On 29 July 2008, the Palace announced that King George Tupou V would relinquish much of his power and would surrender his role in day-to-day governmental affairs to the Prime Minister. The royal chamberlain said that this was being done to prepare the monarchy for 2010, when most of the first parliament would be elected, and added: "The Sovereign of the only Polynesian kingdom... is voluntarily surrendering his powers to meet the democratic aspirations of many of his people." The previous week, the government said the king had sold state assets that had contributed so much of the royal family's wealth.