Today
Today, "Realm of Sweden" can be used as a translation of the term Sveriges rike, which simply is a more solemn term for the contemporary Swedish state, and does not have the expansionist connotations which Svenska väldet may have. It is also worth noting that although Sweden remains a monarchy, modern Swedish constitutional law does not define the realm as belonging to the King personally, the government as being His Majesty's Government or the citizens of the realm as being His Majesty's subjects. Thus, "realm" has lost some of the connotations of "kingdom" that it might previously have had.
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