While analysts expect a deterioration in economic activity in Germany in the coming months, some cities appear to remain economically strong despite the obstacles. In contrast, others have quite a few problems. More generally, Germany now appears much more vulnerable to the pressures of the energy crisis.
A new survey analyzes the current economic strength of cities in Germany with a population of more than 100,000. Munich remains Germany’s most economically powerful city, retaining the top spot on the list.
In second place on the list is Erlangen, which at the same time is the only large city that is in the top five of the cities with the highest index of quality of life and sustainability. Erlangen is characterized by its innovative atmosphere since its a part of the Innovation and Start-up Centre Nuremberg-Fürth-Erlangen. This start-up center has helped many companies debut in the market. Thus the city was known for its business-friendly environment, which remains nowadays. The next step that boosted, even more, the financial status of the region was the creation of a medical center, which is a large partnership between different organizations and companies. After the creation of this medical center, the city has all the elements becoming a large research spot.
In third place is Stuttgart, fourth is Ingolstadt, and fifth is Frankfurt. Stuttgart is the “home” for many large companies, from the auto to electronics industries. For example, the headquarters of Mercedes-Benz and Porsche are in Stuttgart, while other large companies, such as Bosch, have plants there.
Ingolstadt is one of the largest cities in Upper Bavaria. The city has two academic institutes that offer educational services. More specifically, the Ingolstadt School of Management is among the best in Germany.
As one of the top financial hubs in the world and the wealthiest city in main Europe, Frankfurt is home to more than 117,000 millionaires, including 14 billionaires. Frankfurt stands out from other big German cities (Berlin, Hamburg) in terms of wealthy populations despite contributing less to the country’s GDP.
Berlin is in 42nd place, while Cologne is in 30th. Berlin’s low ranking is mainly due to problematic public administration. The same is happening in Cologne.
It is surprising that Mainz, the capital of the Rhineland-Palatinate, went from 48th to 1st place in the ranking based on its economic dynamics. An important role in this result was played by the pharmaceutical company BioNTech, which produced the first vaccine against the coronavirus and maintains its headquarters in the region. Also, according to information, the city authorities have planned many measures in the fields of climate, sports, recreation, and culture.
Heilborn, Lübeck, Kiel, and Potsdam cities also took a good place in the general ranking. It is worth noting that IW Consulting carried out the survey on behalf of the online property portal Immoscout24 and the economic magazine Wirtschaftswoche.
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