If you are thinking of relocation, you surely want to choose the most comfortable and convenient place to live in. In this post, we will take a look at the richest cities in Europe where you can take advantage of advanced healthcare, top-notch infrastructure, high living standards, and much more. We will look at GDP per capita to assume which megalopolises can be considered the wealthiest in Europe. Visit a trusted portal for more details about relocating to Europe and explore the immigration and citizenship by investment sections where you are sure to find something to your liking.
Luxembourg
Luxembourg is one of the countries that founded the European Union, and its capital, also called Luxembourg, is a leader by GDP per capita and the wealthiest city in Europe. About 129,000 people call this prospering city their home, and this number rises to 162,500 if we take into account the metropolitan area.
The latter turns out about 46% of the country’s GDP and mainly provides financial services, with about 150 banks located here. Luxembourg with its astounding 128,000 dollars GDP per capita is actually the world’s richest city!
The financial sector is booming, with a great number of insurance companies, investment funds, and banks operating here. The conditions for business are the best you can imagine as the level of corruption is at the minimal possible level, while the political situation is absolutely stable. No wonder foreign investors flock here to launch projects in this pro-business environment! Luxembourg is a recommended jurisdiction for holding companies as they get a beneficial taxation regime here.
Dublin, Ireland
Unlike its neighbor, the UK, Ireland is still an EU member. Its capital, Dublin, is a prosperous city whose high GDP per capita makes it the second wealthiest city in Europe. The country has made a great leap forward in the past decade thanks to major corporations that came here and made a significant contribution to the national economic development. Why do they opt for Ireland? Well, it offers the most attractive tax rates among Western European countries!
In the same way as in Luxembourg, a considerable share of the country’s GDP is brought by the metropolitan area of Dublin which is home to about 2 million people. The capital of Ireland is also its main economic hub, and such technological giants as Facebook, Google, and Microsoft have their European headquarters here.
As a result, the demand for highly skilled tech specialists has gone sky-high, which gave a considerable boost to the country’s economic growth. Ireland is a great jurisdiction that attracts investors and entrepreneurs from across the globe due to low corporate taxes.
Frankfurt, Germany
The third richest city in the European Union in terms of GDP per capita is Frankfurt, and it is also the wealthiest city in Germany that has a population of about 750,000 people. This is the EU’s main financial center as the European Central Bank is located here, and it is also home to one of the world’s biggest stock exchanges, the Frankfurt Stock Exchange. Frankfurt is a major hub in terms of asset management, insurance, and investment/commercial banking.
The local economy benefits a lot from the city’s advantageous geographical location in the heart of the European Union and an excellent transportation network. You can easily get to any place using the local railroad lines, numerous autobahns, or a huge international airport.
You will find the headquarters of industrial giants here:
- Fiat, Kia, Hyundai, and Honda, the major foreign car manufacturers
- Nestle and Ferrero, the food industry transnationals
- Lufthansa System, Fujitsu, DB Systel, Finanz Informatik, and T-Systems, the large IT and telecom companies
- Some major European construction enterprises
Frankfurt is also home to 14 billionaires and 117,400 millionaires, which speaks for itself.
Helsinki, Finland
The capital of Finland scores fourth on the list of the richest cities in Europe thanks to its powerful state and service sectors.
The Helsinki metropolitan area with a population exceeding one million people turns out one third of the country’s GDP, and it is home to 1,000 millionaires.
The Finnish capital was included in the top 25 most innovative megalopolises globally by the World Economic Forum 2022. Greater Helsinki is the country’s largest urbanized area and its most important cultural and economic center. The technological sector is developing here at a very dynamic pace, with a considerable number of technological giants (Nokia, Rovio) and startups operating here.
Helsinki has long been considered one of the top-ranking places to live thanks to its excellent social security system and very high living standards.
Milan, Italy
Want to live in the business capital of Italy and the fashion capital of the world? Welcome to Milan! It is home to the headquarters and branch offices of numerous international companies. Milan, the most successful Italian city in economic terms, generates 10% of the country’s GDP. The megalopolis has a population of about 3.4 million people, and there are about 900 people here who have UHNWI status (each of these is worth over 30 million).
There are a lot of fashion houses in Milan, including Armani, Gucci, Versace, Prada, Valentino, and Dolce & Gabbana. The city has been holding the status of a fashion capital since 2009 as there are numerous London, Rome, Paris, and New York fashion brands that are managed from here. People from different countries come to the city on an annual basis to experience the famous shopping in Milan, pouring billions into the local treasury.
However, it is not all about fashion as there are headquarters of large Italian corporations working in different sectors here. Here are some examples:
- Alfa Romeo, a car manufacturer
- Vodafone Italy, a mobile telecommunication company
- Luxottica, a major European eyewear manufacturer
- Intesa Sanpaolo, a banking services provider
- Pirelli, a large tire manufacturer
Milan is the business and industrial heart of Italy, a city with a robust tourism industry and an advantageous location. All these factors make Milan a really appealing destination for relocation.
Want to discover two more cities? Please follow the above link. Relocation is an important decision, so make sure you have asked all questions before you make any steps. We wish you luck with the choice!
