104-428: Széphalom may refer to: Széphalom (Budapest) , city part of Budapest District II (Pesthidegkút) Széphalom (Sátoraljaújhely) , city part of Sátoraljaújhely [REDACTED] Topics referred to by the same term This disambiguation page lists articles about distinct geographical locations with the same name. If an internal link led you here, you may wish to change
208-524: A Spanish diplomat. Some other diplomats also abandoned diplomatic protocol and rescued Jews. There are two monuments for Wallenberg, one for Carl Lutz and one for Giorgio Perlasca in Budapest. Following the capture of Hungary from Nazi Germany by the Red Army , Soviet military occupation ensued, which ended only in 1991. The Soviets exerted significant influence on Hungarian political affairs. In 1949, Hungary
312-483: A cave where fires burned or a limekiln. The first settlement on the territory of Budapest was built by Celts before 1 AD. It was later occupied by the Romans . The Roman settlement – Aquincum – became the main city of Pannonia Inferior in 106 AD. At first it was a military settlement, and gradually the city rose around it, making it the focal point of the city's commercial life. Today this area corresponds to
416-463: 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
520-570: A church, the Inner City Parish Church (Budapest) . The minaret and Turkish entranceway were removed. The shape of the architecture is its only hint of exotic past—"two surviving prayer niches facing Mecca and an ecumenical symbol atop its cupola: a cross rising above the Turkish crescent moon". After 1686, the Baroque architecture designated the dominant style of art in catholic countries from
624-524: 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,
728-542: 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
832-527: 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
936-508: A population of 3,303,786. It is a primate city , constituting 33% of the population of Hungary. The history of Budapest began when an early Celtic settlement transformed into the Roman town of Aquincum , the capital of Lower Pannonia . The Hungarians arrived in the territory in the late 9th century, but the area was pillaged by the Mongols in 1241–42. Re-established Buda became one of
1040-638: A rapid increase in the average temperature. The weather in late March and in April is often very agreeable during the day and fresh at night. Budapest's long summer – lasting from May until mid-September – is warm or very warm. Sudden heavy showers also occur, particularly in May and June. The autumn in Budapest (mid-September until late October) is characterised by little rain and long sunny days with moderate temperatures. Temperatures often turn abruptly colder in late October or early November. Mean annual precipitation in Budapest
1144-529: A transitional climate between a humid temperate climate ( Köppen : Cfa , Trewartha : Doak ), and a humid continental climate ( Köppen : Dfa , Trewartha : Dcao ), with warm to hot summers and chilly winters. Winter (November until early March) can be cold and the city receives little sunshine. Snowfall is fairly frequent in most years, and nighttime temperatures of −10 °C (14 °F) are not uncommon between mid-December and mid-February. The spring months (March and April) see variable conditions, with
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#17330942232901248-420: 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
1352-415: A wide range of styles and from distinct time periods, from the ancient times as Roman City of Aquincum in Óbuda (District III), which dates to around 89 AD, to the most modern Palace of Arts , the contemporary arts museum and concert hall. Most buildings in Budapest are relatively low: in the early 2010s there were around 100 buildings higher than 45 metres (148 ft). The number of high-rise buildings
1456-1212: 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
1560-457: A year before the end of World War II , Budapest was partly destroyed by British and American air raids (first attack 4 April 1944 ). From 24 December 1944 to 13 February 1945, the city was besieged during the Battle of Budapest . Budapest sustained major damage caused by the attacking Soviet and Romanian troops and the defending German and Hungarian troops. More than 38,000 civilians died during
1664-520: Is a blend of several architectural styles, with a focus on Hungary's specialities. One of the leading Art Nouveau architects, Ödön Lechner (1845–1914), was inspired by Indian and Syrian architecture as well as traditional Hungarian decorative designs. One of his most beautiful buildings in Budapest is the Museum of Applied Arts . Another examples for Art Nouveau in Budapest is the Gresham Palace in front of
1768-458: 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
1872-686: 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
1976-519: Is a wedge with a 56 angle degree made in rusted iron that gradually becomes shiny, ending in an intersection to symbolize Hungarian forces that temporarily eradicated the Communist leadership. From the 1960s to the late 1980s Hungary was often satirically referred to as " the happiest barrack " within the Eastern bloc , and much of the wartime damage to the city was finally repaired. Work on Erzsébet Bridge ,
