Breaking News: Munich Loses its Crown as Germany's Economic Powerhouse?
"Munich named top German metropolis in Global Cities Index" - "Global Cities Ranking": Munich Leads in Germany - Remains the Front-runner
Berlin, the vibrant city of history and culture, might soon snatch the title from Munich as Germany's economic powerhouse, according to a shocking prediction by the British consulting firm, Oxford Economics. In the latest edition of the "Global Cities Index," Munich and its surrounding area rank as the top German region among the first hundred, at 22nd place, but a stone's throw behind Berlin, which takes 29th position. This small yet significant gap sets the stage for a thrilling future battle for dominance.
Chief economist, Dmitry Gruzinov, points to Berlin's robust economic prospects, its magnetic appeal to the younger generation, and the burgeoning creative and tech sector as the reasons behind this potential shift in power.
Munich's lead begins to wane
Oxford Economics ranks a thousand major cities and metropolitan areas worldwide annually in five categories: economic clout, human capital, quality of life, environment, and governance. In terms of economic clout, although the Munich metropolitan area outperforms Berlin with a gross domestic product (GDP) of $283 billion, the difference isn't as substantial as it once was, with Berlin close on its heels at $280 billion. Human capital includes factors such as the age structure of the population and the quality of educational and scientific institutions.
Small but mighty Switzerland
Among the top 100 metropolises, Switzerland, with a significantly smaller population, holds its ground as well as Germany, with five cities gracing the list: Zurich (16th), Geneva (25th), Basel (42nd), Bern (48th), and Lausanne (59th). In Austria, only Vienna makes it into the top-ranked cities, at 36th place.
New York reigns supreme, English-speaking countries dominate
According to Oxford Economics, New York holds the throne as the leading global metropolis, with London and Paris close runner-ups. The Global Cities Index shows a skewed representation towards cities in English-speaking countries, with 34 US cities, seven each from the United Kingdom, and five from Canada listed among the top 100 global metropolises. Only one Chinese metropolis, Hong Kong, makes it to the top 100, at 72nd place.
- Berlin
- Munich
- Future
- Germany
- New York
The prediction by Oxford Economics implies a potential shift in Germany's economic powerhouse, as Berlin's growing creative and tech sector, along with its appeal to the younger generation, pose a threat to Munich's long-held status.
In the Global Cities Index, while Munich and Berlin differ in tier rankings, the gap is narrowing, with Berlin making significant progress in economic clout.
