Enköping is a locality and the seat of Enköping Municipality , Uppsala County , Sweden with 30,000 inhabitants in 2018.
89-433: Enköping is situated near Lake Mälaren , about 78 km west of Stockholm . A comparably large number of Swedish cities are located in the vicinity of Enköping. The municipal slogan is therefore "Sweden's Closest City". This expression was created in 1965 when it was discovered by a local business that within a radius of 120 kilometers, one finds 38 Swedish cities and a third of Sweden's population. Near Enköping, there
178-484: A plague killed about 20,000 (36 percent) of the population. After the end of the Great Northern War the city stagnated; population growth halted and economic growth slowed. The city was in shock after having lost its place as the capital of a great power . However, Stockholm maintained its role as Sweden's political centre and continued to develop as the country's economic and cultural capital. During
267-469: A centre for finance in the Middle East , including for Islamic finance . The rapid rise of India has enabled Mumbai to become an emerging financial centre. India is also making an International Financial Centre GIFT City from scratch. GIFT city is now functional and has already won the crown of fastest emerging International Finance Centre of South Asia. Linked to the rise of these new IFCs, has seen
356-538: A financial city: "a pool of capital to lend or invest; a decent legal and taxation framework; and high-quality human resources". New York, London, and Tokyo are in every list of major IFCs. Some of the major RFCs (see below), such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs in some lists. These centres appear in all FSF–IMF lists of OFCs and, bar the Caribbean OFCs of the Cayman Islands,
445-766: A history going back to the conservatory founded as part of the Royal Swedish Academy of Music in 1771, the Royal University College of Fine Arts , which has a similar historical association with the Royal Swedish Academy of Arts and a foundation date of 1735, and the Swedish National Academy of Mime and Acting , which is the continuation of the school of the Royal Dramatic Theatre , once attended by renowned actors like Greta Garbo . Other schools include
534-553: A leading international financial centre since the 19th century , acting as a centre of lending and investment around the world. English contract law was adopted widely for international finance , with legal services provided in London. Financial institutions located there provided services internationally such as Lloyd's of London (founded 1686) for insurance and the Baltic Exchange (founded 1744) for shipping. During
623-470: A major European power, reflected in the development of the city of Stockholm. From 1610 to 1680 the population multiplied sixfold. In 1634, Stockholm became the official capital of the Swedish empire. Trading rules were also created that gave Stockholm an essential monopoly over trade between foreign merchants and other Swedish, Baltic and Scandinavian territories. In 1697, Tre Kronor Castle burned down and
712-538: A major financial centre in the 1980s as the Japanese economy became one of the largest in the world. Hong Kong and Singapore developed soon after leveraging their links with London and Britain. In the 21st century, other centres have grown including Toronto, Sydney, Seoul, Shanghai and Astana . Astana International Financial Centre has become the fastest growing financial hub in Central Asia. Dubai has become
801-514: A modern and ethnically diverse city in the latter half of the 20th century. Many historical buildings were torn down during the modernist era, including substantial parts of the historical district of Klara (which caused major controversy), and replaced with modern architecture. However, in many other parts of Stockholm (such as in Gamla stan , Södermalm , Östermalm , Kungsholmen and Vasastan ), many older buildings, blocks and streets built before
890-465: A result of this massive population growth, there has been a proposal to build densely packed high-rise buildings in the city centre connected by elevated walkways, though these have been opposed by several groups. Stockholm is located on Sweden's east coast at the 59th parallel north, where the freshwater Lake Mälaren —Sweden's third-largest lake—flows out into the Baltic Sea. The central parts of
979-779: A scale unprecedented since the reign of Queen Christina . During this time, Carl Michael Bellman and Joseph Martin Kraus helped develop the city's music, a process further accelerated by the founding of the Royal Swedish Opera . Various artists and writers became prominent, funded by the king and other cultural patrons like Carl Gustaf Tessin ; the two aforementioned figures laid the base for Sweden's Nationalmuseum at this time. Science also became prevalent; renowned figures like Carl Linnaeus and Anders Celsius spent time in Stockholm, and various research institutes, like
