Rainier III, Prince of Monaco

Prince Rainier III (Rainier Louis Henri Maxence Bertrand Grimaldi; May 31, 1923–April 6, 2005), styled HSH The Sovereign Prince of Monaco, ruled the Principality of Monaco for almost fifty-six years.

Actions as Prince

After ascending the throne, Prince Rainier III worked assiduously to recoup Monaco's luster, which had become tarnished through neglect (especially financial) and scandal (his mother, Princess Charlotte, took a noted jewel thief known as René the Walking Stick as her lover). According to numerous obituaries, the prince was faced upon his ascension with a treasury that was practically empty. The holder of 55 percent of the nation's reserves, the Societé Monégasque de Banques et de Métaux Précieux, was bankrupt. The small nation's traditional gambling clientele, largely European aristocrats, found themselves with reduced funds after World War II. Other gambling centers had opened to compete with Monaco, many of them successfully. To compensate for this loss of income, Prince Rainier decided to promote Monaco as a tax haven, commercial center, real-estate development opportunity, and international tourist attraction. The early years of his reign saw the overweening involvement of the Greek shipping tycoon Aristotle Onassis, who took control of the Société des Bains de Mer and envisioned Monaco as solely a gambling resort. Prince Rainier regained control of the Société in 1964, effectively ensuring that his vision of Monaco would be implemented.

Related Topics:
Societé Monégasque de Banques et de Métaux Précieux - Greek - Aristotle Onassis - Société des Bains de Mer

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As Prince of Monaco, Rainier III also was responsible for the principality's new constitution in 1962 which significantly reduced the power of the sovereign. (He suspended the previous Constitution in 1959, saying that it "has hindered the administrative and political life of the country.") The changes ended autocratic rule, placing power with the prince and a National Council of eighteen elected members.

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At the time of his death, he was the world's second longest-serving Head of State, ranking just below King Rama IX of Thailand.

Related Topics:
Head of State - Rama IX - Thailand

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