This is the 237th most frequent Serbian word.
свету
"Свету" in Serbian means "to the world" or "world" in the dative/locative case.
In this sentence, 'свету' is in the dative case, describing the world as a whole entity where everything exists.
Све у свету има своју цену.
Everything in the world has its price.
Here, 'свету' is in the locative case, denoting the location or domain ('in the world').
Ова слика је најлепша ствар на свету.
This painting is the most beautiful thing in the world.
In this sentence, 'свету' is in the locative case, referring to the world as the domain of discussion ('about the world').