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#17327650568691068-466: A similar latitude, or even farther south. With an average of 1900 hours of sunshine per year, it is also one of the sunniest cities in Northern Europe, receiving more sunshine than Paris, London and a few other major European cities of a more southerly latitude. Because of the urban heat island effect and the prevailing wind travelling overland rather than sea during summer months, Stockholm has
1157-687: A third of the country's GDP , and is among the top 10 regions in Europe by GDP per capita . Considered a global city , it is the largest in Scandinavia and the main centre for corporate headquarters in the Nordic region. The city is home to some of Europe's top-ranking universities, such as the Karolinska Institute (medicine), KTH Royal Institute of Technology , Stockholm School of Economics and Stockholm University . It hosts
1246-420: A wide range of financial services , for example relating to mergers and acquisitions , public offerings , or corporate actions ; or which participate in other areas of finance , such as private equity , hedge funds , and reinsurance . Ancillary financial services include rating agencies , as well as provision of related professional services , particularly legal advice and accounting services. As of
1335-1212: A working paper on OFCs, but which also proposed a taxonomy on classifying the various types of global financial centres, which they listed as follows (with the description and examples they noted as typical of each category, also noted): The IMF noted that the three categories were not mutually exclusive and that various locations could fall under the definition of an OFC and an RFC, in particular (e.g. Singapore and Hong Kong were cited). International Financial Centres, and many Regional Financial Centres, are full–service financial centres with direct access to large capital pools from banks, insurance companies, investment funds, and listed capital markets, and are major global cities . Offshore Financial Centres, and also some Regional Financial Centres, tend to specialise in tax-driven services, such as corporate tax planning tools , tax–neutral vehicles, and shadow banking / securitisation , and can include smaller locations (e.g. Luxembourg ), or city-states (e.g. Singapore). Since 2010, academics consider Offshore Financial Centres synonymous with tax havens . The IMF noted that OFCs could be set up for legitimate purposes (listing various reasons), but also for what
1424-523: Is twinned with: Stockholm Stockholm ( Swedish: [ˈstɔ̂kː(h)ɔlm] ) is the capital and most populous city of the Kingdom of Sweden , as well as the largest urban area in the Nordic countries . Approximately 1 million people live in the municipality , with 1.6 million in the urban area , and 2.4 million in the metropolitan area . The city stretches across fourteen islands where Lake Mälaren flows into
1513-580: Is Sweden's primary financial centre , one of the largest in Scandinavia, and hosts several of Sweden's largest companies. Furthermore, the headquarters of most of Sweden's largest banks are in Stockholm. Stockholm is one of Europe's major tech centres; the city has sometimes been called Europe's innovation hub. The Stockholm region has a GDP of around $ 180 billion, and Stockholm County has the highest GDP per capita of all counties in Sweden . Stockholm
1602-458: Is a diverse range of financial centres worldwide. While New York and London often stand out as the leading global financial centres, other established financial centres provide significant competition and several newer financial centres are developing. Despite this proliferation of financial centres, academics have discussed evidence showing increasing concentration of financial activity in the largest national and international financial centres in
1691-686: Is a location with a significant concentration of participants in banking asset management , insurance , and financial markets , with venues and supporting services for these activities to take place. Participants can include financial intermediaries (such as banks and brokers), institutional investors (such as investment managers, pension funds , insurers, and hedge funds ), and issuers (such as companies and governments). Trading activity can take place on venues such as exchanges and involve clearing houses , although many transactions take place over-the-counter (OTC), directly between participants. Financial centres usually host companies that offer
1780-543: Is also responsible for financial administration and long-term development. The City Executive Board consists of 13 members, who represent both the majority and the opposition. Its meetings are not open to the public. Stockholm City Hall is one of the city's key landmarks, built in the National Romantic Style at the beginning of the twentieth century. Hosting the Nobel Prizes and the government of
1869-726: Is an administrative unit defined by geographical borders. The semi-official name for the municipality is City of Stockholm ( Stockholms stad in Swedish). As a municipality, the City of Stockholm is subdivided into district councils, which carry responsibility for primary schools, social, leisure and cultural services within their respective areas. The municipality is usually described in terms of its three main parts: Innerstaden ( Stockholm City Centre ), Söderort (Southern Stockholm) and Västerort (Western Stockholm). The districts of these parts are: The modern centre Norrmalm (concentrated around
