, the Grand Ducal Palace.

A lavish gala dinner is set to follow the ceremony, with French President Emmanuel Macron and German President Frank-Walter Steinmeier expected to attend.

Dutch and Belgian royals, along with 60 parliament members, witnessed Guillaume swear an oath to Luxembourg’s constitution before becoming the symbolic head of state.

Guillaume will be the symbolic leader of the country’s 1,000-person army, which was one of NATO’s founding members after W

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