Somerset Maugham famously called Monaco a sunny place for shady people. Run by the Grimaldi family for over seven centuries, the principality is a tax haven: a recent report in the Guardian refers to its 360,000 registered bank accounts and population of 35 000 – the vast majority of whom are foreign expats, many of them British.
All this depends heavily on the stability of the House of Grimaldi, which has a history of tragic events including the death in 1982 of Grace Kelly, wife of Prince Albert's father, Prince Rainier. Perhaps Prince Albert's forthcoming wedding will be the start of a new golden age in Monaco. As with any dynasty, it's essential that a legitimate male heir is produced to continue the line. It's even more important in this case, for without a prince, Monaco would revert to France.*
For a fascinating account of the history of the principality and the rise of the Grimaldi family, including a tree of the princes of Grimaldi, see http://www.grimaldi.org/en/history/monaco.asp
*Prince Rainier changed the constitution before his death so that succession would pass to Princess Caroline and her heirs. The recent marriage of Prince Albert and Princess Charlene may bring a further change in due course.
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