Gustav III of Sweden was born on January 24, 1746, and became king in 1771. He is known for his efforts to modernize Sweden and strengthen the monarchy. His reign saw significant cultural advancements, including support for the arts and the establishment of the Swedish Academy. Gustav III also implemented various reforms in government and society, promoting trade and industry. However, his rule faced opposition, leading to political tensions. He was assassinated in 1792, which marked a turning point in Swedish history and the decline of absolute monarchy in the country.