Multilayer substrate and electronic device

A multilayer substrate comprising:

• a plurality of insulating base layers that are flexible and are laminated;
• a first region including a first number of the laminated insulating base layers;
• a second region including a second number of the laminated insulating base layers and being bent, the second number of laminated insulating base layers being less than the first number of laminated insulating base layers;
• a coil antenna located in the first region and including a winding axis extending along a lamination direction of the insulating base layers in the first region;
• a magnetic member located in the first region;
• a component located in the first region and located on a side opposite to the coil antenna across the magnetic member in the lamination direction;
• a wiring pattern located in the second region;
• and
• an external connection terminal located in the second region and electrically connected to the wiring pattern;
• wherein
• the component overlaps the magnetic member when viewed in the lamination direction;
• at least a portion of the coil antenna overlaps the magnetic member when viewed in the lamination direction;
• and
• the insulating base layers in the second region are in a bent state on a side opposite to the coil antenna across the magnetic member in the lamination direction.