Stockholm is the capital city, located on the southeast coast of Sweden. Stockholm has a population of approximately 771,000 people; and is the largest city in Sweden. As the capital, Stockholm is the site of the Government and the Parliament of Sweden. It is also the residence of King Carl XVI Gustaf. Stockholm has many multi-national corporations and prides itself as being the business and cultural capital of Scandinavia. Stockholm was named the European Capital of Culture in 1998. Not only is Stockholm home to the Nobel Prize and the ceremony held each year, it also has the largest concentration of universities with research and higher education in Sweden. Apart from being a large city with an active cultural life, Stockholm as a capital also houses many of the national cultural institutions of Sweden, including theater, opera and museums. There are two UNESCO World Heritage Sites in the area: the Drottningholm Palace and a large cemetery