Munich remains Germany’s economic powerhouse

Munich remains Germany’s economic powerhouse
The secret of Munich's allure? Photo: DPA
Munich has been crowned Germany's most economically successful city for the sixth year in a row, according to a new survey published in weekly business magazine WirtschaftsWoche on Friday.

The study, conducted in tandem with the Initiative for New Social Market Economy (INSM) reviewed conditions in the country’s 50 largest cities over the last five years, ranking them in terms of overall economic strength and dynamism.

Munich’s wealth, job market and economic structure earned a first place ranking for overall success, followed by Münster, Hamburg and Düsseldorf.

“The Bavarian metropolis leads by income and buying power, it has the fewest people on unemployment benefits, the second lowest unemployment rate, as well as the second highest level of highly qualified individuals,” said INSM director Dieter Rath.

The northern port of Hamburg was ranked Germany’s most economically dynamic city ahead of the much smaller cites Saarbrücken and Münster.

Hamburg has “experienced a self-propelling upswing, partly driven by expanding the harbour and a healthy mix of industries,” said Henning Krumrey, the deputy editor-in-chief of WirtschaftsWoche.

But even Berlin, long considered an economic basket case in Germany, was able to improve its standing in this year, jumping to 17th on the dynamic ranking due to its thriving service sector.

“The capital has come out of the cellar, and this trend could prove to be sustainable,” said Krumrey.

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