The Royal Borough of Kensington and Chelsea (often abbreviated to RBKC) is a central London borough of Royal borough status. After the City of Westminster, it is the wealthiest borough in England. It is the smallest of the London boroughs, excluding the City of London). The borough is immediately to the west of the City of Westminster, which is at the heart of modern London, and to the east of Hammersmith & Fulham, and itself contains a substantial number of city centre facilities such as major museums and universities (in "Albertopolis"), department stores like Harrods, Peter Jones and Harvey Nichols, is home to the Notting Hill Carnival, Europe's largest carnival, and several Embassies in its Belgravia, Knightsbridge and Kensington Gardens districts. It also contains many of the most exclusive residential districts in London, which are also some of the most expensive in the world.