Albert II, Prince of Monaco
Prince Albert II is one of the wealthiest royals in the world, with assets valued at more than $1 billion, which include land in Monaco and France. Although Prince Albert does not own the Prince's Palace of Monaco, he does own shares in the "Société des bains de mer de Monaco", which operates Monaco's casino and other entertainment properties in the principality.
France–Monaco relations
In 1962, Monaco's refusal to impose a tax on both its residents and international businesses caused problems in relations. However, it was resolved with an agreement that French citizens with less than five years of residence in Monaco and companies doing more than 25 percent of their business outside the country would be taxed at French rates. The crisis also led a new constitution and the restoration of the National Council. Amongst the edicts of the new constitution are the prince's nomination of a Council of Government that consists of a Minister of State who is a French citizen and selected for a three-year term from a group of senior French civil servants selected by the French government. They are the prince's representative and are in charge of foreign relations, directs executive services, the police and the Council of Government. They also choose three council members: one to take care of the economy and finances; one for Home Affairs; and, one for social affairs. All ministers are accountable to Monaco's prince.