131-440: Skandia is a Swedish financial services corporation that provides insurance , banking and asset management services. Between 2006 and 2015, the financial group underwent major changes. From an insurance company with the main emphasis on non-life insurance to a business that is globally focused on savings, to once again becoming a Nordic banking and insurance group with a focus on security and long-term savings. In February 2006,
262-492: A Nordic social welfare system that provides universal health care and tertiary education for its citizens. It has the world's 14th highest GDP per capita and ranks very highly in quality of life , health , education , protection of civil liberties , economic competitiveness, income equality , gender equality and prosperity . Sweden joined the European Union on 1 January 1995 and NATO on 7 March 2024. It
393-577: A UN-mandated no-fly zone over Libya during the Arab Spring . In addition, there was extensive cooperation with other European countries in the area of defence technology and defence industry; some Swedish-made weaponry was used by Coalition militaries in Iraq. In response to the 2022 Russian invasion of Ukraine , Sweden moved to formally join NATO, alongside Finland. After many months of delays caused by
524-441: A fiscal crisis in the early 1990s. Sweden's GDP declined by around 5%. In 1992, a run on the currency caused the central bank to briefly increase interest rates to 500%. The response of the government was to cut spending and institute a multitude of reforms to improve Sweden's competitiveness, among them reducing the welfare state and privatising public services and goods. A referendum passed with 52.3% in favour of joining
655-518: A military campaign against Norway on 27 July 1814, ending in the Convention of Moss , which forced Norway into a personal union with Sweden under the Swedish crown, which lasted until 1905. The 1814 campaign was the last time Sweden was at war. The Swedish East India Company began in 1731. The obvious choice of home port was Gothenburg at Sweden's west coast, the mouth of Göta älv river
786-473: A personal union under King Magnus Eriksson, the grandson of King Magnus Ladulås of Sweden and of King Haakon V of Norway. Magnus Eriksson also ruled Scania from 1332 to 1360. In the mid-14th century, Sweden was struck by the Black Death . The population of Sweden and most of Europe was decimated. The population did not reach its pre-1348 levels until the beginning of the 19th century, with one third of
917-430: A 20-kronor note was introduced. All remaining one krona banknotes became invalid after 31 December 1987. All remaining five krona and ten krona banknotes became invalid after 31 December 1998. An exhaustive list of every banknote design since 1874 is not included, but the following five designs were or will be retired in 2016–2017. The oldest design began to be printed in 1985. A 20-kronor banknote (a new denomination)
1048-443: A distinct period of winter. The northern parts of the country have a subarctic climate while the central parts have a humid continental climate . The coastal south can be defined as having either a humid continental climate using the 0 °C isotherm, or an oceanic climate using the -3 °C isotherm. Swedish krona The krona ( Swedish: [ˈkrûːna] ; plural: kronor ; sign : kr ; code : SEK )
1179-457: A low population density of 25.5 inhabitants per square kilometre (66/sq mi); 88% of Swedes reside in urban areas. They are mostly in the central and southern half of the country. Sweden's urban areas together cover 1.5% of its land area. Sweden has a diverse climate owing to the length of the country, which ranges from 55°N to 69°N . Sweden has been inhabited since prehistoric times , c. 12,000 BC . The inhabitants emerged as
1310-464: A new series of coins with new sizes to replace the 1-krona and 5-kronor coins; the new coins arrived in October 2016. The design of the coins follows the theme of singer-songwriter Ted Gärdestad 's song, " Sol, vind och vatten " (English: "Sun, wind and water"), with the designs depicting the elements on the reverse side of the coins. This also included the reintroduction of the 2-kronor coin, while
1441-711: A partly mutual assurer, in an all-cash deal for £2.1bn. Skandia UK, Skandia International and the Skandia European businesses outside the Nordic region were rebranded as 'Old Mutual Wealth' in September 2014. Following the sale of Skandia in Sweden, Denmark and Norway, the Skandia brand operates independently of Old Mutual . Skandia UK was the title sponsor of the world’s largest sailing regatta, Cowes Week, held on
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#17327829609681572-401: A portrait of the singer Jenny Lind and on the reverse was a picture of a silver harp and its tonal range. The banknote became invalid after 31 December 2013. A more secure version with the same portrait was printed from 2006 to 2011 and became invalid after 30 June 2016. A 100-kronor banknote (3rd design since 1898) was printed 1986–2000 with a portrait of the botanist Carl Linnaeus and on
1703-494: A rapid population growth. These innovations included government-sponsored programmes of enclosure , aggressive exploitation of agricultural lands, and the introduction of new crops such as the potato. The Swedish farming culture began to take on a critical role in Swedish politics, which has continued through modern times with modern Agrarian party (now called the Centre Party). Between 1870 and 1914, Sweden began developing
1834-417: A reasonable smallest denomination coin was 1 öre. A 10 kr gold coin weighed 4.4803 grams with 900 fineness so that the fine weight was 4.03327 grams or exactly 1/248th of a kilogram. In 1902, production of gold coins ceased, and was briefly restarted in 1920 and 1925 before ceasing entirely. Due to metal shortages during World War I , iron replaced bronze between 1917 and 1919. Nickel-bronze replaced silver in
1965-457: A series of Crusades to pagan Finland and started conflicts with the Rus' , who by then had no further connections with Sweden. The Swedish colonisation of the coastal areas of Finland began in the 12th and 13th centuries. By the 14th century, this colonisation became more organised, and by the end of the century, several of the coastal areas of Finland were inhabited mostly by Swedes. Except for
2096-621: A significant percentage. According to Bank for International Settlements the last year Sweden was surpassed in cash on a per capita basis converted to United States dollars by the US in 1993, the Euro Area in 2003, Australia in 2007, Canada in 2009, United Kingdom and Saudi Arabia in 2013, South Korea in 2014, Russia in 2016, and Mexico in 2019. As of 2019 Sweden was still circulating more cash per person (converted to USD) than Argentina, Brazil, Turkey, India, Indonesia, and South Africa. The tables show
2227-622: A sword, and a knife, and keeps each by him at all times. The swords are broad and grooved, of Frankish sort. The actions of these Swedish Vikings are commemorated on many runestones in Sweden, such as the Greece runestones and the Varangian runestones . There was also considerable participation in expeditions westwards, which are commemorated on stones such as the England runestones . The last major Swedish Viking expedition appears to have been
