Munich instance of financial centre
Munich ( MEW-nik; German: München [ˈmʏnçn̩] (listen); Bavarian: Minga [ˈmɪŋ(ː)ɐ] (listen)) is the capital and most populous city of the Free State of Bavaria. With a population of 1,558,395 inhabitants as of 31 July 2020, it is the third-largest city in Germany, after Berlin and Hamburg, and thus the largest which does not constitute its own state, as well as the 11th-largest city in the European Union. The city's metropolitan region is home to 6 million people.Straddling the banks of the River Isar north of the Alps, Munich is the seat of the Bavarian administrative region of Upper Bavaria, while being the most densely populated municipality in Germany with 4,500 people per km2. Munich is the second-largest city in the Bavarian dialect area, after the Austrian capital of Vienna.
The city was first mentioned in 1158. Catholic Munich strongly resisted the Reformation and was a political point of divergence during the resulting Thirty Years' War, but remained physically untouched despite an occupation by the Protestant Swedes. Once Bavaria was established as Kingdom of Bavaria in 1806, Munich became a major European centre of arts, architecture, culture and science. In 1918, during the German Revolution of 1918–19, the ruling House of Wittelsbach, which had governed Bavaria since 1180, was forced to abdicate in Munich and a short-lived Bavarian Soviet Republic was declared. In the 1920s, Munich became home to several political factions, among them the Nazi Party. After the Nazis' rise to power, Munich was declared their "Capital of the Movement". The city was heavily bombed during World War II, but has restored most of its old town. After the end of postwar American occupation in 1949, there was a great increase in population and economic power during the years of Wirtschaftswunder. The city hosted the 1972 Summer Olympics.
Today, Munich is a global centre of science, technology, finance, innovation, business, and tourism. Munich enjoys a very high standard and quality of living, reaching first in Germany and third worldwide according to the 2018 Mercer survey, and being rated the world's most liveable city by the Monocle's Quality of Life Survey 2018. Munich is consistently ranked as one of the most expensive cities in Germany in terms of real estate prices and rental costs.In 2021, 28.8 percent of Munich's residents were foreigners, and another 17.7 percent were German citizens with a migration background from a foreign country. Munich's economy is based on high tech, automobiles, and the service sector, as well as IT, biotechnology, engineering, and electronics. It has one of the strongest economies of any German city and the lowest unemployment rate of all cities in Germany with more than 1 million inhabitants. The city houses many multinational companies, such as BMW, Siemens, MAN SE, Allianz SE and Munich Re. In addition, Munich is home to two research universities, and a multitude of scientific institutions. Munich's numerous architectural and cultural attractions, sports events, exhibitions and its annual Oktoberfest, the world's largest Volksfest, attract considerable tourism.Economy
Munich has the strongest economy of any German city according to a study and the lowest unemployment rate (5.4% in July 2020) of any German city of more than a million people (the others being Berlin, Hamburg and Cologne). Munich ranks third on the list of German cities by gross domestic product (GDP). In addition, it is one of the most attractive business locations in Germany. The city is also the economic centre of southern Germany. Munich topped the ranking of the magazine Capital in February 2005 for the economic prospects between 2002 and 2011 in 60 German cities.
Munich is a financial center and global city that holds the headquarters of many companies. This includes more companies listed by the DAX than any other German city, as well as the German or European headquarters of many foreign companies such as McDonald's and Microsoft. One of the best-known newly established Munich companies is Flixbus.Finance
Munich has significance as a financial centre (second only to Frankfurt), being home of HypoVereinsbank and the Bayerische Landesbank. It outranks Frankfurt though as home of insurance companies such as Allianz (insurance) and Munich Re (re-insurance).
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