King Frederik X and Queen Marry of Denmark wave to the public from the balcony of Christiansborg Palace in Copenhagen on January 14 (Photo: AFP).
The formal succession process took effect the moment Margrethe signed her abdication statement during a January 14 meeting of the Council of State in parliament, Reuters reported, citing a statement from the Danish Royal Household.
Denmark, one of the world's oldest monarchies, does not hold coronation ceremonies.
About an hour after the abdication ceremony, Prime Minister Mette Frederiksen introduced the new king on the balcony of the Parliament building.
In near-freezing temperatures, tens of thousands of people from across Denmark converged on Copenhagen to witness the ceremony, a sign of the country's growing popularity with the monarchy, Reuters reported.
Former Queen Margrethe of Denmark leaves after signing her abdication papers in Copenhagen, Denmark on January 14 (Photo: Reuters).
"We came here today because history is being made right before our eyes. We had to be here," said Soren Kristian Bisgaard, a 30-year-old pilot.
"I love the royal family very much. I myself was in the Royal Guard, standing guard at the palace. I am very proud to have done that and to be here today," he said.
In the late afternoon, the newly crowned king and queen will return by carriage to Amalienborg Palace, a royal complex built in the 1750s and located in the heart of Copenhagen.
King Frederik X and Queen Mary will continue to reside with their mother at the Amalienborg complex but in a separate palace.
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