Grand duke of Luxembourg to abdicate in favour of son

A monarchy at the heart of Europe is preparing for a generational change as Grand Duke Henri of Luxembourg abdicates the throne on Friday after 25 years as head of state in favour of his eldest son, Guillaume.
Henri has filled the largely ceremonial role of grand duke alongside his Cuban-born wife, Grand Duchess Maria Teresa, as the government steered the country through troubles such as the 2008 financial crisis, the greatest shock to Luxembourgâs economy since the 1970s.
The tall and reserved 70-year-old Henri was educated in France, Switzerland and at Sandhurst military academy in Berkshire.
His 43-year-old son followed a similar path â going to school in London, Switzerland, France and Sandhurst before working in Belgian, German and Spanish firms.
Crown Prince Guillaume is married to Belgian-born Countess Stephanie de Lannoy and they have sons aged five and two.
After the abdication ceremony at the Grand Ducal Palace, Guillaume will be crowned and swear an oath to Luxembourgâs constitution before the 60 elected members of the parliament, known as the Chamber of Deputies.
One of the European Unionâs smallest nations and its richest per capita, Luxembourg is a financial powerhouse that hosts important EU institutions like the European Court of Justice and the European Investment Bank.
The grand duchy is home to many of the banks in the eurozone, reinsurance companies, and managers of hedge funds and money markets.
Guillaume will be Luxembourgâs seventh grand duke since 1890, when the modern monarchy was established.
Complex royal politics, as well as the loss of significant territories over the centuries, has meant Luxembourg is not a kingdom. Instead it is the worldâs last remaining grand duchy.