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#17327650568691958-572: Is based on export-oriented services, often towards larger, nearby European markets like Poland or Germany. Tourism is a major industry in Stockholm. Research and higher education in the sciences started in Stockholm in the 18th century, with education in medicine and various research institutions such as the Stockholm Observatory . The medical education was eventually formalised in 1811 as Karolinska Institutet . KTH Royal Institute of Technology ( Swedish: Kungliga Tekniska högskolan )
2047-513: Is projected to reach 1,079,213 by 2030. Of the inhabitants, 482,982 were men and 492,569 women. The average age is 39 years; 40.1% of the population is between 20 and 44 years. The marimonial statistics are that 411,273 people, or 42.2% of the population, over the age 15 were unmarried; 268,291 people, or 27.5% of the population, were married; and 104,099 or 10.7% of the population, had been married but divorced. As of December 2021, there were 252,750 foreign-born people in Stockholm, making up 25.8% of
2136-490: Is some of the best preserved rock art from the Bronze Age present in central Sweden. The city of Enköping itself dates its history back to the 13th century but the city itself did not emerge until about 1250. Enköping was then as now situated by the rich farmlands close to lake Mälaren , leading to a wealthy rural population. The city has also always been a major crossroads for commerce, and excellent communications signify
2225-530: Is the name of the local assembly. Its 101 councillors are elected concurrently with general elections , held at the same time as the elections to the Riksdag and county councils . The Council convenes twice every month at Stockholm City Hall , and the meetings are open to the public. The matters on which the councillors decide have generally already been drafted and discussed by various boards and committees. Once decisions are referred for practical implementation,
2314-743: Is the official residence and principal workplace of the Swedish monarch, while Drottningholm Palace in neighbouring Ekerö serves as the Royal Family 's private residence. Stockholm's location appears in Norse sagas as Agnafit , and in Heimskringla in connection with the legendary king Agne . Birka , located near Stockholm, was one Sweden's major trade centres during the Viking Age , and its restored remains are one of Stockholm County 's most-visited sites. The earliest written mention of
2403-777: Is the seat of the Swedish government and most of its agencies , including the highest courts in the judiciary , and the official residences of the Swedish monarch and the Prime Minister . The government has its seat in the Rosenbad building, the Riksdag (Swedish parliament) is seated in the Parliament House , and the Prime Minister's residence is adjacent at the Sager House . Stockholm Palace
2492-459: The Age of Enlightenment in the late eighteenth century, the city flourished. The new monarch, Gustav III , proved an able and energetic regnant; his economic policies helped the Swedish economy develop, and his partially successful war against Russia restored some of Sweden's international reputation. The king was an avid patron of the arts, and scientists and cultural figures flocked to Stockholm on
2581-616: The Baltic Sea . Outside the city to the east, and along the coast, is the island chain of the Stockholm archipelago . The area has been settled since the Stone Age , in the 6th millennium BC, and was founded as a city in 1252 by Swedish statesman Birger Jarl . The city serves as the county seat of Stockholm County . Stockholm is the cultural, media, political, and economic centre of Sweden. The Stockholm region alone accounts for over
2670-890: The Global Financial Centres Index and the Xinhua–Dow Jones International Financial Centres Development Index . The Global Financial Centres Index ("GFCI") is compiled semi-annually by the London -based think tank Z/Yen in conjunction with the Shenzhen -based think tank China Development Institute . The 36th edition of the GFCI was published in September 2024. Old finance centres such as Amsterdam, London, Paris, and New York have long histories . Today there
2759-650: The Hanseatic League . Stockholm developed strong economic and cultural linkages with Lübeck , Hamburg , Gdańsk (Danzig), Visby , Tallinn (Reval), and Riga during this time. The strategic and economic importance of the city made Stockholm an important factor in relations between the Danish Kings of the Kalmar Union and the Swedish national independence movement in the fifteenth century and early sixteenth century. The Danish King Christian II
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2848-584: The Italian city-states (such as Venice and Genoa ) of the late medieval and early Renaissance periods while Florence can be said to be the birthplace of double-entry bookkeeping from the publication and proliferation of the work of Luca Pacioli . In the sixteenth century, the overall economic supremacy of the Italian city-states gradually waned, and the centre of financial activities in Europe shifted to
