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
Rainier III, Prince of Monaco jewel thief known as René the Cane as her lover). According to numerous obituaries, the prince was faced upon his ascension with a treasury that was practically empty. 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, 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