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.
Prince's Palace of Monaco
The successive rulers of Monaco tended to live elsewhere and visit their palace only occasionally. Charles III was succeeded in 1889 by Albert I. Albert married Lady Mary Victoria Douglas-Hamilton, a daughter of Scotland's 11th duke of Hamilton, and his German wife, a princess of Baden. The couple had one son, Louis, before their marriage was annulled in 1880. Albert was a keen scientist and founded the Oceanographic Institute in 1906; as a pacifist he then founded the International Institute of Peace in Monaco. Albert's second wife, Alice Heine, an American banking heiress who was the widow of a French duke, did much to turn Monte Carlo into a cultural centre, establishing both ballet and the opera in the city. Having brought a large dowry into the family she contemplated turning the casino into a convalescent home for the poor who would benefit from recuperation in warm climes. The couple, however, separated before Alice was able to put her plan into action.