The Prince of Monaco is the head of state of the Principality of Monaco, a small, sovereign city-state located on the French Riviera. The title has been held by the Grimaldi family since the late 13th century. The current prince, Albert II, ascended to the throne in 2005 after the death of his father, Rainier III. The prince plays a significant role in Monaco's governance, representing the country in diplomatic matters and overseeing various state functions. Monaco is known for its wealth, luxury, and as a tax haven, attracting tourists and residents alike to its famous casinos and events like the Monaco Grand Prix.