Europe is a prestigious region to live in, so it’s hardly surprising that many people want to get a residence permit (or even citizenship) and settle down in one of the best European countries. Choosing a country and a city is not always an easy thing to do, and you can look at it from different angles. In this post, we will consider the wealthiest European cities by taking into consideration GDP per capita as this is a certain guarantee of good living conditions and general well-being of the population. If you want to get more information, go to a trusted portal to discover the best places to live and the city recognized as the primary financial hub of the European Union.
Luxembourg
Luxembourg is the capital of a small charming European country with the same name (that stood at the origins of the European Union) with a population of about 130,000 people. The country’s official name is the Grand Duchy of Luxembourg, and it occupies the first place globally by its GDP per capita.
Similar to most countries, the lion’s share of the GDP is yielded by the capital’s metropolitan area (46%), and it is mainly due to the high-quality financial services provided here by 150 active banks. This makes Luxembourg the wealthiest city globally.
What are the key benefits of Luxembourg? It has a prospering financial sector with a large number of insurance companies, investment funds, and banks. If you are looking for political and economic stability, you are sure to find it here – along with an extremely low corruption level. The business environment favors entrepreneurs from across the globe, which stimulates the inflow of foreign investments. There are a lot of business people who flock here to register a holding company as the country offers really beneficial conditions for this legal form.
As you see, Luxembourg is definitely a recommended destination for life and work.
Dublin, Ireland
Dublin is Ireland’s capital and its main economic center. Unlike its neighbor, Great Britain, the country is still an EU member, and it is rapidly developing as it has managed to considerably raise its GDP over the past decade. There are a lot of major international corporations registered here, and they have made a substantial contribution to Ireland’s economic development. And this is a win-win situation as they benefited a lot from the country’s favorable tax rates.
In the same way as Luxembourg, the metropolitan area accounts for a considerable part of the country’s GDP (47%) generated by the population of Greater Dublin (about 2 million people). Dublin takes the second place in the ranking of the wealthiest cities in Europe.
Just like Luxembourg, Dublin is popular with transnational corporations, and such giants as Microsoft, Facebook, and Google have opened their European offices here. This fact generated a high demand for employees in the high-tech area, boosting the country’s economic development. Entrepreneurs from around the world come to Ireland to take advantage of low tax rates and a booming business environment.
Frankfurt, Germany
Frankfurt is the third wealthiest city in the European Union, and it naturally occupies the first place in Germany in terms of the GDP per capita. There are more than 750,000 people living in Frankfurt, and the GDP generated here is about 77 billion euros.
Frankfurt is home to the European Central Bank and the Frankfurt Stock Exchange, one of the largest ones globally. The city is also extremely attractive for people interested in reliable asset management, insurance, and high-quality commercial and investment banking.
Frankfurt is located in the center of the EU, which boosts the local economy due to profits generated by the excellent transportation network. You will find numerous railroad lines and motorways here, as well as a huge international airport.
Frankfurt is not only a major financial hub but also home to the headquarters of many industrial companies:
- Some major European construction companies
- IT and telecom companies: Lufthansa Systems, Fujitsu, Finanz Informatik, etc.
- Foreign car manufacturers: Fiat, Kia, Hyundai, and Honda
- Food industry giants: Ferrero and Nestle
There are 14 billionaires and 117,400 millionaires living in Frankfurt, which proves that the city is a worthy choice. It occupies the third place in Europe when it comes to the GDP rate, and you can opt for it to take advantage of the beneficial business environment, diversified economy, highly-skilled workforce, strategic location, and robust financial center.
Helsinki, Finland
Helsinki, the capital of Finland, is the fourth richest city in Europe in terms of GDP that is mainly generated by the state and service sectors. Greater Helsinki is home to about 1,100,000 people, and it accounts for one-third of the total GDP. There are about 1,000 millionaires that chose Helsinki as their home.
According to the 2022 World Economic Forum, Helsinki is considered one of the world’s 25 most innovative cities. The urbanized area of the Finnish capital is the largest one in the country, and it is considered to be its most important economic and cultural center. There are a lot of technological companies and startups here that give a tangible boost to the economy, including Rovio (that created Angry Birds) and, of course, Nokia.
Helsinki has long been considered an excellent place to live due to many factors, with the top-notch security system and high living standards being the most notable ones.
Milan, Italy
Would you like to live in a metropolis with a population of about 3.4 million people that is rightfully considered to be the business center of Italy? It is no wonder the city is home to the headquarters of many local and international corporations. Milan generates one-tenth of the total Italian GDP, making it the most economically successful city in the country. There are 900 UHNWIs with a capital of more than 30 million each who chose Milan to be their home.
Milan is well-known for its fashion houses, such as Dolce & Gabbana, Prada, Valentino, Armani, Gucci, and Versace. This is actually the fashion capital of the world since many brands from London, Rome, Paris, and New York are managed from here. Shopping in Milan is a must-have for all those who love fashion, which contributes billions to the local economy on an annual basis.
You can follow the above link to read about two wealthiest cities in Europe that are definitely worth your attention. If you need any help with relocation, you can talk to an expert using a live chat. We wish you a happy life in Europe!