Hey, he can quit any day he likes. I don't see very many of them giving up the dole they collect from the public purse.
I think the way to do aristocracy is like they do it on the Continent. The nobility can swan around calling themselves Grand Dukes and princes and barons and what not, and will always have a leg up in business and high society, but they collect not a nickel from the State. They have absolutely no privileges, rank or subsidies not available to their fellow citizens, except perhaps to rent a modest apartment in their family's former palace at market rates.
As a dual national who is still one of Her Majesty's subjects, I say we ought to cut the Queen's handout from the Treasury to nothing, abolish the last vestiges of her political powers, and hire her for a few thousand pounds a month as a tourist attraction for Americans. Give her a four-room flat in Buckingham Palace, and she can employ her own butler and chambermaid if she's got enough left over after paying the rent.
Along with rank an d privileges comes a lot of work and duty and obligation.