2358-486: Is a legally-enforced method of rounding off change, up or down, to the nearest unit of physical currency, while retaining the öre as pricing and accounting unit. It was required in conjunction with the phaseout of smaller coins, as follows: In 1971 the 2-kronor coin ceased production. In 1972 the sizes of the 5-öre and 5-kronor coins were reduced. In 1991, aluminium-brass (" Nordic gold ") 10-kronor coins were introduced; previous 10-kronor coins are not legal tender. In
2489-889: Is also a member of the United Nations , the Schengen Area , the Council of Europe , the Nordic Council , the World Trade Organization and the Organisation for Economic Co-operation and Development (OECD). The name for Sweden is generally agreed to derive from the Proto-Indo-European root * s(w)e , meaning "one's own", referring to one's own tribe from the tribal period. The native Swedish name, Sverige (a compound of
2620-506: Is covered with forests. The highest population density is in the Öresund Region in southern Sweden, along the western coast up to central Bohuslän, and in the valley of lake Mälaren and Stockholm. Gotland and Öland are Sweden's largest islands ; Vänern and Vättern are its largest lakes. Vänern is the third largest in Europe, after Lake Ladoga and Lake Onega in Russia. Combined with
2751-605: Is gained from the people and all the major parties. Therefore, the timing is now at the discretion of the Social Democrats . He added, the request of Mona Sahlin , former leader of the Social Democratic Party, for deferral of a new referendum until after the 2010 mandate period should be respected. As of 2014 , support for Swedish membership of the euro among the general population is low. In September 2013, support fell as low as 9%. The only party in
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#17327829609682882-407: Is required to join the eurozone and therefore must convert to the euro once the convergence criteria are met. Notwithstanding this, on 14 September 2003, a consultative Swedish referendum was held on the euro, in which 56% of voters were opposed to the adoption of the currency, out of an overall turnout of 82.6%. The Swedish government has argued such a course of action is possible since one of
3013-489: Is sometimes considered as the foundation of modern Sweden . Shortly afterwards the new king rejected Catholicism and led Sweden into the Protestant Reformation . The term riksdag was used for the first time in the 1540s, although the first meeting where representatives of different social groups were called to discuss and determine affairs affecting the country as a whole took place as early as 1435, in
3144-668: Is the currency of the Kingdom of Sweden . It is one of the currencies of the European Union . Both the ISO code "SEK" and currency sign "kr" are in common use for the krona; the former precedes or follows the value, the latter usually follows it but, especially in the past, it sometimes preceded the value. In English, the currency is sometimes referred to as the Swedish crown , as krona means " crown " in Swedish. The Swedish krona
3275-402: Is very wide and has the county's largest and best harbour for high-seas journeys. The trade continued into the 19th century, and caused the little town to become Sweden's second city. Between 1750 and 1850, the population in Sweden doubled. According to some scholars, mass emigration to America became the only way to prevent famine and rebellion; over 1% of the population emigrated annually during
3406-572: The Svear and the Götar (Geats) of Götaland were united under a single ruler. In the former case, Svealand was first mentioned as having one single ruler in the year 98 by Tacitus, but it is almost impossible to know for how long it had been this way. The epic poem Beowulf describes semi-legendary Swedish-Geatish wars in the sixth century. However, historians typically start the line of Swedish monarchs from when Svealand and Götaland were ruled under
3537-502: The 2013 Stockholm riots . In response to these violent events, the anti-immigration opposition party, the Sweden Democrats , promoted their anti-immigration policies, while the left-wing opposition blamed growing inequality caused by the centre-right government's socioeconomic policies. Sweden was heavily affected by the 2015 European migrant crisis , eventually forcing the government to tighten regulations of entry to
3668-568: The Allerød oscillation , a warm period around 12,000 BC, with Late Palaeolithic reindeer -hunting camps of the Bromme culture at the edge of the ice in what is now the country's southernmost province, Scania . This period was characterised by small clans of hunter-gatherers who relied on flint technology. Sweden and its people were first described by Publius Cornelius Tacitus in his Germania (98 AD). In Germania 44 and 45 he mentions
3799-616: The Baltic Sea and Gulf of Bothnia , providing a long coastline, and forms the eastern part of the Scandinavian Peninsula . To the west is the Scandinavian mountain chain ( Skanderna ), a range that separates Sweden from Norway. Finland is located to its north-east. It has maritime borders with Denmark, Germany, Poland, Russia, Lithuania , Latvia and Estonia , and it is also linked to Denmark (south-west) by
3930-643: The Baltic countries , Russia, Belarus, Ukraine, the Black Sea and even as far as Baghdad . Their routes passed through the Dnieper south to Constantinople , on which they carried out numerous raids. The Byzantine Emperor Theophilos noticed their great skills in war, and invited them to serve as his personal bodyguard, known as the Varangian Guard . The Swedish Vikings, called Rus are believed to be
4061-512: The Battle of Nördlingen in 1634, Sweden's only significant military defeat of the war, pro-Swedish sentiment among the German states faded. These German provinces broke away from Swedish power one by one, leaving Sweden with only a few northern German territories: Swedish Pomerania , Bremen-Verden and Wismar . From 1643 to 1645, during the last years of the war, Sweden and Denmark-Norway fought
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4192-745: The Geats (Swedish: Götar ) and Swedes ( Svear ), which together constituted the sea-faring peoples known as the Norsemen . A unified Swedish state was established during the late 10th century. In 1397, Sweden joined Norway and Denmark to form the Scandinavian Kalmar Union , which Sweden left in 1523. When Sweden became involved in the Thirty Years' War on the Protestant side, an expansion of its territories began, forming
4323-480: The Hanseatic League , and the local Gutes . Småland was of little interest at the time due to its deep pine forests, with only the city of Kalmar and its castle holding any significant importance. There were also Swedish settlements along the southern coastline of Norrland , one of the four lands of Sweden . Saint Ansgar is traditionally credited with introducing Christianity to Sweden in 829, but
4454-585: The House of Bernadotte , taking the regnal name of Charles XIV. Sweden's role in the Battle of Leipzig gave it the authority to force Denmark–Norway, an ally of France, to cede Norway to the King of Sweden on 14 January 1814 in exchange for the northern German provinces, at the Treaty of Kiel . The Norwegian attempts to keep their status as a sovereign state were rejected by the Swedish king, Charles XIII . He launched