2937-464: The Low Countries , first to Bruges , and later to Antwerp and Amsterdam which acted as Entrepôt cities. They also became important centres of financial innovation, capital accumulation and investment. By the early 1800s, London officially replaced Amsterdam as the world's leading financial centre. London and Paris were the world's only prominent financial centres throughout most of
3026-493: The Stockholm Observatory , were founded. The early nineteenth century saw a major economic decline of Stockholm and Sweden as a whole, but by the second half of the nineteenth century, Stockholm had regained its leading economic role. New industries emerged with industrialisation and Stockholm was transformed into an important trade and service centre as well as a key gateway point within Sweden. The population also grew dramatically during this time, mainly through immigration . At
3115-528: The Swedish Museum of Natural History , as well as the botanical garden Bergianska trädgården . The Stockholm School of Economics , founded in 1909, is one of the few private institutions of higher education in Sweden, and is generally reckoned one of the most prestigious business schools in the world. In the fine arts , educational institutions include the Royal College of Music , which has
3204-606: The 11th century in the Kingdom of England at the annual fair of St. Giles and in the Kingdom of Germany at the Frankfurt autumn fair, then developed in medieval France during the Champaign Fairs. The first real international financial centre was the city state of Venice which slowly emerged from the 9th century to its peak in the 14th century. Tradable bonds as a commonly used type of security, were invented by
3293-504: The 16th century. In 1625, the Great Stockholm Fire of 1625 destroyed the southwestern section of Stadsholmen , an island in the centre of Stockholm. The amount of destruction led to the beginning of the demolition of the Stockholm walls. Today, most of the younger city walls cannot be found anywhere above ground. However, parts of the northern city walls are preserved in the modern Museum of Medieval Stockholm . In 1710,
3382-595: The 19th century. After 1870, Berlin and New York grew to become major financial centres mainly serving their national economies. An array of smaller international financial centres found market niches , such as Amsterdam, Brussels , Zurich , and Geneva . London was the leading international financial centre in the four decades before World War I . Since then, New York and London have developed leading positions in different activities and some non-Western financial centres have grown in prominence, notably Tokyo , Hong Kong , Singapore and Shanghai . London has been
3471-604: The 2024 edition of the Global Financial Centres Index , New York City , London and Hong Kong ranked top 3 globally, while other well known financial centres include Singapore , Shanghai , Frankfurt and Tokyo , amongst others. In April 2000, the Financial Stability Forum ("FSF"), concerned about OFCs on global financial stability produced a report listing 42 OFCs. In June 2000, the International Monetary Fund (IMF) published
3560-483: The 20th century London played an important role in the development of new financial products such as the Eurodollar and Eurobonds in the 1960s, international asset management and international equities trading in the 1980s, and derivatives in the 1990s. London continues to maintain a leading position as a financial centre in the 21st century, and maintains the largest trade surplus in financial services around
3649-477: The 21st century. Others have discussed the ongoing dominance of New York and London, and the role linkages between these two financial centres played in the financial crisis of 2007–08 . Comparisons of financial centres focus on their history, role and significance in serving national, regional and international financial activity. Each centre's offering includes differing legal, tax and regulatory environments. One journalist suggested three factors for success as
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3738-549: The British Virgin Islands, and Bermuda, represent all the major OFCs. Some also appear as RFCs in various lists, particularly Hong Kong, and Singapore. They also appear on most lists of major tax havens , and on lists of the largest Conduit and Sink OFCs in the world. In some lists, RFCs such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs, however, they do not appear in all lists. They are certainly major RFCs. Primitive financial centres started in
3827-712: The City Executive Board. The Mayor holds a special position among the Vice Mayors, chairing both the Council of Mayors and the City Executive Board. The City Executive Board ( Swedish : Kommunstyrelsen ) is elected by the City Council and is equivalent to a cabinet . The City Executive Board renders an opinion in all matters decided by the council and bears the overall responsibility for follow-up, evaluation and execution of its decisions. The Board
