Regions Europe

Amsterdam, Netherlands

Amsterdam is the financial and business capital of the Netherlands. Amsterdam is currently one of the best European cities in which to locate an international business. It is ranked fifth in this category and is only surpassed by London, Paris, Frankfurt and Barcelona. Many large corporations and banks have their headquarters in Amsterdam, including Akzo Nobel, Heineken International, ING Group, Ahold, TomTom, Delta Lloyd Group and Philips. KPMG International’s global headquarters is located in nearby Amstelveen, where many non-Dutch companies have settled as well, because surrounding communities allow full land ownership, contrary to Amsterdam’s land-lease system. Though many small offices are still located on the old canals, companies are increasingly relocating outside the city centre. The Zuidas has become the new financial and legal hub. The five largest law firms of the Netherlands, a number of Dutch subsidiaries of large consulting firms like Boston Consulting Group and Accenture, and the World Trade Center Amsterdam are also located in Zuidas. The Amsterdam Stock Exchange (AEX), now part of Euronext, is the world’s oldest stock exchange and is one of Europe’s largest bourses.

Athens, Greece

Athens is the financial capital of Greece, and multinational companies such as Ericsson, Siemens, Motorola and Coca-Cola have their regional research and development headquarters there. The total contribution for the economy of Athens has been distributed among the three main sectors, services, industries and agriculture. These three sectors contribute fairly in enhancing the economy of the city. The government of Greece is the major source of employment for the people living in Athens and Greece. From the 19th century, tourism and shipping became the main assets for Athens. The city became famous for its ancient monuments and rich history. The cruise ship industry is headquartered in Athens and Greece has got the biggest flotilla of commercial vessels in Europe. Piraeus and Athens are the main centers for the import and export of Greek goods and foreign items. Manufacturing sector also lends a helping hand in improving the economy of Athens. The city serves as a headquarter for Chemicals, petrochemical products, machinery, transport equipment, glassware, cement textiles, soap, food, flour, soft drinks, alcoholic beverages, pottery, leather goods and paper products industries along with the printing and publishing industries. Furthermore, the city has got a large number of well-established technology and research centers in addition to the good educational institutions.

Barcelona, Spain

The Barcelona metropolitan area comprises over 66% of the people in one of the richest regions in Europe – Catalonia, with a GDP per capita amounting to 16% more than the EU average. The Barcelona metropolitan area had a GDP amounting to 44% more than the EU average making it the 4th economically powerful city by GDP in the European Union and 35th in the world. Furthermore, Barcelona is Europe’s fourth best business city and fastest improving European city. Barcelona is the 14th most”livable city” in the world according to lifestyle magazine Monocle. Barcelona has a long-standing mercantile tradition. Less well known is that the region was one of the earliest to begin industrialization in continental Europe, beginning with textile-related works. Since then, manufacturing has played a large role in its history.

Berlin, Germany

The nominal GDP of the city state Berlin totaled €90.1 (~$117) billion. Berlin’s economy is dominated by the service sector, with around 80% of all companies doing business in services. Fast-growing economic sectors in Berlin include communications, life sciences, and transportation particularly services that use information and communication technologies, as well as media and music, advertising and design, biotechnology, environmental services, and medical engineering. The Science and Business Park of Berlin-Adlershof is among the 15 largest technology parks worldwide. Research and development have high economic significance for the city, and the Berlin-Brandenburg region ranks among the top-three innovative regions in the EU. Many German and international companies have business or service centers in the city. For years Berlin is recognized as a centre of business startup in Europe. Among the 20 largest employers in Berlin are the Deutsche Bahn, the hospital provider, Charité, the local public transport provider, BVG, and the service provider, Dussmann and the Piepenbrock Group. Daimler manufactures cars, and BMW builds motorcycles in Berlin. Bayer Health Care and Berlin Chemie are major pharmaceutical companies headquartered in the city. The second largest German airline Air Berlin is also headquartered in Berlin. Siemens, a Fortune Global 500 company and one of the 30 German DAX companies, is headquartered in Berlin. The national railway operator, Deutsche Bahn, has its headquarters in Berlin as well. Berlin has a cluster of rail technology companies and is headquarter or site to Bombardier Transportation, Siemens Mobility, Stadler Rail and Thales Transportation.

Brussels, Belgium

Serving as the centre of administration for Europe, Brussels’ economy is largely service-oriented. It is dominated by regional and world headquarters of multinationals, by European institutions, by various administrations, and by related services, though it does have a number of notable craft industries, such as the Cantillon Brewery and the Lambic brewery.

Bucharest, Romania

Bucharest is the centre of the Romanian economy and industry, accounting for around 22.7% of the country’s GDP and about one-quarter of its industrial production, while being inhabited by 9% of the country’s population. Almost one third of national taxes are paid by Bucharest’s citizens and companies. Bucharest’s economy is centered on industry and services, with services particularly growing in importance in the last ten years. The headquarters of 186,000 firms, including nearly all large Romanian companies are located in Bucharest. An important source of growth has been the city’s rapidly expanding property and construction sector. Bucharest is also Romania’s largest centre for information technology and communications and is home to several software companies operating offshore delivery centres. Romania’s largest stock exchange, the Bucharest Stock Exchange, which was merged with the Bucharest-based electronic stock exchange Rasdaq, plays a major role in the city’s economy.