4585-528: The Kingdom of Sweden , is a Nordic country located on the Scandinavian Peninsula in Northern Europe . It borders Norway to the west and north, and Finland to the east. At 450,295 square kilometres (173,860 sq mi), Sweden is the largest Nordic country and the fifth-largest country in Europe. The capital and largest city is Stockholm . Sweden has a population of 10.6 million, and
4716-688: The Marshall Plan and participated in the OECD. During most of the post-war era, the country was governed by the Swedish Social Democratic Party largely in co-operation with trade unions and industry. The government actively pursued an internationally competitive manufacturing sector of primarily large corporations. Sweden was one of the founding states of the European Free Trade Area (EFTA). During
4847-656: The Polish–Lithuanian Commonwealth in multiple conflicts. During the Thirty Years' War, Sweden conquered approximately half of the Holy Roman states and defeated the Imperial army at the Battle of Breitenfeld in 1631. Gustavus Adolphus planned to become the new Holy Roman Emperor , ruling over a united Scandinavia and the Holy Roman states, but he was killed at the Battle of Lützen in 1632. After
4978-469: The Riksbank in denominations of 1 krona and 5, 10, 50, 100 and 1,000 kronor. The 1 krona was only initially issued for two years, although it reappeared between 1914 and 1920. In 1939 and 1958, 10,000-kronor notes were issued. Production of the 5-kronor note ceased in 1981, although a coin had been issued since 1972. With the introduction of a 10-krona coin in 1991, production of 10-kronor notes ceased and
5109-703: The Riksdag formally decided to enact the law to abolish 50-öre coins as legal tender. Under that law, the final date payments could be made with 50-öre coins was 30 September 2010. Remaining 50-öre coins could be exchanged at banks until the end of March 2011. After the launch of the current coin series in 2016, all the old kronor coins have been invalid since 2017. They cannot be used for payments, nor can they be exchanged for legal tender at any bank, and are instead instructed to be recycled as metal. Jubilee and commemorative coins have been minted, and those since 1897 are also legal tender. In 1874, notes were introduced by
5240-496: The Riksdag that supports Swedish entry in the euro (as of 2015) is the Liberal Party . Sweden is a wealthy country and in the 1970s and 1980s the value of banknotes and coins per capita was one of the highest in the world. In 1991, the largest banknote worth 10,000kr that was in circulation since 1958 was declared invalid and no longer was legal tender. For a discussion of the financial and banking crisis that hit Sweden in
5371-613: The Swedish Empire , which remained one of the great powers of Europe until the early 18th century. During this era Sweden controlled much of the Baltic Sea . Most of the conquered territories outside the Scandinavian Peninsula were lost during the 18th and 19th centuries. The eastern half of Sweden, present-day Finland, was lost to Imperial Russia in 1809. The last war in which Sweden was directly involved
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5502-479: The Torstenson War . The result of that conflict and the conclusion of the Thirty Years' War helped establish postwar Sweden as a major force in Europe. The Peace of Westphalia in 1648 granted Sweden territories in northern Germany. In the middle of the 17th century, Sweden was the third-largest country in Europe by land area. Sweden reached its largest territorial extent under the rule of Charles X after
5633-475: The Uppsala Synod in 1593 which officially confirmed the modern Church of Sweden as Lutheran . Following his deposition in 1599, Sigismund attempted to reclaim the throne sparing no expense, and hostilities between Poland and Sweden continued for the next hundred years. Sweden rose to prominence on a continental scale during the reign of king Gustavus Adolphus , seizing territories from Russia and
5764-522: The gold standard , with the krona/krone defined as 1 ⁄ 2480 of a kilogram of pure gold. The mutual equivalence of all three currencies ended in World War I when their convertibility to gold was suspended. While their gold parities remained during most of the interwar period, these currencies were generally quoted at varying market rates. On 11 September 2012, the Riksbank announced
5895-575: The treaty of Roskilde in 1658, following Charles X's crossing of the Danish Belts . The foundation of Sweden's success during this period is credited to Gustav I's major changes to the Swedish economy in the 16th century, and his introduction of Protestantism . One-third of the Finnish population died in the devastating Great Famine of 1695–1697 that struck the country. Famine also hit Sweden, killing roughly 10% of Sweden's population. In
6026-408: The Öresund Bridge . Its border with Norway ( 1,619 km long) is the longest uninterrupted border within Europe. Sweden lies between latitudes 55° and 70° N , and mostly between longitudes 11° and 25° E (part of Stora Drammen island is just west of 11°). At 449,964 km (173,732 sq mi), Sweden is the 55th-largest country in the world, the fifth-largest country in Europe, and
6157-722: The Øresund channel, thus closing it to Allied shipping, and allowing the Germans to use Swedish facilities and the Swedish cipher to transmit secret messages to their overseas embassies. Sweden also allowed volunteers to fight alongside the Germans for the White Guards against the Red Guards and Russians in the Finnish Civil War , and briefly occupied Åland in cooperation with the German Empire. As in
6288-421: The 10, 25 and 50 öre in 1920, with silver returning in 1927. Metal shortages due to World War II again led to changes in the Swedish coinage. Between 1940 and 1947, the nickel-bronze 10, 25 and 50 öre were again issued. In 1942, iron again replaced bronze (until 1952) and the silver content of the other coins was reduced. In 1962, cupronickel replaced silver in the 10-öre, 25-öre and 50-öre coins. In 1968,
6419-530: The 10, 25, 50 öre and 1 krona and 2 kronor were in silver, and the 10 and 20 kronor were in gold. Gold 5-kronor coins were added in 1881. In 1873 the Scandinavian Monetary Union currency was fixed so that 2,480 kronor purchased 1 kg of gold. In 2017 the price of gold is 365,289 kronor per kg. So one öre in 1873 bought as much gold as 1.47 kronor in 2017. So if it is reasonable to have the smallest denomination coin 1 krona today, in 1873
6550-473: The 10,000-kronor banknotes a new 1,000-kronor banknotes (of the 4th design / without foil strips) was printed from 1989 to 1991 with a portrait of Gustav Vasa and on the reverse a harvest picture from Olaus Magnus 's Description of the Northern Peoples from 1555. Circulation peaked at over 48 million in 2001. On 15 March 2006, the Riksbank introduced a new, more secure 1,000-kronor banknote with
6681-530: The 17th century, Sweden was engaged in many wars, for example with Poland–Lithuania, with both sides competing for territories of today's Baltic states . The Polish–Swedish War (1626–1629) ended with a ceasefire in Stary Targ ( Truce of Altmark ) on 26 September 1629 that was in favour of the Swedes, to whom Poland ceded the larger part of Livonia together with its important port of Riga . The Swedes also got
