Munich is the capital and most populous city of Bavaria. With a population of 1,558,395 inhabitants as of 31 July 2020, it is the third-largest city in Germany, after Berlin and Hamburg, and thus the largest which does not constitute its own state, as well as the 11th-largest city in the European Union. The city's metropolitan region is home to 6 million people. Straddling the banks of the River Isar (a tributary of the Danube) north of the Bavarian Alps, it is the seat of the Bavarian administrative region of Upper Bavaria, while being the most densely populated municipality in Germany (4,500 people per km2). Munich is the second-largest city in the Bavarian dialect area, after the Austrian capital of Vienna. Today, Munich is a global centre of art, science, technology, finance, publishing, culture, innovation, education, business, and tourism and enjoys a very high standard and quality of living, reaching first in Germany and third worldwide according to the 2018 Mercer survey, and being rated the world's most liveable city by the Monocle's Quality of Life Survey 2018. According to the Globalization and World Rankings Research Institute, Munich is considered an alpha-world city, as of 2015. It is one of the most prosperous and fastest growing cities in Germany. Munich's economy is based on high tech, automobiles, the service sector and creative industries, as well as IT, biotechnology, engineering and electronics among many others. The city houses many multinational companies, such as BMW, Siemens, MAN, Linde, Allianz and MunichRE. It is also home to two research universities, a multitude of scientific institutions, and world class technology and science museums like the Deutsches Museum and BMW Museum. Munich's numerous architectural and cultural attractions, sports events, exhibitions and its annual Oktoberfest attract considerable tourism. The city is home to more than 530,000 people of foreign background, making up 37.7% of its population.