Dutch Queen Beatrix has abdicated in favor of her eldest son, Willem - Alexander, who becomes the Netherlands’ first king since 1890.

On Tuesday, Beatrix presented her son, 46, to the Dutch people on the balcony of the Royal Palace in Amsterdam after signing the abdication document in front of the Dutch cabinet.

" Some moments ago I abdicated from the throne. I am happy and thankful to present to you your new king, " she said.

Beatrix, 75, retired after 33 years on the throne and now takes the title princess. The former Dutch monarch is a member of the Bilderberg Group, a secretive, invitation - only organization cofounded by her father, Prince Bernhard of Lippe - Biesterfeld, Its first annual conference was held in Hotel de Bilderberg in Oosterbeek in the eastern Netherlands, and the group took its name from the hotel. Beatrix has attended most of the Bilderberg Group’s recent annual meetings, including the last five.