2080-718: Is also the headquarters of the European Institute of Innovation and Technology , the European Police College and the first foreign office of the China Investment Promotion Agency . Over 40 colleges and universities are located in Budapest, including Eötvös Loránd University , Corvinus University , Semmelweis University , University of Veterinary Medicine Budapest and the Budapest University of Technology and Economics . Opened in 1896,
2184-429: Is around 23.5 inches (596.9 mm). On average, there are 84 days with precipitation and 1988 hours of sunshine (of a possible 4383) each year. From March to October, average sunshine totals are roughly equal to those seen in northern Italy ( Venice ). The city lies on the boundary between Zone 6 and Zone 7 in terms of the hardiness zone . Weather Atlas (UV) Budapest has architecturally noteworthy buildings in
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#17330942232902288-411: Is difficult to defend a plain. King Béla IV of Hungary , therefore, ordered the construction of reinforced stone walls around the towns and set his own royal palace on the top of the protecting hills of Buda. In 1361 it became the capital of Hungary. The cultural role of Buda was particularly significant during the reign of King Matthias Corvinus . The Italian Renaissance had a great influence on
2392-512: Is found. Various cultures converged in Hungary seemed to coalesce well with each other, as if all these different cultures and architecture styles are digested into Hungary's own way of cultural blend. A precedent to show the city's self-conscious is the top section of the city's main square, named as Szechenyi . When Turks came to the city, they built mosques here which was aggressively replaced with Gothic church of St. Bertalan. The rationale of reusing
2496-500: Is kept low by building legislation, which is aimed at preserving the historic cityscape and to meet the requirements of the World Heritage Site . Strong rules apply to the planning, authorisation and construction of high-rise buildings and consequently much of the inner city does not have any. Some planners would like see an easing of the rules for the construction of skyscrapers, and the possibility of building skyscrapers outside
2600-456: Is often used pars pro toto for the entire city in contemporary colloquial Hungarian, although it is also used to refer to all parts of the city east of the Danube. Conversely, Buda colloquially means all districts to the Danube's west—including the former Óbuda. The Danube islands—including Csepel , the city's XXI. district—are part of neither Buda nor Pest. All varieties of English pronounce
2704-590: Is the ninth-largest city in the European Union by population within city limits and the second largest city on the Danube river. The city has an estimated population of 1,752,286 over a land area of about 525 square kilometres (203 square miles). Budapest, which is both a city and municipality , forms the centre of the Budapest metropolitan area , which has an area of 7,626 square kilometres (2,944 square miles) and
2808-670: The -s- as in the English word pest . The -u in Buda- is pronounced either /u/ like food (as in US : / ˈ b uː d ə p ɛ s t / ) or /ju/ like cue (as in UK : / ˌ b ( j ) uː d ə ˈ p ɛ s t , ˌ b ʊ d -, ˈ b ( j ) uː d ə p ɛ s t , ˈ b ʊ d -/ ). In Hungarian, the -s- is pronounced /ʃ/ as in wash ; in IPA: Hungarian: [ˈbudɒpɛʃt] . The origins of
2912-515: The Aromanian diaspora during the 19th century. In 1918, Austria-Hungary lost the war and collapsed; Hungary declared itself an independent republic ( Republic of Hungary ). In 1920 the Treaty of Trianon partitioned the country, and as a result, Hungary lost over two-thirds of its territory, and about two-thirds of its inhabitants, including 3.3 million out of 15 million ethnic Hungarians. In 1944,
3016-453: The Battle of Southern Buh , settled in the territory at the end of the 9th century displacing the founding Bulgarian settlers of the towns of Buda and Pest, and a century later officially founded the Kingdom of Hungary . Research places the probable residence of the Árpáds as an early place of central power near what became Budapest. The Tatar invasion in the 13th century quickly proved it
3120-496: The Chain Bridge linking Buda with Pest was opened as the first permanent bridge across the Danube and in 1873 Buda and Pest were officially merged with the third part, Óbuda (Old Buda), thus creating the new metropolis of Budapest. The dynamic Pest grew into the country's administrative, political, economic, trade and cultural hub. Ethnic Hungarians overtook Germans in the second half of the 19th century due to mass migration from
3224-772: The Danube Promenade , both designed by architect Frigyes Feszl (1821–1884). Another noteworthy structure is the Budapest Western Railway Station , which was designed by August de Serres and built by the Eiffel Company of Paris in 1877. Art Nouveau came into fashion in Budapest by the exhibitions which were held in and around 1896 and organised in connection with the Hungarian Millennium celebrations. Art Nouveau in Hungary ( Szecesszió in Hungarian)
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3328-860: 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
3432-584: The Habsburgs began in the Hungarian capital in 1848 and was defeated one and a half years later, with the help of the Russian Empire. 1867 was the year of Reconciliation that brought about the birth of Austria-Hungary . This made Budapest the twin capital of a dual monarchy. It was this compromise which opened the second great phase of development in the history of Budapest , lasting until World War I . In 1849