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#17327829609686812-486: The 1880s. It is thought that between 1850 and 1910 more than one million Swedes moved to the United States . Nevertheless, Sweden remained poor, retaining a nearly entirely agricultural economy even as Western European countries began to industrialise. Despite the slow rate of industrialisation into the 19th century, many important changes were taking place in the agrarian economy due to constant innovations and
6943-584: The 1960s the EFTA countries were often referred to as the Outer Seven, as opposed to the Inner Six of the then- European Economic Community (EEC). Like many industrialised countries, Sweden entered a period of economic decline and upheaval following the oil embargoes of 1973–74 and 1978–79. In the 1980s several key Swedish industries were significantly restructured. Shipbuilding was discontinued, wood pulp
7074-563: The 2-kronor switched to cupronickel and the 1-krona switched to cupronickel-clad copper (it was replaced entirely by cupronickel in 1982). Nonetheless, all previous mintages of the 1-krona (since 1875) and 2-kronor (since 1876) were still legal tender until 2017, though 2-kronor coins were extremely rarely seen in circulation as they have not been issued since 1971. The 2-kronor coins contained 40% silver until 1966, which meant they had been for several years worth much more than face value, so most have been bought and melted down by arbitrageurs , and
7205-553: The 20th century, people gradually moved into cities to work in factories and became involved in socialist unions. A communist revolution was avoided in 1917, following the re-introduction of parliamentarism , and the country was democratised . Sweden was officially neutral during World War I . However, under pressure from the German Empire , they did take steps which were detrimental to the Allied powers – most notably, mining
7336-693: The Cezanowski family (about EUR 50 million which Michael Wolski cashed in) for 2 years and 6 months jail in Darmstadt, Germany. His wife Karin Wolski, who is a high court judge, resigned on the same day. His wife is driving among others a Bugatti Veyron , which was bought from the "stolen" money. Sweden – in Europe (green & dark grey) – in the European Union (green) – [ Legend ] Sweden , formally
7467-409: The EU on 13 November 1994. Sweden joined the European Union on 1 January 1995. In a 2003 referendum the Swedish electorate voted against joining the Euro currency. Sweden held the chair of the European Union from 1 July to 31 December 2009. On 28 September 1994, the MS Estonia sank as the ship was crossing the Baltic Sea, en route from Tallinn, Estonia, to Stockholm, Sweden. The disaster claimed
7598-570: The First World War, Sweden remained officially neutral during World War II , although its neutrality has been disputed. Sweden was under German influence for much of the war, as ties to the rest of the world were cut off through blockades. The Swedish government unofficially supported Finland in the Winter War and the Continuation War by allowing volunteers and materiel to be shipped to Finland. However, Sweden supported Norwegian resistance against Germany, and in 1943 helped rescue Danish Jews from deportation to Nazi concentration camps . During
7729-437: The Hanseatic League, and entered its golden era, the fact that the peasantry had traditionally been free meant that more of the economic benefits flowed back to them rather than going to a feudal landowning class. The end of the 16th century was marked by a final phase of rivalry between the remaining Catholics and the new Protestant communities. In 1592, Gustav Vasa's Catholic grandson and king of Poland , Sigismund , ascended
7860-553: The Isle of Wight, UK for 14 years, ending its association in 2008. From April 2006 to March 2013, Skandia UK was the title sponsor of the British sailing team, Skandia Team GBR. The team competed in the Olympic and Paralympic classes and included multiple Olympic gold medal winners such as Ben Ainslie and Iain Percy. Skandia Poland sponsors the Skandia Marathon, a cycling event organised by Langteam in which over 1000 competitors, aged from 4 to 80 years old, take part. Skandia International, which specialises in offshore investment, sponsors
7991-592: The Nazi era, and the association is that Hitler liked his music. The Riksbank replied saying that it is "unfortunate that the choice of design is seen as negative", and stated that it is not going to be changed. Dagens Nyheter journalist Björn Wiman went further in his criticism, condemning the Riksbank for selecting Nilsson at all for the 500-kronor banknote. He brings up an example from Nilsson's 1995 autobiography, where she described Mauritz Rosengarten from Decca using antisemitic jokes about greed. To see where Swedish krona ranks in "most traded currencies", read
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#17327829609688122-450: The Nazis' war efforts. Sweden was officially a neutral country and remained outside NATO and Warsaw Pact membership during the Cold War , but privately Sweden's leadership had strong ties with the United States and other western governments. Following the war, Sweden took advantage of an intact industrial base, social stability and its natural resources to expand its industry to supply the rebuilding of Europe. Sweden received aid under
8253-634: The Nordic businesses (Sweden, Denmark, Norway) in March 2012 to the Swedish-based Skandia Liv, a partly mutual assurer, Skandia UK, Skandia International and the Skandia European businesses outside the Nordic region were rebranded as 'Old Mutual Wealth' in September 2014. Controversy surrounded Skandia in the mid-nineties, mostly due to illegal internal affairs with the Swedish Skandia Life, and for having provided executives with subsidized apartments in Stockholm . The involved executives are among others Lars-Eric Petersson and Ulf Spång . The Skandia trademark and reputation were tainted in Sweden during this time. It
8384-461: The Nordic region. In 1979, the company formed a UK subsidiary, Skandia Life. In 2003, the operations in North America , American Skandia, were acquired by Prudential Financial . The CEO of American Skandia, Wade Dokken partnered with Goldman Sachs and sold the division to Prudential Financial for $ 1.2 billion. In 2005 South African financial services group Old Mutual launched a $ 6.5bn (£3.6bn) bid to acquire majority control of Skandia, which
8515-453: The Riksbank announced the names of the persons whose portraits would decorate the new series of banknotes that would be introduced in 2015. This would also include a new 200-kronor banknote. These are: On 24 April 2012, the Riksbank announced the base for the new designs of the banknotes, based on Göran Österlund's entry titled Cultural Journey . The first banknotes, the 20, 50, 200, and 1,000 krona, were issued on 1 October 2015 with
8646-399: The Roman Period is curt inscriptions demonstrating that the people of south Scandinavia spoke Proto-Norse at the time, a language ancestral to Swedish and other North Germanic languages . In the sixth century, Jordanes names two tribes living in Scandza , both of which are now considered to be synonymous with the Swedes: the Suetidi and Suehans . The Suehans were known to
