The abdication of Stellar Rays was a pivotal one in many ways.  
Years earlier Saddle Arabia went through a shift in power after it’s citizens revolted. While the crown is still a beacon and major part of society, all the major governing power was given to Premier Mandala who was elected my the people. Certain cities kept monarchy in power as tradition but national safety was given to the Premier.
 
Equestria being the second ungulate lead country was certainly next.
 
 
Fortunato Noche is the son of Ruby Rich [youngest sister of Filthy Rich] and Indigo Noche.  
He was raised with compassion and love in mind as the Noche family line were wealthy but spent most of their fortune on strengthening their community. Fortunato himself lives in Ponyville with his wife Merrilee [daughter of Cheerilee] who’s a cardiovascular surgeon, but spends a great deal of time travelling around Equestria promoting anything from workers unions, sustainable agriculture and scientific research.  
Equestrians love him as he uses his time and money to better his people’s lives.
 
Princess Luna and many other monarchs worry that he’ll propose a complete shut down on the monarchy but that may not be the case.
 
For now, his emphasis on a democratic system is just gaining popularity.