3916-474: The Conduit OFC's extensive networks of global bilateral tax treaties . Because Sink OFCs are more closely associated with traditional tax havens, they tend to have more limited treaty networks and access to global higher–tax locations. Prior to the 1960s, there was little data available to rank financial centres. In recent years many rankings have been developed and published. Two of the most relevant are
4005-616: The European Union. The Stockholm Stock Exchange , founded in 1863, is the largest stock exchange in the Nordic Countries measured by market capitalisation, listing numerous multinational Swedish companies. Trade is a vital part of Stockholm's economy; the city's corporations are largely reliant on foreign consumers to supplement the small Swedish market. Stockholm is one of the Baltic Sea's larger ports, hosting especially cruise ships and yachts. Most of Stockholm's economy
4094-500: The IMF called dubious purposes , citing tax evasion and money–laundering. In 2007, the IMF produced the following definition of an OFC: a country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy . The FSF annual reports on global shadow banking use the IMF definition to track the OFCs with
4183-517: The academic lists of tax havens include all the FSF–IMF OFCs). In July 2017, a study by the University of Amsterdam 's CORPNET group, broke down the definition of an OFC into two subgroups, Conduit and Sink OFCs : Sink OFCs rely on Conduit OFCs to re–route funds from high–tax locations using base erosion and profit shifting ("BEPS") tax planning tools, which are encoded, and accepted, in
4272-621: The annual Nobel Prize ceremonies and banquet at the Stockholm Concert Hall and Stockholm City Hall . One of the city's most prized museums, the Vasa Museum , is the most visited museum in Scandinavia. The Stockholm metro , opened in 1950, is well known for the decor of its stations; it has been called the longest art gallery in the world. The city was the host of the 1912 Summer Olympics , and has played host to several other international sports events since. Stockholm
4361-568: The autumn the leaves change color. During the winter months, the trees lose their leaves. For details about the other municipalities in the Stockholm area, see the pertinent articles. North of Stockholm Municipality: Järfälla , Solna , Täby , Sollentuna , Lidingö , Upplands Väsby , Österåker , Sigtuna , Sundbyberg , Danderyd , Vallentuna , Ekerö , Upplands-Bro , Vaxholm , and Norrtälje . South of Stockholm: Huddinge , Nacka , Botkyrka , Haninge , Tyresö , Värmdö , Södertälje , Salem , Nykvarn and Nynäshamn . Stockholm Municipality
4450-585: The city consist of fourteen islands that are continuous with the Stockholm archipelago . The geographical city centre is situated on the water, in Riddarfjärden bay. Over 30% of the city area is made up of waterways and another 30% is made up of parks and green spaces. Positioned at the eastern end of the Central Swedish lowland and near the Bergslagen region, the city's location reflects
4539-595: The city even today: The Mälar Railline ( Mälarbanan ) and the E18 highway provide ample means of travelling to the nearby major cities of Stockholm and Västerås . The city has several manufacturing industries, a hospital and the Swedish Armed Forces command and control an army electronic warfare centre Ledningsregementet ( LedR ). The following sports clubs are located in Enköping: Enköping
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#17327650568694628-455: The city is said to have been founded by Birger Jarl to protect Sweden from sea invasions made by Karelians after the pillage of Sigtuna on Lake Mälaren in the summer of 1187. Stockholm's core, the present Old Town ( Gamla Stan ) was built on the central island next to Helgeandsholmen from the mid-13th century onward. The city originally rose to prominence as a result of the Baltic trade of
4717-478: The city of Stockholm, it is one of Sweden's most important buildings. As the primary financial centre in Sweden, Stockholm is an influential hub for trade, finance and technology in Europe , and one of Scandinavia's largest financial centres. The Stockholm region is the leading region in Sweden by both GDP and GDP per capita, and is amongst the ten wealthiest regions in the European Union when measured by
4806-415: The current municipal area. In the ensuing decades several other areas were incorporated (such as Brännkyrka Municipality in 1913, at which time it had 25,000 inhabitants, and Spånga in 1949). The municipal border was established in 1971; with the exception of Hansta, in 1982 purchased by Stockholm Municipality from Sollentuna Municipality and today a nature reserve. The population was 984,748 in 2022 and
4895-646: The design school Konstfack , founded in 1844, the University College of Opera (founded in 1968 but with older roots), the University College of Dance , and the Stockholms Musikpedagogiska Institut (the University College of Music Education). The Södertörn University was founded in 1995 as a multi-disciplinary institution for southern Metropolitan Stockholm , to balance the many institutions located in
