<P> In the 1980s, with the international success of Milanese houses (like Armani, Versace and Dolce & Gabbana), Milan became one of the world's fashion capitals . The city saw also a marked rise in international tourism, notably from America and Japan, while the stock exchange increased its market capitalisation more than five-fold . This period led the mass media to nickname the metropolis "Milano da bere", literally "Milan to drink". However, in the 1990s, Milan was badly affected by Tangentopoli, a political scandal in which many politicians and businessmen were tried for corruption . The city was also affected by a severe financial crisis and a steady decline in textiles, automobile and steel production . </P> <P> In the early 21st century, Milan underwent a series of sweeping redevelopments . Its exhibition centre moved to a much larger site in Rho . New business districts such as Porta Nuova and CityLife were constructed . With the decline in manufacturing, the city has sought to develop on its other sources of revenue, including publishing, finance, banking, fashion design, information technology, logistics, transport and tourism . In addition, the city's decades - long population decline seems to have come to an end in recent years, with signs of recovery as it grew by seven percent since the last census . </P> <P> Milan is located in the north - western section of the Po Valley, approximately halfway between the river Po to the south and the foothills of the Alps with the great lakes (Lake Como, Lake Maggiore, Lake Lugano) to the north, the Ticino river to the west and the Adda to the east . The city's land is flat, the highest point being at 122 m (400.26 ft) above sea level . </P> <P> The administrative commune covers an area of about 181 square kilometres (70 sq mi), with a population, in 2013, of 1,324,169 and a population density of 7,315 inhabitants per square kilometre (18,950 / sq mi). The Metropolitan City of Milan covers 1,575 square kilometres (608 sq mi) and in 2015 had a population estimated at 3,196,825, with a resulting density of 2,029 inhabitants per square kilometre (5,260 / sq mi). A larger urban area, comprising parts of the provinces of Milan, Monza e Brianza, Como, Lecco and Varese is 1,891 square kilometres (730 sq mi) wide and has a population of 5,270,000 with a density of 2,783 inhabitants per square kilometre (7,210 / sq mi). </P>

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