Hugh Richard Louis Grosvenor, previously known by the honorary title Earl Grosvenor, has so far kept out of the glare of publicity that once contributed to his father becoming affected by depression.
But he attracted headlines after throwing a lavish 21st birthday party for 800 guests - dress code "black tie and neon" - which has been estimated at costing £5m.
The seventh Duke of Westminster studied countryside management at Newcastle University.
He works as an account manager for Bio-bean - a green technology company which recycles waste coffee grounds into advanced biofuels and biochemicals.
He was the youngest and wealthiest person to be asked by the Duke and Duchess of Cambridge to be godparent to Prince George, in 2013.
The duke attended a state primary before going to a private day school close to his home in Cheshire, and then Ellesmere College, a boarding school in Shropshire.
He becomes the new Duke of Westminster as the eldest male descendant of the late duke.
He has two elder sisters - Lady Tamara Grosvenor and Lady Edwina Grosvenor, who is married to historian and television presenter Dan Snow.  His younger sister is Lady Viola Grosvenor.
His mother Natalia, Duchess of Westminster, is one of the Duke of Cambridge's godparents.
Source: Forbes List
Along with his title, the duke inherits the family's country seat, Eaton Hall in Cheshire.
The Grosvenor family has called the hall their home since the 15th Century.
It was there at his 21st birthday party in January 2012 that comedian Michael McIntyre and the hip hop duo Rizzle Kicks provided the entertainment and Prince Harry was among the guests.
It was also reported that guests who wanted to give a present were asked to add to his large wine collection.
"The party was simply amazing - a birthday and a party I will never forget. It is the beginning of a new era in my life and I look forward to the challenges that lie ahead," the duke told the Chester Chronicle shortly afterwards.
In 2013 Vanity Fair described him as "baby-faced" and "absurdly rich", while the Tatler List once declared: "Hughie's a Newcastle graduate with his own wine collection who goes wild for girls in neon."
It added that after inheriting his father's estate he would "own half of London".

Barking and Dagenham Council could ask Robert Clack School to expand to a 16-form entry system in an effort to cope with rising pupil numbers.
The borough is one of 11 London councils that face big increases in demand for secondary school places.
The country's biggest post-11 school is currently Ashfield Comprehensive in Nottinghamshire, with 2,492 pupils.
Robert Clack is an oversubscribed mixed comprehensive in Dagenham which specialises in science.
It currently has around 1,900 students.
Barking and Dagenham has experienced the biggest growth in London in the number of children aged up to four.
"By 2020, we will need around 30-35 more forms of entry," said a council spokeswoman.
She said adding just two or three forms could overburden a school, but adding six would allow it to build more classrooms and facilities.
She added: "These proposals are being discussed with schools and no decisions have been taken. This is an option available to more than one school."
A report by London Councils earlier this month predicted London would need an additional 78,000 secondary places by 2020.
According to the report, the cost of creating new school places means the capital faces a Â£1.5bn funding shortfall over the next five years.
Councils must either expand existing schools, build new ones or rely on free schools - which are outside their control - to meet the demand.
The deputy leader of Lambeth Council, Imogen Walker, said it was difficult to plan extra provision.
"With the uncertainty over where free schools are going to open in the borough it is difficult to forecast places available," said Cllr Walker.
"Lambeth's overall projections indicate that there could be some 700 [additional] places required by 2020/21 ."
The London borough of Greenwich is opening three new secondary schools over the next two years to cope with demand.
Hammersmith and Fulham, another borough under pressure, said it was "probably not" planning to create any so-called 'titan' schools.
The sudden death of billionaire landowner and philanthropist the Duke of Westminster means his 25-year-old son Hugh has now inherited an estate worth £9bn.
[NEXT_CONCEPT]
An east London school could become the biggest in the country after being asked if it can take in 2,500 pupils.