4984-643: The early orientation of Swedish trade toward the Baltic region. Stockholm belongs to the Temperate deciduous forest biome, which means the climate is very similar to that of the far northeastern area of the United States and coastal Nova Scotia in Canada . The average annual temperature is 7.9 °C (46 °F). The average rainfall is 531 mm (21 in) per year. The deciduous forest has four distinct seasons, spring, summer, autumn, and winter. In
5073-499: The employees of the City administrations and companies take over. The elected majority has a Mayor and eight Vice Mayors. The Mayor and each majority Vice Mayor is the head of a department, with responsibility for a particular area of operation, such as City Planning. The opposition also has four Vice Mayors, but they hold no executive power. Together the Mayor and the 12 Vice Mayors form the Council of Mayors, and they prepare matters for
5162-505: The end of the nineteenth century, less than 40% of the residents were Stockholm-born, with most migrants being from poorer rural Sweden; major settlement began to expand outside the historical city limits. The nineteenth century also saw the establishment of a number of scientific institutes and universities, including the Karolinska Institutet and KTH Royal Institute of Technology . The General Art and Industrial Exposition
5251-416: The focus of new worldwide growth. One source described New York as extending its lead as the world's centre of finance in September 2018; according to Reuters , the think-tank New Financial concluded the "raw" value of domestic and international financial activity like managing assets and issuing equity underscored the position of New York as the world's leading financial centre. New York City remains
5340-458: The lack of student accommodations, the difficulty in finding other accommodations and the high rent. The Stockholm region is home to around 22% of Sweden's total population, and accounts for about 29% of its gross domestic product . The geographical notion of "Stockholm" has changed over time. By the turn of the 19th century, Stockholm largely consisted of the area today known as City Centre, roughly 35 km (14 sq mi) or one-fifth of
5429-599: The largest centre for trading in public equity and debt capital markets , driven in part by the size and financial development of the U.S. economy . The NYSE and NASDAQ are the two largest stock exchanges in the world. New York also leads in hedge fund management; private equity ; and the monetary volume of mergers and acquisitions . Several investment banks and investment managers headquartered in New York City are important participants in other financial centres. The New York Federal Reserve Bank ,
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#17327650568695518-419: The largest financial centres relative to their domestic economies. Progress from 2000 onwards from IMF – OECD – FATF initiatives on common standards, regulatory compliance , and banking transparency, has reduced the regulatory attraction of OFCs over IFCs and RFCs. Since 2010, academics considered the services of OFCs to be synonymous with tax havens , and use the term OFC and tax haven interchangeably (e.g.
5607-399: The largest investment firms in Europe are headquartered in the city, including Investor AB and Nordstjernan ; also headquartered in Stockholm is EQT AB . Stockholm is one of continental Europe's leading hubs for the technology industry; this influential industry is based in Kista , a suburb in northern Stockholm which is Europe's largest Informations and Technology cluster. Stockholm has
5696-417: The largest within the Federal Reserve System , regulates financial institutions and implements U.S. monetary policy , which in turn influences the world's economy. The three major global credit rating agencies – Standard and Poor's , Moody's Ratings , and Fitch Ratings – are headquartered or co–headquartered in New York City, with Fitch being co–headquartered in London. In Asia , Tokyo emerged as
5785-513: The latter. Many of Sweden's largest companies are headquartered in the city; they are drawn by its central location, skilled workforce and preeminent financial sector. These companies include some of the Nordic region 's most valuable corporations, like Ericsson , which is one of the world's largest telecommunications companies, or Atlas Copco , which is one of the world's largest industrial companies; other large companies based in Stockholm include Electrolux , H&M and Securitas AB . Some of
5874-404: The modernism and functionalism movements survived this era of demolition. Throughout the century, many industries shifted away from industrial activities into more high-tech and service industry areas, which still dominate the city's economy today. Stockholm's metropolitan area has become one of the fastest-growing regions in Europe. In 2020 alone, Stockholm's population increased by 1,477. As
