On Monday, Kate Middleton and Prince William welcomed their third child—a boy weighing in at 8lbs, 7oz. Will and Kate stepped out just hours after the birth to introduce the new prince (whose name has not been announced) to the world.
The baby prince is fifth in line to the British throne and, at just a day old, he's already worth more money than most of us will see in a lifetime. Ah, royal life, right?
According to Forbes, the royal family is worth $88 billion (yep, with a b), and generates more than £1.8 billion (about $2.5 billion) for the UK's economy every year. The newest addition to the royal family will add £50 million (almost $70 million) to the British economy, Cosmopolitan UK reports.
The money the new baby brings in will come from sales of souvenirs and memorabilia commemorating his birth and he'll also likely impact sales of baby-related products like clothing and toys—anything Will and Kate dress him in or give him as a gift will become more attractive to other parents looking to treat their own kids like royalty.
"The birth of the new Prince will bring joy around the country, boosting the British economy," David Haigh, CEO of Brand Finance, a brand valuation and strategy consultancy company, said. "It is also a tremendous marketing opportunity for British producers and retailers of baby products who can reference the royal baby in their promotional campaigns."
The new prince will probably actually bring in less for the British economy than his older siblings. Brand Finance estimates that Prince George and Princess Charlotte generate £75 million and £100 million for the British economy every year, respectively.
But, the royal kids' contribution to the economy isn't the same as their actual net worth, which includes the value of all a person's assets, like property (and in Charlotte's case, jewels). In 2015, Brand Finance estimated Prince George's net worth to be £2.4 billion and Princess Charlotte's to be £3 billion, so the youngest prince's net worth will likely be similar, although probably less than George or Charlotte's.
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