Budapest, Hungary

Budapest is a global city and primate city of Hungary regarding the economy and business also, accounts for nearly 40% of the national income. Budapest is one of the largest regional economies in the European Union. According to the Eurostat GDP per capita in purchasing power parity is 147% of the EU average in Budapest. Budapest is among the 100 largest GDP performing cities in the world and was named as the 52nd most important business center in the world in the MasterCard Worldwide Centres of Commerce Index, ahead of Beijing, Sao Paulo, Warsaw or Athens. The city is 48th on the UBS The most expensive and richest cities in the world list, stands before cities such as Prague, Shanghai, Warsaw or Buenos Aires. The city is a major center for banking and finance, retailing, trade, transportation, tourism, real estate, new media as well as traditional media, advertising, legal services, accountancy, insurance, theater, fashion, and the arts in Hungary and regionally. Budapest is home not only to almost all national institutions and government agencies, but also to many domestic and international companies.

Copenhagen, Denmark

Copenhagen is not only the economic and financial centre of Denmark but is a major business centre for the entire Scandinavian-Baltic region. Statistics show that of the 350,000 people working in Copenhagen, the vast majority are employed in the service sector, especially transport and communications, trade, and finance, while less than 10,000 work in the manufacturing industries. The public sector workforce is around 110,000, including education and healthcare. Copenhagen was third in the ranking of the richest cities in the world in terms of gross earnings. Copenhagen is home to a number of international companies including A.P. Møller-Mærsk, Novo Nordisk, Carlsberg and Novozymes. The city also has successful business clusters in several innovative sectors including information technology, biotechnology, pharmaceuticals and clean technology. Copenhagen has a service oriented economy. Life science is a key sector with extensive research and development activities. In collaboration with Sweden, Medicon Valley is being developed as a central sector of interest across the entire Øresund Region. Major Danish biotech companies like Novo Nordisk and Lundbeck, both of which are among the 50 largest pharmaceutical and biotech companies in the world, are located in the greater Copenhagen area. Shipping is also an import sector with Maersk, the world’s largest shipping company, having their world headquarters in Copenhagen.

Helsinki, Finland

The Helsinki metropolitan area generates approximately one third of Finland’s GDP. GDP per capita is roughly 1.3 times the national average. The metropolitan area’s gross value added per capita is 200% of the mean of 27 European metropolitan areas, equaling those of Stockholm or Paris. The gross value added annual growth has been around 4%. 83 of the 100 largest Finnish companies are headquartered in Greater Helsinki. Two-thirds of the 200 highest-paid Finnish executives live in Greater Helsinki and 42% in Helsinki. The average income of the top 50 earners is 1.65 million euro.

Istanbul, Turkey

Istanbul is ranked 29th among the world’s urban areas. Istanbul’s economy has been one of the fastest growing among OECD metro-regions. According to Foreign Policy and the McKinsey Global Institute, Istanbul will register the 14th-highest absolute GDP growth among world cities by 2025. Istanbul is responsible for 27 percent of Turkey’s GDP, with 20 percent of the country’s industrial labor force residing in the city. Its GDP per capita and productivity are greater than their national averages by 70 percent and 50 percent, respectively, owing in part to the focus on high-value-added activities. With its high population and significant contribution to the Turkish economy, Istanbul is responsible for two-fifths of the nation’s tax revenue. That includes the taxes of thirty-seven billionaires based in Istanbul, the fifth-highest number among cities around the world. Istanbul is home to Borsa Istanbul, the sole exchange entity of Turkey, which combined the former Istanbul Stock Exchange, the Istanbul Gold Exchange, and the Derivatives Exchange of Turkey. As the only sea route between the oil-rich Black Sea and the Mediterranean, the Bosphorus is one of the busiest waterways in the world; more than 200 million tonnes of oil pass through the strait each year, and the traffic on the Bosphorus is three times that on the Suez Canal. Istanbul is an increasingly popular tourist destination; it the world’s fifth most-visited city.

Jersey, Channel Islands

Jersey’s economy is based on financial services (43% of GVA), tourism (hotels, restaurants and bars making 3% of GVA), e-commerce, and agriculture (2% of GVA). The island is recognized as one of the leading offshore financial centres. Employment can be broken down as follows: 24% in financial and legal services; 16% in wholesale and retail trades; 16% in the public sector; 10% in education, health and other private sector services; 10% in construction and quarrying; 9% in hotels, restaurants and bars. Jersey is ranked as a tax haven by many organizations, the Financial Secrecy Index ranks Jersey as the 9th safest tax haven in the world, ahead of Japan but behind Germany.

Kiev, Ukraine

As with most capital cities, Kiev is a major administrative, cultural and scientific centre of the country. It is the largest city in Ukraine in terms of both population and area and enjoys the highest levels of business activity. There are around 238,000 business entities registered in Kiev. Official figures show that Kiev’s economy outstripped the rest of the country’s, growing by an annual average of 11.5%. Kiev is a middle-income city, with prices currently comparable to many mid-size American cities. Kiev is the undisputed center of business and commerce of Ukraine and home to the country’s largest companies, such as Naftogaz Ukrainy, Energorynok and Kyivstar. The city accounts for 18% of national retail sales and 24% of all construction activity.

London, United Kingdom

London generates approximately 20 per cent of the UK’s GDP (or $446 billion); while the economy of the London metropolitan area – the largest in Europe – generates approximately 30 per cent of the UK’s GDP (or an estimated $669 billion). London is one of the pre-eminent financial centres of the world and vies with New York City as the most important location for international finance. London’s largest industry is finance, and its financial exports make it a large contributor to the UK’s balance of payments. Around 325,000 people are employed in financial services in London. London has over 480 overseas banks, more than any other city in the world. Over 85% (3.2 million) of the employed population of greater London works in the services industries. The City of London is home to the Bank of England, London Stock Exchange, and Lloyd’s of London insurance market. Over half of the UK’s top 100 listed companies (the FTSE 100) and over 100 of Europe’s 500 largest companies have their headquarters in central London. Over 70 per cent of the FTSE 100 are within London’s metropolitan area, and 75 per cent of Fortune 500 companies have offices in London.