Here's why Munich is worth 20 times more than Berlin

Jörg Luyken
Jörg Luyken - [email protected]
Here's why Munich is worth 20 times more than Berlin
BMW's headquarters in Munich. Photo: DPA

The Bavarian capital leaves other German cities in the dust when it comes to where the highest-valued companies choose to plant their flag.


With 14 of Germany’s biggest companies by market capitalization calling Munich home, the city left all its competitors so far behind in a new league table that it might even be an exaggeration to say they were biting its dust.

The Börsenliga (stock market ranking) ranks cities according to the combined value of DAX companies - the largest companies on the Frankfurt Stock Exchange - which have their headquarters within the city's boundaries.

As the home to global players such as Siemens, BMW and Allianz, Munich's net worth for DAX companies is €277.21 billion, according to Simon-Kucher & Partners, the consultancy firm behind the table.

Munich’s nearest competitor, Bonn, only had two major companies with headquarters there.

And with a combined value of €102.71, the former capital of West Germany's DAX firms mustered barely a third of the value of Munich's largest listed companies.

Table: Simon-Kucher & Partners

Hamburg was the city housing the second highest number of stock market giants, with 10 based there. But their relatively small size meant that a combined value of €36.45 billion consigned the harbour city to 13th place on the list.

Just scraping into the top 20 for the first time since the list was first compiled in 2005 was Berlin (not that too many residents of the city, with its alternative vibe, are likely to be loosing any sleep over this result.)

With two DAX companies valued at €12.23 billion, the German capital placed below landmarks on the German map such as Walldorf (5th), Herzogenaurach (14th), and Neubiberg (16th), all of which made it onto the list thanks to one large company.

Anita Müller, spokesperson for Simon-Kucher & Partners explained to The Local that little had changed in the list since 2015, with the top ten remaining completely stable.

Certain cities were propped up by companies which had been based there for decades, she pointed out, such as Leverkusen, home to chemical giant Bayer, and Herzogenaurach, the base of sports clothing firm Adidas.

Berlin’s lowly ranking showed “companies don’t feel compelled to be in the capital” she said.

The ability to recruit better personnel, good infrastructure and beneficial taxes all played their part in meaning Munich remained a more attractive base for companies than the capital.

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