8777-432: The Roman world as suppliers of black fox skins and, according to Jordanes, had very fine horses, similar to those of the Thyringi of Germania ( alia vero gens ibi moratur Suehans, quae velud Thyringi equis utuntur eximiis ). The Swedish Viking Age lasted roughly from the eighth century to the 11th century. It is believed that Swedish Vikings and Gutar mainly travelled east and south, going to Finland, Estonia,
8908-484: The Royal Hong Kong Yacht Club and partners the United Arab Emirates Professional Golf Association in Singapore. Following Old Mutual's takeover, Skandia announced it would be "going green" and underwent a rebranding from January 2008. The company announced that it would take 18 months for the rebranding to complete, with the UK and offshore division being first. The old logo was replaced with a new one to be more in-line with Old Mutual's colours. Following Old Mutual’s sale
9039-488: The Russian army at Poltava. The defeat meant the beginning of the end for the Swedish Empire. In addition, the plague raging in East Central Europe devastated the Swedish dominions and reached Central Sweden in 1710. Returning to Sweden in 1715, Charles XII launched two campaigns against Norway in 1716 and 1718, respectively. During the second attempt, he was shot to death during the siege of Fredriksten fortress. The Swedes were not militarily defeated at Fredriksten, but
9170-471: The South African company Old Mutual took over the majority of shares in the company. In March 2012, Skandia Liv bought Skandia's Nordic operations back from Old Mutual and decided to transform Skandia into a customer-owned, mutual company retaining the Skandia name. Skandia started out as a Swedish insurance company in 1855. It would go on to operates in Europe , Latin America , and Asia . Skandia also operated an internet bank called Skandiabanken in
9301-414: The Swedes ( Suiones ) as a powerful tribe with ships that had a prow at each end ( longships ). Which kings ( * kuningaz ) ruled these Suiones is unknown, but Norse mythology presents a long line of legendary and semi-legendary kings going back to the last centuries BC. The runic script was in use among the south Scandinavian elite by at least the second century AD, but all that has survived from
9432-532: The Swedish throne. He pursued to strengthen Rome's influence by initiating Counter-Reformation and created a dual monarchy that temporarily became known as the Polish-Swedish Union . His despotic rule, strongly characterised by intolerance towards the Protestants, sparked a civil war that plunged Sweden into poverty. In opposition, Sigismund's uncle and successor, Charles Vasa , summoned
9563-607: The UK, along with Old Mutual Global Investors, formed Old Mutual Wealth. As well as in the UK, Old Mutual Wealth had operations in Europe and various international markets, overseeing £78.5 billion in customer investments. Paul Feeney was the Chief Executive Officer of Old Mutual Wealth. In March 2012 Old Mutual sold the Nordic businesses (Sweden, Denmark, Norway) to the Swedish-based Skandia Liv,
9694-565: The area of present-day Sweden and 50,000 from the Finnish part of Sweden . Executive power was historically shared between the King and an aristocratic Privy council until 1680, followed by the King's autocratic rule initiated by the commoner estates of the Riksdag. As a reaction to the failed Great Northern War, a parliamentary system was introduced in 1719, followed by three different flavours of constitutional monarchy in 1772, 1789 and 1809,
9825-454: The article on the Foreign exchange market . The exchange rate of the Swedish krona against other currencies has historically been dependent on the monetary policy pursued by Sweden at the time. Since the Swedish banking rescue , a managed float regimen has been upheld. The weakest the krona has been relative to the euro was 6 March 2009 when one euro bought 11.6465 SEK. The strongest
9956-587: The beneficiaries. According to the Court of Appeal, the prosecutor was not able to prove that the limitation for Wealthbuilder was still in force when Lars-Eric Petersson signed Appendix 3 in December 2000. The charges were therefore dismissed. (Translation of the press release from the Svea Court of Appeal) On 26 March 2010, the former legal head of Skandia Germany, Michael Wolski, was prosecuted for tax fraud of
10087-633: The canal. Sweden also has plenty of long rivers draining the lakes. Northern and central Sweden have several wide rivers known as älvar , commonly sourced within the Scandinavian Mountains. The longest river is Klarälven - Göta älv , which originates in Trøndelag in central Norway, running 1,160 kilometres (720 mi) before it enters the sea at Gothenburg . In southern Sweden, narrower rivers known as åar are also common. The vast majority of municipal seats are set either on
10218-530: The country. Some of the asylum restrictions were relaxed again later. On 30 November 2021, Magdalena Andersson became Sweden's first female prime minister. The September 2022 general election ended in a narrow win to a bloc of right-wing parties. On 18 October 2022, Ulf Kristersson of the Moderate Party became the new Prime Minister. Situated in Northern Europe, Sweden lies west of
10349-517: The current 10-kronor coin remained the same. The new coins also have a new portrait of the king in their design. One of the reasons for a new series of coins was to end the use of nickel (for allergy reasons). Vending machines and parking meters have to a fairly high degree stopped accepting coins and accept only bank cards or mobile phone payments . Between 1873 and 1876, coins in denominations of 1, 2, 5, 10, 25, and 50 öre and 1, 2, 10, and 20 kronor were introduced. The 1, 2 and 5 öre were in bronze,
10480-408: The early 1990s see the article History of Sweden (1991–present) and Swedish banking rescue . Unlike the United States, which by policy never declares issued money invalid, Sweden and most other European countries have a date when older series of banknotes or older coin designs are invalid and are no longer legal tender. Invalid old banknotes of any age can, however, be deposited in the Riksbank, and
10611-636: The first battles of the Great Northern War , the Russian army was so severely devastated that Sweden had an open chance to invade Russia. However, Charles XII did not pursue the Russian army, instead turning against Poland and defeating the Polish king, Augustus II the Strong , and his Saxon allies at the Battle of Kliszów in 1702. This gave Russia time to rebuild and modernise its army. After
10742-516: The founders of Kievan Rus' . The Arab traveller Ibn Fadlan described these Vikings saying: I have seen the Rus as they came on their merchant journeys and encamped by the Itil . I have never seen more perfect physical specimens, tall as date palms, blond and ruddy; they wear neither tunics nor caftans, but the men wear a garment which covers one side of the body and leaves a hand free. Each man has an axe,
