I’m guessing this is King Birenda, who took the throne of Nepal in 1972. From his obituary:

“Born in Kathmandu in 1945, King Birendra was the first of Nepal's monarchs to get a formal education.

“After eight years at a Jesuit school in Darjeeling, India, he attended England's prestigious Eton College between 1959 and 1964.

“Whilst there he was given the nickname ‘Nipple’ by contemporaries.”

Clever lads, those Etonians.

I don't know what most of this means, but I assume the fountain-hat is a symbol of kinglyness. The image in the center is ," and it's based on this statue.