Newmarket is a market town and civil parish in the West Suffolk district of Suffolk, England. Located west of Bury St Edmunds and northeast of Cambridge. It is considered the birthplace and global centre of thoroughbred horse racing. It is a major local business cluster, with annual investment rivalling that of the Cambridge Science Park, the other major cluster in the region. It is the largest racehorse training centre in Britain, the largest racehorse breeding centre in the country, home to most major British horseracing institutions, and a key global centre for horse health. Two Classic races, and an additional three British Champions Series races are held at Newmarket every year. The town has had close royal connections since the time of James I, who built a palace there, and was also a base for Charles I, Charles II, and most monarchs since. Elizabeth II visited the town often to see her horses in training.