10873-653: The ill-fated expedition of Ingvar the Far-Travelled to Serkland , the region south-east of the Caspian Sea . Its members are commemorated on the Ingvar runestones , none of which mentions any survivor. During the early stages of the Viking Age, a centre of trade in northern Europe developed at Birka on the island of Björkö , not far from where Stockholm was later constructed, in mid-latitude Sweden. Birka
11004-510: The industrialised economy that exists today. Strong grassroots movements sprang up in Sweden during the latter half of the 19th century (trade unions, temperance groups, and independent religious groups), creating a strong foundation of democratic principles. These movements precipitated Sweden's migration into a modern parliamentary democracy, achieved by the time of World War I. As the Industrial Revolution progressed during
11135-544: The krona has been relative to the euro was on 13 August 2012 when one euro bought 8.2065 SEK. The weakness in the euro was due to the crisis in Greece which began in July 2012 and fear of further spreading to Italy and Spain. The average exchange rate since the beginning of 2002 when the euro banknote and coins were issued and 1 March 2017 was 9.2884 SEK/EUR. According to the 1994 accession treaty (effective 1 January 1995), Sweden
11266-506: The largest country in Northern Europe. The lowest elevation in Sweden is in the bay of Lake Hammarsjön, near Kristianstad , at −2.41 m (−7.91 ft) below sea level. The highest point is Kebnekaise at 2,111 m (6,926 ft) above sea level . Sweden has 25 provinces or landskap . While these provinces serve no political or administrative purpose, they play an important role in people's self-identity . The provinces are usually grouped together in three large lands , parts,
11397-500: The last year of the war, Sweden began to play a role in humanitarian efforts, and many refugees, among them several thousand Jews from Nazi-occupied Europe, were rescued thanks to the Swedish rescue missions to internment camps and partly because Sweden served as a haven for refugees. The Swedish diplomat Raoul Wallenberg and his colleagues ensured the safety of tens of thousands of Hungarian Jews. Nevertheless, both Swedes and others have argued that Sweden could have done more to oppose
11528-555: The latter granting several civil liberties. Already during the first of those three periods, the 'Era of Liberty' (1719–72) the Swedish Rikstag had developed into a very active Parliament, and this tradition continued into the nineteenth century, laying the basis for the transition towards modern democracy at the end of that century. In the 18th century, Sweden did not have enough resources to maintain its territories outside Scandinavia, and most of them were lost, culminating with
11659-423: The lifetime task of Charles X's son, Charles XI , to rebuild the economy and refit the army. His legacy to his son, the coming ruler of Sweden, Charles XII , was one of the finest arsenals in the world, a large standing army and a great fleet. Russia, the most serious threat to Sweden at this time, had a larger army but lagged far behind in both equipment and training. After the Battle of Narva in 1700, one of
11790-761: The lives of 852 people (501 of them were Swedes ), being one of the worst maritime disasters of the 20th century. Until 2022, Sweden generally remained non-aligned militarily, although it participated in some joint military exercises with the North Atlantic Treaty Organization (NATO) and some other countries, stationed its troops under NATO command in Afghanistan , took part in EU-sponsored peacekeeping operations in Kosovo , Bosnia and Herzegovina , and Cyprus , and helped enforce
11921-572: The loss in 1809 of eastern Sweden to Russia, which became the highly autonomous Grand Principality of Finland in Imperial Russia . In interest of re-establishing Swedish dominance in the Baltic Sea, Sweden allied itself against its traditional ally and benefactor, France, in the Napoleonic Wars . However, in 1810, a French Marshal, Jean-Baptiste Bernadotte , was chosen as heir presumptive to Charles XIII ; in 1818, he established
12052-467: The monarch is also inscribed on many of the coins. A new 5-kronor coin was designed in 1974, at a time when there were political efforts to abandon the monarchy and the young inexperienced king. The monarchy remained, but the 5-kronor was not given a portrait. Coins minted before 1974 have the same size, but contain the portrait of King Gustav VI Adolf and his royal motto. Cash rounding (Swedish: öresavrundning ), commonly called Swedish rounding ,
12183-450: The most valuable banknotes in the world. The first design featuring the Head of Mercury was printed in 1939 and became invalid after 31 December 1987. The second design was printed 1958 and featured a portrait of Gustav VI Adolf , and became invalid after 31 December 1991. Invalid banknotes can be redeemed via the Riksbank, with an administration fee of 200 kronor. On 6 April 2011,
12314-831: The nearest krona when paying with cash. The word öre is ultimately derived from the Latin word for gold ( aurum ). The introduction of the krona, which replaced the riksdaler at par , was a result of the Scandinavian Monetary Union , which came into effect in 1876 and lasted until the beginning of World War I . The parties to the union were the Scandinavian countries, where the name was krona in Sweden and krone in Denmark and Norway , which in English literally means "crown". The three currencies were on
12445-689: The new religion did not begin to fully replace paganism until the 12th century. During that century, Sweden was undergoing dynastic struggles between the Erik and Sverker clans. The conflict ended when a third clan married into the Erik clan, founding the Bjälbo dynasty, which gradually consolidated Sweden into a stronger state. According to the Legend of Saint Erik and the Erik's Chronicle , Swedish kings conducted
12576-611: The northern Norrland, the central Svealand and southern Götaland. The sparsely populated Norrland encompasses almost 60% of the country. Sweden also has the Vindelfjällen Nature Reserve , one of the largest protected areas in Europe, totaling 562,772 ha (approx. 5,628 km ). About 15% of Sweden lies north of the Arctic Circle . Southern Sweden is predominantly agricultural, with increasing forest coverage northward. Around 65% of Sweden's total land area
12707-453: The objections of Turkey and Hungary, Sweden became a NATO member on 7 March 2024. In recent decades Sweden has become a more culturally diverse nation due to significant immigration; in 2013, it was estimated that 15% of the population was foreign-born, and an additional 5% of the population were born to two immigrant parents. The influx of immigrants has brought new social challenges. Violent incidents have periodically occurred including
12838-461: The other two notes, the 100 and 500 krona, to follow on 3 October 2016. Opera singer Malena Ernman has criticized the Riksbank for choosing a design where Birgit Nilsson was depicted performing Die Walküre by Richard Wagner . She pointed out that it was very inappropriate to include something by Wagner, whose works were associated with Nazi Germany , in a time of increasing problems with antisemitism in Sweden . Wagner died long before