3536-570: 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
3640-457: 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
3744-659: The Matthias Church , where much of the original material was used (originally built in Romanesque style in 1015). The next chapter in the history of human architecture is Renaissance architecture . One of the earliest places to be influenced by the Renaissance style of architecture was Hungary, and Budapest in particular. The style appeared following the marriage of King Matthias Corvinus and Beatrice of Naples in 1476. Many Italian artists, craftsmen and masons came to Buda with
3848-540: 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
3952-561: The 14th century and No. 31 Úri Street, which has a Gothic façade that dates back to the 15th century. Other buildings with Gothic features are the Inner City Parish Church , built in the 12th century, and the Mary Magdalene Church, completed in the 15th century. The most characteristic Gothic-style buildings are actually Neo-Gothic , like the most well-known Budapest landmarks, the Hungarian Parliament Building and
4056-523: The 17th century to the 18th century. There are many Baroque-style buildings in Budapest and one of the finest examples of preserved Baroque-style architecture is the Church of St. Anna in Batthyhány square . An interesting part of Budapest is the less touristy Óbuda, the main square of which also has some beautiful preserved historic buildings with Baroque façades. The Castle District is another place to visit where
4160-521: The 1980s, the city's population reached 2.1 million. In recent times a significant decrease in population occurred mainly due to a massive movement to the neighbouring agglomeration in Pest county , i.e., suburbanisation. In the last decades of the 20th century the political changes of 1989–90 ( Fall of the Iron Curtain ) concealed changes in civil society and along the streets of Budapest. The monuments of
4264-595: 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
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4368-582: 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
4472-477: 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
4576-442: The 21st century, Budapest faces new challenges in its architecture. The pressure towards the high-rise buildings is unequivocal among today's world cities, but preserving Budapest's unique cityscape and its very diverse architecture, along with green areas, forces Budapest to balance between them. The Contemporary architecture has wide margin in the city. Public spaces attract heavy investment by business and government also, so that
4680-477: 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
4784-413: The 525 square kilometres (203 square miles) occupied by the city, 83 square kilometres (32 square miles) is green area, park and forest. The forests of Buda hills are environmentally protected. The city's importance in terms of traffic is very central, because many major European roads and European railway lines lead to Budapest. The Danube was and is still an important water-way and this region in
4888-539: 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
4992-534: The Budapest radio station and demanded to publish their demands. The regime ordered troops to shoot into the crowd. Hungarian soldiers gave rifles to the demonstrators who were now able to capture the building. This initiated the Hungarian Revolution of 1956 . The demonstrators demanded to appoint Imre Nagy to be Prime Minister of Hungary . To their surprise, the central committee of the " Hungarian Working People's Party " did so that same evening. This uprising
5096-587: The Chain Bridge, the Hotel Gellért , the Franz Liszt Academy of Music or Budapest Zoo and Botanical Garden . It is one of the world's outstanding urban landscapes and illustrates the great periods in the history of the Hungarian capital. The second half of the 20th century also saw, under the communist regime, the construction of blocks of flats ( panelház ), as in other Eastern European countries. In
5200-468: 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
5304-552: The Hungarian language is now called Budavár [Buda Castle] and by the Germans Etzelburg [Attila Castle] There are several theories about Pest. One states that the name derives from Roman times , since there was a local fortress ( Contra-Aquincum ) called by Ptolemy "Pession" ("Πέσσιον", iii.7.§ 2). Another has it that Pest originates in the Slavic word for cave, пещера , or peštera . A third cites пещ , or pešt , referencing
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#17330942232905408-493: 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
5512-586: The Pálvölgyi cave (total length 7,200 m or 23,600 ft) and the Szemlőhegyi cave (total length 2,200 m or 7,200 ft). The hills were formed in the Triassic Period. The highest point of the hills and of Budapest is János Hill , at 527 metres (1,729 feet) above sea level . The lowest point is the line of the Danube which is 96 metres (315 feet) above sea level. Budapest is also rich in green areas. Of
