Claim: Minneapolis was once a milling capital.

Minneapolis -LRB- -LSB- mɪniˈæpəlɪs -RSB- -RRB- is the county seat of Hennepin County , and the larger of the Twin Cities , the 16th-largest metropolitan area in the United States . As of 2015 , Minneapolis is the largest city in the state of Minnesota and 46th-largest in the United States with a population of 410,939 . Minneapolis and Saint Paul anchor the second-largest economic center in the Midwest , after Chicago .   Minneapolis lies on both banks of the Mississippi River , just north of the river 's confluence with the Minnesota River , and adjoins Saint Paul , the state 's capital . The city is abundantly rich in water , with thirteen lakes , wetlands , the Mississippi River , creeks and waterfalls , many connected by parkways in the Chain of Lakes and the Grand Rounds National Scenic Byway . It was once the world 's flour milling capital and a hub for timber . The city and surrounding region is the primary business center between Chicago and Seattle , with Minneapolis proper containing America 's fifth-highest concentration of Fortune 500 companies . As an integral link to the global economy , Minneapolis is categorized as a global city . Noted for its strong music and performing arts scenes , Minneapolis is home to both the award-winning Guthrie Theater and the historic First Avenue nightclub . Reflecting the region 's status as an epicenter of folk , funk , and alternative rock music , the city served as the launching pad for several of the 20th century 's most influential musicians , including Bob Dylan and Prince .   The name Minneapolis is attributed to Charles Hoag , the city 's first schoolteacher , who combined mni , a Dakota Sioux word for water , and polis , the Greek word for city .