5963-435: The most precipitation falling in December and January (as either rain or snow). The average winter temperatures range from −3 to −1 °C (27 to 30 °F), and occasionally drop below −20 °C (−4 °F) in the outskirts of the city. Spring and autumn are generally cool to mild. The climate table below presents weather data from the years 1991–2020. According to ongoing measurements, the temperature has increased during
6052-437: The name Stockholm dates from 1252, by which time the mines in Bergslagen made it an important site in the iron trade. The first part of the name ( stock ) means log in Swedish, although it may also be connected to an old German word ( Stock ) meaning fortification . The second part of the name ( holm ) means islet and is thought to refer to the islet Helgeandsholmen in central Stockholm. According to Erik's Chronicle
6141-482: The northern part of the region. Other institutes of higher education include the Military Academy Karlberg , the world's oldest military academy to remain in its original location, inaugurated in 1792 and housed in Karlberg Palace ; there is also the Swedish Defence University , Ersta Sköndal University College , Swedish School of Sport and Health Sciences and the University College Stockholm . The biggest complaints from students of higher education in Stockholm are
6230-426: The number of daylight hours is relatively small during winter – about six hours – while in June and the first half of July, the nights are relatively short, with about 18 hours of daylight. Due to its eastern position within Sweden's respective time zone, sunsets occur as early as 2:46 PM in mid-December. Around the summer solstice the sun never reaches further below the horizon than 7.3 degrees. This gives
6319-513: The population. Around 57.5% of them (143,167) immigrated to Sweden when they were at least 10 years old, and 109,213 (43.9%) of them were foreign citizens. The largest nationality groups among the foreign-born people were the Iraqis (16,137), followed by Finns (15,693), Iranians (12,329) and Poles (11,569). Of the population, 336,275 residents (34.4%) of Stockholm had a foreign-background. Financial centre A financial centre ( financial center in American English ) or financial hub
6408-535: The queen for several years prior to his death. Inventors, like Christopher Polhem , moved to the city during the time of the Swedish Empire. Academics also spent much time in Stockholm, like Olaus Rudbeck , rector of the Uppsala University . Throughout Sweden's history, walls were created in Stockholm to defend the city from attacks. These defensive walls were modified throughout the 13th to
6497-551: The rise of "partner OFCs" (offshore tax-havens to which funds are routed), such as Taiwan (a major Sink OFC for Asia, and 7th largest global Sink OFC), Mauritius (a major Sink OFC for South Asia, especially India, and Africa, and the 9th largest global Sink OFC). The private nationwide financial system in China was first developed by the Shanxi merchants , with the creation of so-called "draft banks". The first draft bank Rishengchang
6586-702: The second largest concentration of hedge funds (847 according to HedgeLists.com). London benefits from its position between the Asia and U.S. time zones, and benefited from its location within the European Union , although this ended on 31 January 2020 when the United Kingdom left the European Union following the Brexit referendum of 2016. As well as the London Stock Exchange , the Bank of England ,
6675-603: The second most unicorns per capita in the world, after Silicon Valley; the city also has one of the highest startup rates in Europe. Prominent startup technology companies in Stockholm include Mojang , Spotify and Klarna ; the latter two either have been or are among the largest startup companies in the world. Most of Sweden's largest banks are headquartered in the city, including the SEB Group , Handelsbanken and Swedbank ; Nordea had its headquarters in Stockholm until moving to Helsinki in 2018 for legal reasons involving
6764-679: The second oldest central bank, is in London, although the European Banking Authority moved to Paris after Brexit. Since the middle of the 20th century, New York City, represented by Wall Street in Manhattan's Financial District , has been described as a leading financial centre. Over the past few decades, with the rise of a multipolar world with new regional powers and global capitalism , numerous financial centres have challenged Wall Street, particularly London and several in Asia, which some analysts believe will be
6853-495: The sky a bright blue colour in summer once the sun has set because it does not get any darker than nautical twilight . Also, when looking straight up towards the zenith , few stars are visible after the sun has gone down. This is not to be confused with the midnight sun , which occurs north of the Arctic Circle , around 7 degrees farther north. The Stockholm Municipal Council ( Swedish : Stockholms kommunfullmäktige )
6942-452: The town square Sergels torg ) is the largest shopping district in Sweden . It is the most central part of Stockholm in business and shopping. Stockholm has a humid continental climate in the 0 °C isotherm ( Köppen : Dfb ) bordering on an oceanic climate ( Cfb ) in the -3 °C isotherm. Although winters are cold, average temperatures generally remain above 0 °C for much of
