Prospero's name comes from the Latin word meaning "Favourable or fortunate" as we hear about prospero's past.

First of all Prospero was fortunate enough to be born into royalty. He was the rightful Duke of Milan. Although his kingdom was usurped Prospero was able to survive a plot on his life, and he and his daughter Miranda were set aboard a wrecked craft, but managed to land safely on the island. Prospero is able to gain control of the spirits of the island, and uses his vast knowledge and control over the spirits to direct acts of magic as he pleases. In the end Prospero is able to regain his former title. That's a pretty fortunate life considering he could have been killed in the first place!