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Monaco's new ruler will be very aware of the transformation his homeland underwent during his predecessor's reign. The principality was close to bankruptcy when Rainier - just 26 at the time - succeeded his grandfather Louis II in 1949.
In the ensuing years he turned what was then regarded as little more than a gambling den into a jet-set mecca with a booming economy. The young politician enlisted the help of legendary Greek shipping magnate Aristotle Onassis to rejuvenate Monte Carlo's casino, while his marriage to the beautiful American actress Grace Kelly gilded Monaco with glamour. He also expanded the surface area of his growing state by building underground shopping malls and a train station, as well as reclaiming 45 hectares of land from the sea.
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