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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.

Rainier became the Sovereign Prince of Monaco on the death of Louis II on 9 May 1949.[2]

After ascending the throne, Rainier worked assiduously to recoup Monaco's lustre, which had become tarnished through neglect (especially financial) and scandal (his mother, Princess Charlotte, took a noted 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 Onassis, who took control of the Société des Bains de Mer (SBM) and envisioned Monaco as solely a gambling resort. Prince Rainier regained control of SBM in 1964, effectively ensuring that his vision of Monaco would be implemented. In addition, the Societé Monégasque de Banques et de Métaux Précieux, a bank which held a significant amount of Monaco's capital, was bankrupted by its investments in a media company in 1955, leading to the resignation of Monaco's cabinet.

Monaco is not formally a part of the European Union (EU), but it participates in certain EU policies, including customs and border controls. Through its relationship with France, Monaco uses the euro as its sole currency (prior to this it used the Monégasque franc). Monaco joined the Council of Europe in 2004. It is a member of the Organisation Internationale de la Francophonie (OIF).

As Prince of Monaco, Rainier was also 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.

Monaco has the world's second-highest GDP nominal per capita at US$153,177, GDP PPP per capita at $132,571 and GNI per capita at $183,150.[7][107][108] It also has an unemployment rate of 2%,[109] with over 48,000 workers who commute from France and Italy each day.[73]According to the CIA World Factbook, Monaco has the world's lowest poverty rate[110] and the highest number of millionaires and billionaires per capita in the world.[111][112] For the fourth year in a row, Monaco in 2012 had the world's most expensive real estate market, at $58,300 per square metre.[113][114][115]

One of Monaco's main sources of income is tourism. Each year many foreigners are attracted to its casino and pleasant climate.[85][116] It has also become a major banking center, holding over €100 billion worth of funds.[117] Banks in Monaco specialize in providing private banking, asset and wealth management services.[118] The principality has successfully sought to diversify its economic base into services and small, high-value-added, non-polluting industries, such as cosmetics and biothermics.[110]

The state retains monopolies in numerous sectors, including tobacco and the postal service. The telephone network (Monaco Telecom) used to be fully owned by the state; it now owns only 45%, while the remaining 55% is owned by both Cable & Wireless Communications (49%) and Compagnie Monégasque de Banque(6%). It is still, however, a monopoly. Living standards are high, roughly comparable to those in prosperous French metropolitan areas.[119]

Monaco is not a member of the European Union. However, it is very closely linked via a customs union with France and, as such, its currency is the same as that of France, the euro. Before 2002, Monaco minted its own coins, the Monegasque franc. Monaco has acquired the right to mint euro coins with Monegasque designs on its national side.

Monaco levies no income tax on individuals. The absence of a personal income tax in the principality, has attracted to it a considerable number of wealthy "tax refugee" residents from European countries who derive the majority of their income from activity outside Monaco; celebrities such as Formula One drivers attract most of the attention, but the vast majority of them are less well-known business people.

After a year-long courtship described as containing "a good deal of rational appraisal on both sides" (The Times, 7 April 2005, page 59), Prince Rainier married Oscar-winning American actress Grace Kelly (1929–1982)[4] in 1956. The ceremonies in Monaco were on 18 April 1956 (civil) and 19 April 1956 (religious). Their children are:

Princess Caroline, born 23 January 1957 and now the Princess of Hanover;

Albert II, Prince of Monaco, born 14 March 1958, inherited the throne of Monaco;

Princess Stéphanie, born 1 February 1965.

After Grace's death, Rainier refused to remarry.[8]

Prince Rainier smoked 60 cigarettes a day.[12] In the last years of his life his health progressively declined. He underwent surgery in late 1999 and 2000, and was hospitalized in November 2002 for a chest infection. He spent three weeks in hospital in January 2004 for what was described as general fatigue.[13] In February 2004, he was hospitalized with a coronary lesion and a damaged blood vessel.[14] In October he was again in hospital with a lung infection. In November of that year, Prince Albert appeared on CNN's Larry King Live and told Larry Kingthat his father was fine, though he was suffering from bronchitis.

On April 6th, Prince Rainier died at the Cardiothoracic Center of Monacoat 6:35 AM local time at the age of 81. He was succeeded by his only son, who became Prince Albert II.[19]

He was buried on 15 April 2005, beside his wife, Princess Grace, at the Cathedral of Our Lady Immaculate, the resting place of previous sovereign princes of Monaco and several of their wives,[20] and the place where Prince Rainier and Princess Grace had been married in 1956.[21]

On 31 March 2005, following consultation with the Crown Council of Monaco, the Palais Princier announced that Rainier's son, Hereditary Prince Albert, would take over the duties of his father as regent since Rainier was no longer able to exercise his royal functions.

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