Prince Rainier III, who has ruled the Principality of Monaco for almost 56 years, is known as one of the longest ruling monarchs in European history. Though internationally known for his marriage to the 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, but when Rainier ascended the throne in 1949, it accounted for more than 95 percent.

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On May 9, 1949, Prince Rainier took authority of Monaco, thus succeeding his grandfather Prince Louis II. Monaco was near bankrupt and had lost its glory through neglect and scandal. In addition, much of Europe’s wealth had been lost during World War II and there was very little left to gamble at the legendary casino, Monaco’s main source of income.
Prince Rainier married American actress Grace Kelly on April 19, 1956, after a whirlwind romance..