7031-918: The warmest July months of the Nordic capitals. Stockholm has an annual average snow cover between 75 and 100 days. Despite its mild climate, Stockholm is located further north than parts of Canada that are above the Arctic tree line at sea level. Summers average daytime high temperatures of 20–25 °C (68–77 °F) and lows of around 13 °C (55 °F), but temperatures can reach 30 °C (86 °F) on some days. Days above 30 °C (86 °F) occur on average 1.55 days per year (1992–2011). Days between 25 °C (77 °F) and 30 °C (86 °F) are relatively common especially in July and August. Night-time lows of above 20 °C (68 °F) are rare, and hot summer nights vary from 17 to 18 °C (63 to 64 °F). Winters generally bring cloudy weather with
7120-475: The world. However, like New York, it faces new competitors including fast-rising eastern financial centres such as Hong Kong and Shanghai. London is the largest centre for derivatives markets , foreign exchange markets , money markets , issuance of international debt securities , international insurance , trading in gold, silver and base metals through the London bullion market and London Metal Exchange , and international bank lending . London has
7209-399: The year. Summers are pleasantly warm, and precipitation occurs throughout the year. Due to the city's high northerly latitude, the length of the day varies widely from more than 18 hours around midsummer to only around 6 hours in late December. The nights from late May until mid-July are not completely dark even when cloudy. Stockholm has relatively mild weather compared to other locations at
7298-457: The year. The precipitation is not uniformly distributed throughout the year. The second half of the year receives 50% more than the first half. Snowfall occurs mainly from December through March. Snowfall may occasionally occur in late October as well as in April. In Stockholm, the aurora borealis can occasionally be observed. Stockholm's location just south of the 60th parallel north means that
7387-506: The years 1991–2020 as compared with the last series, from 1961 to 1990. This increase averages about 1.0 °C (1.8 °F) over all months. Warming is most pronounced during the winter months, with an increase of more than 2.0 °C (3.6 °F) in January. For the 2002–2014 measurements some further increases have been found, although some months such as June have been relatively flat. The highest temperature ever recorded in Stockholm
7476-464: Was 36 °C (97 °F) on 3 July 1811; the lowest was −32 °C (−26 °F) on 20 January 1814. The temperature has not dropped to below −25.1 °C (−13.2 °F) since 10 January 1987. The warmest month ever recorded was July 2018 with a mean temperature of 22.5 °C (72.5 °F) which is also the nationwide record. Annual precipitation is 546.4 mm (21.51 in) with around 170 wet days and light to moderate rainfall throughout
7565-602: Was able to enter the city in 1520 and on 8 November of that year, a massacre of opposition figures called the Stockholm Bloodbath took place and set off further uprisings that eventually led to the breakup of the Kalmar Union with the attainment of Swedish independence. With the accession of Gustav Vasa in 1523 and the establishment of royal power, the population of Stockholm began to grow, reaching 10,000 by 1600. The seventeenth century saw Sweden grow into
7654-592: Was created in 1823 in Pingyao . Some large draft banks had branches in Russia, Mongolia and Japan to facilitate the international trade. Throughout the nineteenth century, the central Shanxi region became the de facto financial centres of Qing China. With the fall of Qing Dynasty, the financial centres gradually shifted to Shanghai , mainly due to its geographical location at the estuary of the Yangtze River and to
7743-473: Was founded in 1827 and is Scandinavia's largest higher education institute of technology with 13,000 students; it is Sweden's foremost polytechnic, and spearheaded several governmental research projects in the twentieth century. Stockholm University , founded in 1878 with university status granted in 1960, has 52,000 students as of 2008 . It also incorporates historical institutions, such as the Observatory,
7832-553: Was held in 1897, drawing international attention. From 1887 to 1953 the Old Stockholm telephone tower was a landmark; originally built to link phone lines, it became redundant after these were buried, and it was later used for advertising before its demolition in the twentieth century. The early twentieth century also saw the creation of the Nobel Prizes , some of Stockholm's most renowned institutions. Stockholm became
7921-479: Was replaced eventually by Stockholm Palace ; the time of the Swedish Empire also saw several architectural modernisations of the city. The beginning of the Swedish Empire saw a renaissance in the arts and sciences; the new queen, Christina , was a strong supporter of science and culture. Réne Descartes , one of the most prominent European philosophers of his time, died in Stockholm; he had been hosted by
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