Millions of households across the UK are currently struggling to get to grips with the rising cost of living - but others, it seems, are doing quite alright for themselves.
The latest Sunday Times Rich List revealed that the UK now has a record number of billionaires - 177 in total - with a combined wealth of £653billion.
Startlingly, this is an increase of £55billion (9.4%) on last year. The richest 250 people in the country, meanwhile, are now worth £710.723billion altogether.
Among the richest people in the country is the Duke of Westminster, godfather to Prince George and owner of some of Britain’s most exclusive real estate. But who exactly is he?
Who is the Duke of Westminster?
Hugh Grovesnor, the seventh Duke of Westminster, is an aristocrat, property developer and one of the richest people in Britain. He is worth an estimated £9.726billion and ranks 13th in the 2022 Sunday Times Rich List.
He's also just 31 years old.
Born in 1991, he became Duke of Westminster in August 2016 after his father - Gerald Grosvenor, the sixth Duke - died of a heart attack.
Upon his father’s death, he inherited a £9billion fortune and various estates.
However, this wealth was held in a trust, which meant that it was exempt from the standard 40% inheritance tax. This arrangement - which has effectively allowed aristocratic families to shield their fortunes for generations - was the subject of much criticism.
The current duke is descended from the Romanovs, who were the ruling family of Russia before the October Revolution in 1917, on his mother’s side.
Before inheriting the dukedom, Grosvenor - then Earl Grosvenor - worked in estate management, first for Wheatsheaf Investment and then for his family’s Grosvenor Group.
In 2013, the Duke was named as a godfather to Prince George, the eldest child of Prince William, Duke of Cambridge, and Kate, Duchess of Cambridge. Little else is publicly known about his personal life.
He has two elder sisters - Lady Tamara Katherine Grosvenor and Lady Edwina Louise Grosvenor - as well as younger sister Lady Viola Georgia Grosvenor, but as the sole male heir, he succeeded his father as Duke of Westminster.
Among the duke’s property interests are what The Times describes as “large swathes of prime property in London’s Belgravia and Mayfair”.
In 2021, he headed the Sunday Times’ Young Rich List, but is now no longer eligible for it.
The 31-year-old is also known for his philanthropic efforts. In 2020, he donated several million pounds to the NHS to help with its Covid response.
Other causes the Duke of Westminster has supported include mental health campaigns for young people and Save the Children’s Ukraine appeal, to which he donated £500,000.
