Madrid, Spain's elegant capital, is beautifully located on the Manzanares River. It is also the political, economic and cultural centre of Spain. Due to its economic output, high standard of living, and market size, Madrid is considered the major financial centre of Southern Europe and the Iberian Peninsula; it hosts the head offices of the vast majority of major Spanish companies, such as Telefónica, Iberia and Repsol. Madrid is considered the 17th most livable city in the world and as one of the world's major global cities.