5616-474: The V. district is in the very center of Pest and inaugurates a new circle that then loops back through Pest to Buda as the VI., VII., VIII., IX., XI., and XII. districts. Districts XIII., XIV., XV., XVI., XVII., XVIII., XIX., XX., XXI., and XXII. form yet another semicircle in outermost Pest. Districts X. and XXIII. form irregularities within the overall pattern. Budapest is the most populous city in Hungary and one of
5720-511: 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
5824-526: The agglomeration in Pest county. The capital extends 25 and 29 km (16 and 18 mi) in the north–south, east–west direction respectively. The Danube enters the city from the north; later it encircles two islands, Óbuda Island and Margaret Island . The third island Csepel Island is the largest of the Budapest Danube islands, however only its northernmost tip is within city limits. The river that separates
5928-471: The base of the former Islamic building mosque and reconstruction into Gothic Church but Islamic style architecture over it is typically Islamic are still visible. An official term for the rationale is spolia . The mosque was called the djami of Pasha Gazi Kassim, and djami means mosque in Arabic. After Turks and Muslims were expelled and massacred from Budapest, the site was reoccupied by Christians and reformed into
6032-893: The best examples are the Hungarian National Museum , the Lutheran Church of Budavár (both designed by Pollack) and the seat of the Hungarian president , the Sándor Palace . The most iconic and widely known Classicist-style attraction in Budapest is the Széchenyi Chain Bridge . Budapest's two most beautiful Romantic architecture buildings are the Great Synagogue in Dohány Street and the Vigadó Concert Hall on
6136-405: The best-known landmark Buda Royal Palace and many other buildings were built in the Baroque style. The Classical architecture and Neoclassical architecture are the next in the timeline. Budapest had not one but two architects that were masters of the Classicist style. Mihály Pollack (1773–1855) and József Hild (1789–1867), built many beautiful Classicist-style buildings in the city. Some of
6240-782: The centre of the Pannonian Basin , lies on an ancient route linking the hills of Transdanubia with the Great Plain. By road it is 216 kilometres (134 mi) south-east of Vienna , 545 kilometres (339 mi) south of Warsaw , 1,565 kilometres (972 mi) south-west of Moscow, 1,122 kilometres (697 mi) north of Athens , 1,235 kilometres (767 mi) north-east of Rome , 788 kilometres (490 mi) north-east of Milan , 443 kilometres (275 mi) south-east of Prague , 343 kilometres (213 mi) north-east of Zagreb , 748 kilometres (465 mi) north-east of Split and 1,329 kilometres (826 mi) north-west of Istanbul . The 525 square kilometres (203 sq mi) area of Budapest lies in Central Hungary , surrounded by settlements of
6344-521: The centre of the Carpathian Basin lies at the cross-roads of trade routes . Budapest is one of only three capital cities in the world which has thermal springs (the others being Reykjavík in Iceland and Sofia in Bulgaria ). Some 125 springs produce 70 million litres (15,000,000 imperial gallons; 18,000,000 US gallons) of thermal water a day, with temperatures ranging up to 58 Celsius. Some of these waters have been claimed to have medicinal effects due to their high mineral contents. Budapest has
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#17330942232906448-422: The centres of Renaissance humanist culture by the 15th century. The Battle of Mohács , in 1526, was followed by nearly 150 years of Ottoman rule. After the reconquest of Buda in 1686, the region entered a new age of prosperity, with Pest-Buda becoming a global city after the unification of Buda, Óbuda and Pest on 17 November 1873, with the name 'Budapest' given to the new capital. Budapest also became
6552-468: The city center in its broadest sense, corresponding roughly to the 1873 municipal boundaries. Budapest's districts are numbered according to three concentric semicircles. The I. district is a small area in central Buda, including the Castle Quarter . District II. is in Buda to the castle's northwest while district III. stretches along the northernmost part of Buda and includes the former Óbuda. District IV. continues this semicircle in northernmost Pest, but
6656-527: The city has gained entirely new (or renovated and redesigned) squares, parks and monuments, for example the city central Kossuth Lajos square , Deák Ferenc square and Liberty Square . Numerous landmarks have been created in the last decade in Budapest, like the National Theatre , Palace of Arts, Rákóczi Bridge , Megyeri Bridge , Budapest Airport Sky Court among others, and millions of square meters of new office buildings and apartments . But there are still large opportunities in real estate development in
6760-426: The city of Sicambria in Pannonia, where he killed Buda , his brother, and he threw his corpse into the Danube . For while Attila was in the west, his brother crossed the boundaries in his reign, because he named Sicambria after his own name Buda's Castle. And though King Attila forbade the Huns and the other peoples to call that city Buda's Castle, but he called it Attila's Capital, the Germans who were terrified by
6864-447: The city's historic core has been raised. In the chronological order of architectural styles Budapest is represented on the entire timeline, starting with the Roman City of Aquincum representing ancient architecture . The next determinative style is the Gothic architecture in Budapest. The few remaining Gothic buildings can be found in the Castle District. Buildings of note are no. 18, 20 and 22 on Országház Street, which date back to