12969-491: The population dying between 1349 and 1351. During this period, the cities began to acquire greater rights and were heavily influenced by German merchants of the Hanseatic League , active especially at Visby . In 1397, Queen Margaret I of Denmark (the former daughter-in-law of Magnus Eriksson) established the personal union of Sweden, Norway, and Denmark through the Kalmar Union . However, Margaret's successors, whose rule
13100-541: The population in Viking Age Birka was between 500 and 1000 people. Archaeological finds indicate that Birka still was wealthy in the 9th and 10th centuries. Thousands of graves, coins, jewelry and other luxury items have been found there. The actual age of the kingdom of Sweden is unknown. Determining its age depends mostly on whether Sweden is considered a nation when the Svear (Swedes) ruled Svealand or when
13231-498: The prerequisite that the payments from Skandia’s bonus program, called Wealthbuilder, to the beneficiaries were limited to an amount of SEK 300 million during the time period 1 January 1998 – 31 December 1999. According to the prosecutor, Lars-Eric Petersson had, without the consent of the Board, removed the cap on the bonus programme by signing a document named Appendix 3, and thus causing payments of additionally approx. SEK 156 million to
13362-441: The provinces of Scania, Blekinge, and Halland in the southwest of the Scandinavian peninsula, which were part of the Kingdom of Denmark during this period, feudalism never developed in Sweden as it did in much of Europe. As a result, the peasantry remained largely a class of free farmers throughout most of Swedish history. Slavery , also known as thralldom , was not common in Sweden, and the institution gradually diminished due to
13493-428: The referendum, and none have shown any interest in raising the issue again. There was an agreement among the parties not to discuss the issue before the 2010 general election . In a poll from May 2007, 33.3% were in favour, while 53.8% were against and 13.0% were uncertain. In February 2009, Fredrik Reinfeldt , the prime minister of Sweden , stated that a new referendum on the euro issue will not be held until support
13624-460: The requirements for eurozone membership is a prior two-year membership of the ERM II . By simply not joining the exchange rate mechanism, the Swedish government is provided a formal loophole avoiding the theoretical requirement of adopting the euro. Some of Sweden's major parties continue to believe it would be in the national interest to join, but all parties have pledged to abide by the results of
13755-433: The rest are kept by collectors . In 1954, 1955 and 1971, 5-kronor silver coins were produced, with designs similar to contemporary 1-krona and 2-kronor coins. In 1972, a new, smaller 5-kronor coin was introduced, struck in cupronickel-clad nickel. The current design has been produced since 1976. 5-kronor coins minted since 1954 are legal tender but tend to be kept by collectors for their silver content. The royal motto of
13886-545: The reverse was a drawing of a bee pollinating a flower. The banknote became invalid after 31 December 2005. A more secure version with the same portrait was introduced in 2001 and became invalid after 30 June 2017. A 500-kronor banknote (a new denomination) in a blue shade was introduced in 1985 with a portrait of King Charles XI and on the reverse an engraving depicts Christopher Polhem , the "father of Swedish engineering". These banknotes became invalid on 31 December 1998. A 500-kronor banknote (red, but without foil strips) with
14017-655: The right to tax Poland's trade on the Baltic (3.5% on the value of goods), and kept control of many of the cities in Royal and Ducal Prussia (including Piława ( Pillau ), Memel and Elbląg (Elbing). The Swedes later conducted a series of invasions into the Polish–Lithuanian Commonwealth, known as the Deluge . After more than half a century of almost constant warfare, the Swedish economy had deteriorated. It became
14148-518: The same king, namely Erik the Victorious and his son Olof Skötkonung in the tenth century. These events are often described as the consolidation of Sweden , although substantial areas were conquered and incorporated later. In this context, "Götaland" primarily refers to the provinces of Östergötland and Västergötland . The island of Gotland was contested by various groups, including the Danes,
14279-425: The same portrait and the Riksbank became the first central bank in the world to use the security feature of MOTION (a moving image in the striped band) on the new 1,000-kronor banknote. When the banknote is tilted, the picture in the striped band appears to move. The Vasa banknote without security thread became invalid after 31 December 2013 at which time there was only 10 million in circulation. The Vasa banknotes with
14410-643: The same portrait was printed 1989–2000. This banknote became invalid after 31 December 2005. A more secure version with the same portrait was introduced in 2001 and became invalid after 30 June 2017. The banknote had some controversy in 1985 because of the executions of " Snapphane " guerrilla warriors that King Charles XI ordered. The first two designs of 1,000-kronor banknotes (printed from 1894 to 1950 and 1952–1973) became invalid on 31 December 1987. The third design with portrait of King Charles XIV John and Jöns Jacob Berzelius (printed 1976–1988) and declared invalid on 31 December 1998. In preparation for retirement of
14541-451: The same year bronze-coloured 50-öre coins were introduced. On 18 December 2008, the Riksbank announced a proposal to phase out the 50-öre, the final öre coin, by 2010. The öre would still remain a subdivision unit for electronic payments. The reasons may have included low purchasing power, higher production and distribution cost than the value and the coins cannot be used in most parking machines and vending machines. On 25 March 2009,
14672-439: The sea, a river or a lake and the majority of the country's population live in coastal municipalities. Most of Sweden has a temperate climate , despite its northern latitude , with largely four distinct seasons and mild temperatures throughout the year. The winter in the far south is usually weak and is manifested only through some shorter periods with snow and sub-zero temperatures; autumn may well turn into spring there, without
14803-408: The security thread became invalid after 30 June 2016 at which time there was under 4 million in circulation. Replacement banknotes featuring Dag Hammarskjöld became valid on 1 October 2015, but were circulated in considerably fewer quantities (less than 3.5 million), thus reducing the supply of cash in Sweden. The 10,000 krona banknote was always printed in small quantities as it was one of
14934-541: The singular form. In Old English the country was known as Swéoland or Swíoríce , and in Early Modern English as Swedeland . Some Finnic languages , such as Finnish and Estonian , use the terms Ruotsi and Rootsi ; these variations refer to the Rus' people who inhabited the coastal areas of Roslagen in Uppland and who gave their name to Russia. Sweden's prehistory begins in
15065-421: The spread of Christianity, the difficulty of obtaining slaves from lands east of the Baltic Sea, and by the development of cities before the 16th century. Indeed, both slavery and serfdom were abolished altogether by a decree of King Magnus Eriksson in 1335. Sweden remained a poor and economically underdeveloped country, where barter was the primary means of exchange. In 1319, Sweden and Norway were united in
