New King takes European throne

Today, aged 47, Albert of Monaco receives the royal flag in the palace of the Grimaldis in Monte Carlo, and officially becomes King of one of the world’s smallest, and richest countries. It will be a day of ceremony and celebration, but Albert faces a considerable challenge; continuing his father’s work in bringing Monaco into the 21st. century, and that means reforming the country’s unique business model;

“I’m a little bit fed up with the same old phrase that’s trotted out about Monaco and money laundering. From now on ethics will be at the heart of all the principality’s actions, and everything will be done to crack down as severely as possible on all those who break the rules”. Europe’s royal families are sending representatives to the event, but it is less of a gathering than for the death of Albert’s father, Rainier. That was an era-ending affair; today marks the start of a new beginning for the rich person’s favourite playground.