6968-431: The city's subway system, the Budapest Metro , serves 1.27 million, while the Budapest Tram Network serves 1.08 million passengers daily. The central area of Budapest along the Danube River is classified as a UNESCO World Heritage Site and has several notable monuments of classical architecture , including the Hungarian Parliament and the Buda Castle . The city also has around 80 geothermal springs ,
7072-608: The city. Contemporary Budapest is divided into 23 districts (Hungarian: kerületek , sg. : kerület ), each with a mayor and municipal government elected separately from the general municipal government. The districts and the general municipal government have constitutionally and legally defined, non-overlapping areas of competence. Each district has a municipally recognized name, some of which correspond to how locals call that area or neighborhood (e.g., Belváros , V. district; Terézváros , VI. district), others which (e.g., Újbuda , XI. district) are neologisms. Street signs display
7176-415: The city. His library, the Bibliotheca Corviniana , was Europe's greatest collection of historical chronicles and philosophic and scientific works in the 15th century, and second in size only to the Vatican Library . After the foundation of the first Hungarian university in Pécs in 1367 ( University of Pécs ), the second one was established in Óbuda in 1395 ( University of Óbuda ). The first Hungarian book
7280-399: The city. These were great examples of Ottoman architecture , which was influenced by Muslims from around the world including Turkish, Iranian, Arabian and to a larger extent, Byzantine architecture as well as Islamic traditions. After the Holy League conquered Budapest, they replaced most of the mosques with churches and minarets were turned into bell towers and cathedral spires. At one point
7384-447: The co-capital of the Austro-Hungarian Empire , a great power that dissolved in 1918, following World War I . The city was the focal point of the Hungarian Revolution of 1848 and the Battle of Budapest in 1945, as well as the Hungarian Revolution of 1956 . Budapest is a global city with strengths in commerce, finance, media, art, fashion, research, technology, education, and entertainment. Hungary's financial centre , Budapest
7488-588: The conflict. All bridges were destroyed by the Germans. The stone lions that have decorated the Chain Bridge since 1852 survived the devastation of the war. Between 20% and 40% of Greater Budapest's 250,000 Jewish inhabitants died through Nazi and Arrow Cross Party , during the German occupation of Hungary , from 1944 to early 1945. Swiss diplomat Carl Lutz rescued tens of thousands of Jews by issuing Swiss protection papers and designating numerous buildings, including
7592-410: The considerably larger Pest spreads out on a flat and featureless sand plain on the river's opposite bank. Pest's terrain rises with a slight eastward gradient, so the easternmost parts of the city lie at the same altitude as Buda's smallest hills, notably Gellért Hill and Castle Hill. The Buda hills consist mainly of limestone and dolomite, the water created speleothems , the most famous ones being
7696-440: The dictatorship were removed from public places, into Memento Park . In the first 20 years of the new democracy, the development of the city was managed by its mayor, Gábor Demszky . In October 2019, opposition candidate Gergely Karácsony won the Budapest mayoral election , meaning the first electoral blow for Hungary's nationalist prime minister Viktor Orbán since coming to power in 2010. Budapest, strategically placed at
7800-456: The distinct sloping central square in Budapest became a bustling Oriental bazaar, which was filled with "the chatter of camel caravans on their way to Yemen and India". Budapest is in fact one of the few places in the world with functioning original Turkish bathhouses dating back to the 16th century, like Rudas Baths or Király Baths . Budapest is home to the northernmost place where the tomb of influential Islamic Turkish Sufi Dervish, Gül Baba
7904-517: The district and that neighborhood's colloquial name. The latter are often the names of villages that were gradually annexed to the city (e.g., Sashalom , Budafok ) or of superseded administrative units of former boroughs. After the unification of Buda, Pest, and Óbuda in 1873, Budapest initially had 10 districts. It was during the interwar period that Károly Szendy 's 1934-1944 mayoral administration first seriously considered annexing peripheral towns and villages. This only came about, however, after
8008-416: 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
8112-592: 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 ,
8216-438: The largest cities in the European Union , with a growing number of inhabitants, estimated at 1,763,913 in 2019, whereby inward migration exceeds outward migration. These trends are also seen throughout the Budapest metropolitan area , which is home to 3.3 million people. This amounts to about 34% of Hungary's population. In 2014, the city had a population density of 3,314 people/km (8,580 people/sq mi), rendering it
8320-419: 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.
