Rainier III, Prince of Monaco Rainier III, Prince of Monaco Rainier III (Rainier Louis Henri Maxence Bertrand Grimaldi; 31 May 1923 – 6 April 2005) ruled the Principality of Monaco for almost 56 years, making him one of the longest ruling monarchs in European history. Though internationally known for his marriage to American actress Grace Kelly, he was also responsible for reforms to Monaco's constitution and for expanding the principality's economy beyond its traditional casino gambling base. Gambling accounts for only approximately three percent of the nation's annual revenue today; when Rainier ascended the throne in 1949, it accounted for more than 95 percent. Rainier
Monaco villas to poor documentation and archiving. As of 2016, Monaco still had no official preservation laws governing historic buildings. In 1960 Prince Rainier III established the Monaco Economic Development Corporation to attract new business to the Principality. It was successful in this, but the influx of new investors and workers resulted in a wave of demolitions of Belle Epoque villas to enable the construction of apartments and new hotels. Following major development in the 1970s, Prince Rainier III banned high rise development in the Principality. However his successor, Prince Albert II, overturned the Sovereign Order. This, and a further influx of