Brief history of Monaco summarized
The brief history of Monaco, the second smallest country in the world.
The beginnings of Monaco
The protected port of Monaco was first inhabited by the Greeks in 6 BC, who gave it the name of Monoikos. Legend has it that Hercules passed through Monaco and a temple was built in his honor, the Temple of Monoikos.
Historically, Monaco was part of France, but in 1215, it became a colony of Genoa through a land grant from Emperor Henry VI. The Grimaldis settled in Monaco in 1297 and their ancestors have controlled the Principality for more than 715 years.
In 1419, the Grimaldi family acquired Monaco from the French family of Aragon. Since then, Monaco has been under the protection of Spain, Italy and Sardinia.
In 1793, French revolutionary troops captured Monaco, holding it until 1814, when the Grimaldi family returned to power. Today, Monaco is governed by a constitutional monarchy, but is a protectorate of France.
In 1949, Prince Rainier III ascended the throne of Monaco and married the beautiful American actress Grace Kelly in 1956. Prince Rainier III played an important role in the economic prosperity of the area and his wife played an important role in promoting of the arts and glamor of the small nation.
Together, they had three children, Caroline, Albert, and Stephanie. The youngest, Princess Stephanie, was a tabloid staple for much of the 1980s, as a singer, fashion model, and party animal.
Prince Rainier III is credited with reforming the Monaco Constitution, developing the economy, and reducing its reliance on gambling from 9 percent of revenue to the current three percent.
The sudden death of Grace Kelly in a car accident in 1982 was a shock that resonated around the world. Prince Rainier III continued to rule Monaco after her death and was a highly respected monarch.
He died in 2005, leaving his son, Prince Albert II, to depart from the throne.
Monaco’s economy has grown from tourism, gambling and banking. The Principality’s tax exemption and absence of income taxes have attracted many wealthy residents.
The banking and money management industry generates 16 percent of revenue and plays an important role in the economy. Monaco is famous for its casinos and visitors flock from all over the world to gamble in its elegant establishments.
Tourism generates around 25 per cent of income and Monaco prides itself on its hospitality and excellent cuisine. The wonderful Mediterranean climate attracts visitors from all over the world to enjoy the beautiful coastline.
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