8424-470: The largest thermal water cave system, second largest synagogue , and third largest Parliament building in the world. Budapest attracts around 12 million international tourists per year, making it a highly popular destination in Europe. The previously separate cities of Buda, Óbuda, and Pest were officially unified in 1873 and given the new name Budapest . Before this, the towns together had sometimes been referred to colloquially as "Pest-Buda". Pest
8528-481: 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
8632-621: The last to be rebuilt, was finished in 1964. In the early 1970s, Budapest Metro 's east–west M2 line was first opened, followed by the M3 line in 1976. In 1987, Buda Castle and the banks of the Danube were included in the UNESCO list of World Heritage Sites . Andrássy Avenue (including the Millennium Underground Railway , Hősök tere , and Városliget ) was added to the UNESCO list in 2002. In
8736-440: The link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Széphalom&oldid=933149983 " Category : Place name disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Budapest Budapest is the capital and most populous city of Hungary . It
8840-526: The most densely populated of all municipalities in Hungary. The population density of Elisabethtown-District VII is 30,989/km (80,260/sq mi), which has the highest population density figure in Hungary and one of the highest in the world . For comparison, the density in Manhattan is 25,846/km . Financial centre A financial centre ( financial center in American English ) or financial hub
8944-476: The most renowned and mighty King Attila descended, who, in the 451st year of Our Lord's birth, coming down from Scythia , entered Pannonia with a mighty force and, putting the Romans to flight, took the realm and made a royal residence for himself beside the Danube above the hot springs, and he ordered all the old buildings that he found there to be restored and he built them in a circular and very strong wall that in
9048-494: The names "Buda" and "Pest" are obscure. Buda was Linguistically, however, a German origin through the Slavic derivative вода ( voda , water) is not possible, and there is no certainty that a Turkic word really comes from the word buta ~ buda 'branch, twig'. According to a legend recorded in chronicles from the Middle Ages , "Buda" comes from the name of its founder, Bleda , brother of Hunnic ruler Attila . Attila went in
9152-483: The new queen. Today, many of the original renaissance buildings disappeared during the varied history of Buda, but Budapest is still rich in renaissance and neo-renaissance buildings, like the famous Hungarian State Opera House , St. Stephen's Basilica and the Hungarian Academy of Sciences . During the Turkish occupation (1541–1686), Islamic culture flourished in Budapest; multiple mosques and baths were built in
9256-503: The next few years, all of the former Hungarian lands, except areas near Temesvár ( Timișoara ), were taken from the Turks. In the 1699 Treaty of Karlowitz , these territorial changes were officially recognized as the end of the rule of the Turks, and in 1718 the entire Kingdom of Hungary was removed from Ottoman rule . The 19th century was dominated by the Hungarian struggle for independence and modernisation. The national insurrection against
9360-638: The now famous Glass House (Üvegház) at Vadász Street 29, to be Swiss protected territory. About 3,000 Hungarian Jews found refuge at the Glass House and in a neighboring building. Swedish diplomat Raoul Wallenberg saved the lives of tens of thousands of Jews in Budapest by giving them Swedish protection papers and taking them under his consular protection. Wallenberg was abducted by the Russians on 17 January 1945 and never regained freedom. Giorgio Perlasca , an Italian citizen, saved thousands of Hungarian Jews posing as
9464-751: The number of Christians was down to about a thousand, and by 1647 it had fallen to only about seventy. The unoccupied western part of the country became part of the Habsburg monarchy as Royal Hungary . In 1686, two years after the unsuccessful siege of Buda , a renewed campaign was started to enter Buda. This time, the Holy League 's army was twice as large, containing over 74,000 men, including German , Croat , Dutch , Hungarian, English, Spanish, Czech , Italian, French, Burgundian , Danish and Swedish soldiers, along with other Europeans as volunteers, artillerymen , and officers. The Christian forces seized Buda, and in
