​Meet the 25-year-old now among the richest billionaires

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The world's richest people tend to share one trait: they're largely in their 60s or older.

The newest billionaire to join the ranks of the world's wealthiest people breaks the mold on that front. At 25, Hugh Richard Louis Grosvenor is now the youngest billionaire in Bloomberg Billionaires Index. His ascendency into the likes of the Walton family and Microsoft founder Bill Gates came on Tuesday when his father, the Duke of Westminster, died unexpectedly at the age of 64.

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Hugh Grosvenor at the christening of Prince George of Cambridge, on October 23, 2013 in London. WPA Pool/ Getty Images

With his father's passing, Hugh Grosvenor becomes the 7th Duke of Westminster and will run his family's $12.3 billion fortune, which includes sections of some of London's swankiest neighborhoods as well as country estates. The baby-faced duke is already being heralded as "Britain's most eligible bachelor" by the U.K. press.

One of Grosvenor's first decisions will be whether to continue with a shooting event on Friday at his family's country estate, where his father became ill earlier this week, according to the U.K.'s Telegraph.

Below are five things to know about Grosvenor.

The family fortune started with William the Conqueror. The Grosvenors trace their descent from Gilbert Grosvenor, who came to England with William the Conqueror. Asked by a Financial Times reporter what advice he'd give to young people wanting to copy his success, the late Duke replied, "Make sure they have an ancestor who was a very close friend of William the Conqueror."

Hugh grew up on a 10,000-acre estate. The new duke grew up at Eaton Hall, a 10,000-acre estate in Cheshire, England that's been in the family since the 15th century. The estate includes several manors, 88 acres of formal gardens, and a courtyard and chapel.

His parents tried to give him a "normal" childhood. The late Duke and his wife sought to give Hugh and his three sisters a relatively normal life, according to the Telegraph. Instead of going to an elite boarding school, the Grosvenor children attended a small private day school near their home. Hugh then attended Newcastle University, where he studied countryside management.

His 21st birthday party was rumored to cost $6.5 million. His family celebrated his 21st birthday with an 800-guest party at Eaton Hall, with Prince Harry among the attendees, according to the Telegraph, which said the cost was thought to be as high as $6.5 million. "The party was simply amazing - a birthday and a party I will never forget," Hugh told a local newspaper.

He's godfather to Prince George. He has a close relationship with the royal family. His father was a mentor to Prince William, and one of the prince's best friends is married to one of Hugh's sisters. In 2013, Hugh became godfather to Prince George, the first child of Prince William and Kate Middleton.