But as the prince turns 50, his reputation is deservedly a more serious one among his fellow world leaders.
For far from spending all his time in Monte Carlo's casino and rubbing shoulders with Grand Prix drivers, actresses and multi millionaires, he is just as likely to be found trekking the North Pole or maing an impassioned speech about the environment at events in Europe and around the world.
In the world of politics, Monaco has extended her influence since Albert became Sovereign by opening new consulates in both London and New York.
Closer to home as well the Prince has been busy, and there are plans to extend Monaco's land base with a new island off Monte Carlo which will be ready in 2018, which will host a university, housing, a museum and the first new hotels in Monaco for some time.
Prince Albert's mother was the American Oscar winning actress Grace Kelly, star of hit 1950's films such as To Catch A Thief, Dial M for Murder and High Society, acting alongside screen legends such as Cary Grant and James Stewart.
Monaco Formula 1
With a Hollywood actress for a mother Prince Albert might find his stage of Monaco a glamourous one, but his campaigning for the environment has seen him turn to the world of politics with ease and increasing influence with decision makers.
One policy that Prince Albert has seen introduced since becoming Monaco's Sovereign is the reduction of bus fares to one Euro, meaning that thousands of workers travelling in from Monaco to work in the casino and the hotels can travel by train and catch the bus from Fontvieille to Casino Square, instead of driving a car to work.
But the Prince has managed to balance a world of Grand Prix, casinos, yachts and glamourous lifestyles with the more serious but perhaps mundane subject of reducing Monaco's carbon footprint, with the overall aim of the whole country becoming carbon neutral in a few years time, perhaps the first country in the world to achieve carbon neutral status.
But the world of glamour and celebrity magazines could very easily be focused on Monaco this year, not only for the Monaco Grand Prix - sometimes known as Monaco Formula 1 - but also because of rumours of the possibility of Prince Albert and Charlene Wittstock announcing their marriage.
Prince Albert and Charlene have been seeing each other for a couple of years now, and while for a time it looked as though their romance had cooled, she has been seen at official events in recent months accompanying the Prince. Charlene was a member of the South African 2000 Olympic team, representing her country in the swimming, and shares his passion for sport.
As Prince Albert turns 50 and Charlene recently celebrated her 30th birthday, there is good reason to assume that 2008 will be make or break year for the couple.
If there is a wedding, Monaco will do it in style!
Prince Albert Of Monaco
Now he has established a foundation as part of his personal commitment for 'the protection of the environment and sustainable development' - and in the process show that far from his North Pole visit being a publicity stunt it was the beginning of a campaign to highlight the dangers of global warming.
The Albert II foundation aims to be a permanent source of dynamic and innovative actions for environmental protection.
It is just over a year since Prince Albert succeeded his father Prince Rainier to become Monaco's leader, and in that year Prince Albert has changed his image from that of a Playboy Prince to one of a leader concerned for the future of not only Monaco - the second smallest country in the world - but for the world as a whole.
Apart from his visit to the North Pole, Monaco has shown her commitment to reducing greenhouse gas emissions by making the Monaco Yacht show, due to be held in September, to a carbon-neutral event by paying for enough wind turbines in New Zealand to generate power for 45,000 homes.
In a more recent development Monaco, at Prince Albert's behest, has decided for the first time to calculate her GDP so she can play a more active role at the United Nations, which will include calculating how much to pay to meet the UN's request for 0.7 per cent of developed countries GDP for third world development.
Tax Haven
Previously Monaco has best been known as Europe's number one tax haven, and for the Monaco Grand Prix, held each May around the streets of Monte Carlo.
Often referred to as the 'Playground of Europe' any concerns over Monaco changing style are misplaced insist local travel guide YourMonaco.
'Monaco will continue to attract the wealthy due to her to income tax policy', comments spokesman Henri Boulanger, 'And as well as the Monaco Grand Prix there is also the annual Yacht Show each September. Prince Albert knows that these events along with being a tax haven are the geese that lay the golden eggs and without them there wouldn't be a lot of point in calculating the GDP to send to the United Nations as it would account for very little. By promoting and encouraging events like the Monaco Grand Prix it allows him to play a serious and active part on the world stage'.
Real estate in Monaco ranks among the highest priced in the world, with one bedroom apartments ranging from nearly a million Euros to two million, and three bedroom apartments often over three million Euros.
Buyers from the UK have increased significantly in the last couple of years, and demand from them has helped push property price inflation to nearly ten per cent a year.
For the future it is expected that prices will continue to rise for the short and medium term, but with interest rates expected to rise in the UK it is not certain whether the supply of British buyers will continue at the same pace as recent years.
Roger Munns has sinced written about articles on various topics from Marketing, Family Travel and Cars. The world of Grand Prix turns her attention to Monaco in late May for the and for visitors YourMonaco.com includes a. Roger Munns's top article generates over 201000 views. to your Favourites.
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