15196-538: The success of invading Poland, Charles XII decided to make an attempt at invading Russia , but this ended in a decisive Russian victory at the Battle of Poltava in 1709. After a long march exposed to Cossack raids, the Russian Tsar Peter the Great 's scorched-earth techniques and the extremely cold winter of 1709 , the Swedes stood weakened with a shattered morale and were enormously outnumbered against
15327-465: The third- and fourth-largest lakes Mälaren and Hjälmaren , these lakes take up a significant part of southern Sweden's area. Sweden's extensive waterway availability throughout the south was exploited with the building of the Göta Canal in the 19th century, shortening the potential distance between the Baltic Sea south of Norrköping and Gothenburg by using the lake and river network to facilitate
15458-462: The town of Arboga . During the Riksdag assemblies of 1527 and 1544, under King Gustav Vasa, representatives of all four estates of the realm (clergy, nobility , townsmen and peasants ) were called on to participate for the first time. The monarchy became hereditary in 1544. When Gustav Vasa broke the monopoly power of the Hanseatic League , he was regarded as a hero by the Swedish people. Furthermore, when Sweden did develop, freed itself from
15589-428: The value be sent to a bank account. From the years 2001 to 2008 banknotes and coins were circulated at a near constant level of around 12,000 krona per capita, but in 2006 a modified 1,000-krona banknote with a motion security strip was produced. Within seven years the banknotes without the strip were declared invalid, leaving only a radically reduced number of banknotes with foil valid. The Swish mobile payment system
15720-725: The value of the banknotes and coins per capita for participating countries on Committee on Payments and Market Infrastructures (CPMI). Local currency is converted to US dollars using end of the year rates. The circulation levels in the table above were reported to the Bank for International Settlements . Possible discrepancies with these statistics and other sources may be because some sources exclude "commemorative banknotes and coins" (3.20% of total for Sweden in 2015) and other sources exclude "banknotes and coin held by banks" (2.68% of total for Sweden in 2015) as opposed "banknotes and coin in circulation outside banks". Circulation levels of cash on
15851-445: The whole structure and organisation of the campaign fell apart with the king's death. Forced to cede large areas of land in the Treaty of Nystad in 1721, Sweden also lost its place as an empire and as the dominant state on the Baltic Sea. With Sweden's lost influence, Russia emerged as an empire and became one of Europe's dominant nations . As the war finally ended in 1721, Sweden had lost an estimated 200,000 men, 150,000 of those from
15982-649: The words Svea and rike , first recorded in the cognate Swēorice in Beowulf ), translates as "realm of the Swedes ", which excluded the Geats in Götaland . The contemporary English variation was derived in the 17th century from Middle Dutch and Middle Low German . As early as 1287, references are found in Middle Dutch referring to a lande van sweden ("land of [the] Swedes"), with swede as
16113-401: Was alleged in late 2003 that executives at Skandia had embezzled 13 billion Swedish kronor . Subsequently, the board had to resign and, in 2006, Lars-Eric Petersson was sentenced to two years in prison. However, the case was later appealed to a higher court. On 19 December 2007, the Court of Appeal dismissed all charges against Lars-Eric Petersson. The charges by the prosecutor proceeded from
16244-620: Was centred in Denmark, were unable to control the Swedish nobility. In 1520, King Christian II of Denmark , who attempted to restore the Union of Kalmar through military force, ordered the massacre of Swedish nobles in Stockholm, an event known as the " Stockholm Bloodbath ." This atrocity incited the Swedish nobility to renew their resistance, and on 6 June 1523 (now celebrated as Sweden's National Day ), they made Gustav Vasa their king. This
16375-417: Was established in Sweden in 2012 and become a popular alternative to cash payments. The Vasa 1,000-krona banknote without the foil strip became invalid after 31 December 2013, and the pieces with the foil strip are invalid after 30 June 2016. Although many countries are performing larger and larger share of transactions by electronic means, Sweden is unique in that it is also reducing its cash in circulation by
16506-633: Was founded around 750 AD as a trading port by a king or merchants trying to control trade. Birka was the Baltic link in the Dnieper Trade Route through Ladoga ( Aldeigja ) and Novgorod ( Holmsgard ) to the Byzantine Empire and the Abbasid Caliphate . It was abandoned c. AD 975 , around the same time Sigtuna was founded as a Christian town some 35 km to the northeast. It has been estimated that
16637-517: Was in 1814, when Sweden by military means forced Norway into a personal union , a union which lasted until 1905. Sweden is a highly developed country ranked fifth in the Human Development Index . It is a constitutional monarchy and a parliamentary democracy, with legislative power vested in the 349-member unicameral Riksdag . It is a unitary state , divided into 21 counties and 290 municipalities . Sweden maintains
16768-411: Was integrated into modernised paper production, the steel industry was concentrated and specialised, and mechanical engineering was robotised. Swedish GDP per capita ranking declined during this time. A bursting real estate bubble caused by inadequate controls on lending combined with an international recession and a policy switch from anti-unemployment policies to anti-inflationary policies resulted in
16899-554: Was met with resistance from some of Skandia's shareholders and directors. On 3 February 2006 Old Mutual completed its acquisition of Skandia, which was subsequently delisted from the Stockholm and London stock exchanges. As of 2013, Skandia's largest operation, in terms of new business and profit, was the United Kingdom which was launched back in 1979. Their UK headquarters was Skandia House in Southampton . Skandia in
17030-423: Was printed 1991–1995 with a portrait of the writer Selma Lagerlöf and on the reverse was an engraved interpretation of a passage from the book The Wonderful Adventures of Nils . The banknote became invalid after 31 December 2005. A more secure version with the same portrait was printed from 1997 to 2008 and became invalid after 30 June 2016. A 50-kronor banknote (3rd design since 1896) was printed 1996–2003 with
17161-522: Was the ninth-most traded currency in the world by value in April 2016. One krona is subdivided into 100 öre (singular; plural öre or ören , where the former is always used after a cardinal number, hence "50 öre", but otherwise the latter is often preferred in contemporary speech). Coins as small as 1 öre were formerly in use, but the last coin smaller than 1 krona was discontinued in 2010. Goods can still be priced in öre , but all sums are rounded to
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