9568-477: The overpopulated rural Transdanubia and Great Hungarian Plain . Between 1851 and 1910 the proportion of Hungarians increased from 35.6% to 85.9%, Hungarian became the dominant language, and German was crowded out. The proportion of Jews peaked in 1900 with 23.6%. Due to the prosperity and the large Jewish community of the city at the start of the 20th century, Budapest was often called the "Jewish Mecca" or "Judapest". Budapest also became an important center for
9672-496: The prohibition named the city as Eccylburg, which means Attila Castle, however, the Hungarians did not care about the ban and call it Óbuda [Old Buda] and call it to this day. The Scythians are certainly an ancient people and the strength of Scythia lies in the east, as we said above. And the first king of Scythia was Magog, son of Japhet, and his people were called Magyars [Hungarians] after their King Magog, from whose royal line
9776-774: The rise of state communism in Hungary . In 1950, for reasons of social and industrial policy—including the Hungarian Working People's Party 's desire to proletarianize the traditionally right-wing suburbs—7 cities with county rights and 16 towns were annexed to the capital to form contemporary Greater Budapest (Hungarian: Nagy-Budapest ). This reorganized the city into 22 districts, a number that grew to 23 after Soroksár seceded from Pesterzsébet in 1994. The contemporary city thus consists of 6 districts in Buda, 16 in Pest, and Csepel . Today, districts I., II., XI., and XII. in Buda and V., VI., VII., VIII., and IX. in Pest make up
9880-543: 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
9984-731: 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 ,
10088-663: 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
10192-468: The two parts of the city is 230 m (755 ft) wide at its narrowest point in Budapest. Pest lies on the flat terrain of the Great Plain while Buda is rather hilly. The wide Danube was always fordable at this point because of a small number of islands in the middle of the river. The city has marked topographical contrasts: Buda is built on the higher river terraces and hills of the western side, while
10296-475: 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
10400-538: The Óbuda district within Budapest. The Romans constructed roads, amphitheaters , baths and houses with heated floors in this fortified military camp. The Roman city of Aquincum is the best-conserved of the Roman sites in Hungary . The archaeological site was turned into a museum with indoor and open-air sections. The Magyar tribes led by Árpád , forced out of their original homeland north of Bulgaria by Tsar Simeon after
10504-513: Was an anti-Soviet revolt that lasted from 23 October until 11 November. After Nagy had declared that Hungary was to leave the Warsaw Pact and become neutral, Soviet tanks and troops entered the country to crush the revolt. Fighting continued until mid November, leaving more than 3000 dead. A monument was erected at the fiftieth anniversary of the revolt in 2006, at the edge of the City Park . Its shape
10608-576: 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
10712-474: Was declared a communist People's Republic ( People's Republic of Hungary ). The new Communist government considered the buildings like the Buda Castle symbols of the former regime, and during the 1950s the palace was gutted and all the interiors were destroyed (also see Stalin era ). On 23 October 1956 citizens held a large peaceful demonstration in Budapest demanding democratic reform. The demonstrators went to
10816-461: Was printed in Buda in 1473. Buda had about 5,000 inhabitants around the year 1500. The Ottomans conquered Buda in 1526, as well as in 1529, and finally occupied it in 1541. The Ottoman Rule lasted for more than 150 years. The Ottoman Turks constructed many prominent bathing facilities within the city. Some of the baths that the Turks erected during their rule are still in use 500 years later, including Rudas Baths and Király Baths . By 1547
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