Princess Charlotte is one rich toddler.
The London based branded business valuation and strategy consultancy Brand Finance Group estimates the net worth of the 2-year-old and youngest daughter of Kate Middleton and Prince William to be £3 billion, or $3.8 million, Marie Claire U.K. reported Thursday.
She's worth more than big brother Prince George, 3, the heir to the British throne, whose net worth is estimated to be £2.4 billion ($3 billion), but less than her mom, who the group says is worth £4.7 billion ($6 billion).
What's the explanation? Fashion. When photos of Kate or Charlotte are published, they are more likely to inspire people to buy the outfits and brands they wear than George.
A new photo of the princess, taken by the Duchess of Cambridge, was released earlier this month to mark the little girl's second birthday. She wore a pastel yellow patterned cardigan from popular British department store John Lewis. It sold out in 24 hours thanks to the "Charlotte Effect."
"This is actually as simple as the relative size of the men's and women's fashion markets, by which I mean that Charlotte's endorsement effect will likely be felt across a much broader range of products and brands or types of clothing than will George's, allowing a greater scope for the monetization of her 'brand' and hence a higher value," Brand Finance's marketing and communications director Robert Haigh told Marie Claire.
However, like his mother and sister, George is also a trendsetter.
In 2015, a blue cardigan he wore while dad Prince William took him to the hospital to meet his newborn sister sold out in 24 hours. In 2016, a white and blue trimmed gingham bathrobe and a pair of navy velvet slippers the boy wore while meeting then-President Barack Obama and First Lady Michelle Obama at the royal family's Kensington Palace apartment also sold out quickly.
Charlotte and George are worth less now than they were when they were younger. According to Brand Finance, the princess was worth almost $5 billion in 2015 when she was 4 months old, while her big brother was worth $3.6 million at the time.