Madrid is the capital of Spain and the largest municipality in both the Community of Madrid and Spain as a whole. The city has almost 3.2 million inhabitants and a metropolitan area population of approximately 6.5 million. It is the third-largest city in the European Union (EU), smaller than only London and Berlin, and its monocentric metropolitan area is the third-largest in the EU, smaller only than those of London and Paris. The municipality covers 604.3 km².
Madrid lies on the River Manzanares in the centre of both the country and the Community of Madrid (which comprises the city of Madrid, its conurbation and extended suburbs and villages); this community is bordered by the autonomous communities of Castile and León and Castile-La Mancha. As the capital city of Spain, seat of government, and residence of the Spanish monarch, Madrid is also the political, economic and cultural centre of the country. The current mayor is Manuela Carmena from the party Ahora Madrid.
The Madrid urban agglomeration has the third-largest GDP in the European Union and its influence in politics, education, entertainment, environment, media, fashion, science, culture, and the arts all contribute to its status as one of the world's major global cities. Madrid is home to two world-famous football clubs, Real Madrid and Atlético de Madrid. Due to its economic output, high standard of living, and market size, Madrid is considered the leading economic hub of the Iberian Peninsula and of Southern Europe. It hosts the head offices of the vast majority of major Spanish companies, such as Telefónica, IAG or Repsol. Madrid is also the 10th most liveable city in the world according to Monocle magazine, in its 2017 index.
Madrid houses the headquarters of the World Tourism Organization (UNWTO), belonging to the United Nations Organization (UN), the Ibero-American General Secretariat (SEGIB), the Organization of Ibero-American States (OEI), and the Public Interest Oversight Board (PIOB). It also hosts major international regulators and promoters of the Spanish language: the Standing Committee of the Association of Spanish Language Academies, headquarters of the Royal Spanish Academy (RAE), the Cervantes Institute and the Foundation of Urgent Spanish (Fundéu BBVA). Madrid organises fairs such as FITUR, ARCO, SIMO TCI and the Cibeles Madrid Fashion Week.
While Madrid possesses modern infrastructure, it has preserved the look and feel of many of its historic neighbourhoods and streets. Its landmarks include the Royal Palace of Madrid; the Royal Theatre with its restored 1850 Opera House; the Buen Retiro Park, founded in 1631; the 19th-century National Library building (founded in 1712) containing some of Spain's historical archives; a large number of national museums, and the Golden Triangle of Art, located along the Paseo del Prado and comprising three art museums: Prado Museum, the Reina Sofía Museum, a museum of modern art, and the Thyssen-Bornemisza Museum, which complements the holdings of the other two museums. Cibeles Palace and Fountain have become one of the monument symbols of the city.