One of the wealthiest monarchs in the world, Thailand's King Adulyadej Bhumibol, died on Thursday (18 October) aged 88, leaving behind an estimated fortune of more than $30bn (£24.5bn).

Now, the wealthy monarch's assets – which include shares, land and a 545-carat Golden Jubilee Diamond – are set to be inherited by various family members.

One of the main beneficiaries of the late Bhumibol's substantial wealth will be his son and presumed heir to the throne, Prince Maha Vajiralongkorn, who enjoys significantly less popularity with the Thai public than his father did.

While Bhumibol was a key player in encouraging opposing political parties to work together and was greatly respected by his people – who are to spend a month in mourning – his son Vajiralongkorn is viewed as something of a "playboy", with a reputation for scandal and a friendship with former prime minister Thaksin Shinawatra, who was ousted by a coup in 2006.

Bhumibol's popular second eldest daughter, Princess Maha Chakri Sirindhorn, commonly known in Thailand as "Princess Angel" and suggested as a possible alternative monarch to Vajiralongkorn, will also see some of the fortune amassed by the late monarch, as will his wife, his two other children and numerous grandchildren.

It is believed that much of Bhumibol's wealth comes from land ownership, with Forbes estimating that he owned 3,320 acres of land in Bangkok and a total of 13,200 acres across the country, which brought in around $80m in rental income in 2010.

Some of the land owned by Bhumibol included housing, shops, hotels and government buildings, with more than 40,000 rental contracts reported to Forbes in 2012 by the Crown Property Bureau (CPB), which manages investments and property owned by the Thai monarchy.

In addition to income from property, he also had shares in several companies including Siam Cement Group and Siam Commercial Bank, worth an estimated $7bn-plus.

The Thai royal family also receives public money for upkeep of palaces, expenses and security – although this pales in significance to the vast wealth owned by the King, despite fans of the late king arguing that much of his wealth is owned by the crown.