||His mother renounced the throne in 1944, leaving the then 21-year-old first in line. In 1949, with the death of Princess Charlotte’s ruling father, Prince Louis, Rainier took the helm of the country and immediately set about modernising its economy.
Working with deft economic insight, he helped reduce the country's dependence on tourism by attracting foreign investment. As a result of his efforts it now benefits from strong pharmaceutical and textile industries. He also staunchly defended Monaco's taxation policies, which made it famous the world over as a financial haven, despite strong opposition from France.
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