Swedish princess engaged to New York banker

STOCKHOLM -- Another royal wedding beckons in Europe: This time it is Sweden's Princess Madeleine who is getting ready to tie the knot.

Madeleine and U.S.-British boyfriend Christopher O'Neill announced their engagement on the royal palace website on Thursday.

The 30-year-old Madeleine is the youngest of King Carl XVI Gustaf and Queen Silvia's three children and is fourth in line to the throne.

The tabloid Expressen reported early Thursday that O'Neill, a 38-year-old financier she met in New York, had proposed to the princess, and the couple confirmed the news in a brief video clip posted on the royal website.

"Chris proposed to me in New York at the start of October, and we are very happy," Madeleine said in the video.

"Madeleine and I have known each other for two years and I recently summoned up the courage to ask her to marry me. Thankfully she said yes," O'Neill said in English with a British accent. He added a few words in Swedish, saying he was trying to learn the language "but it is difficult."

Madeleine said the wedding would take place in Sweden next summer.

Madeleine lives in New York where she works for the World Childhood Foundation, which was founded by her mother.

In 2010, she broke off an earlier engagement after media reports that her then-fiancé had cheated on her.

O'Neill was born in London and holds dual U.S. and British citizenship. He studied at a boarding school in St. Gallen, Switzerland, and holds a bachelor's degree in international relations from Boston University and a master's degree from Columbia Business School in New York.

He is a partner and head of research at Noster Capital, a hedge fund with offices in London and New York.

The Swedish royal family has only ceremonial duties, such as attending award ceremonies, promoting Swedish businesses abroad and supporting charities and foundations.