The Wealthiest Places in Europe to Live and Work
The next 40 years are arguably the most important 40 years Europe will have ever faced.
Changing political agendas and the looming departure of the UK from the European Union has many economists scratching their heads and wondering just how different economies will handle the change to the financial landscape.
In 2010, just two years after the financial recession, Luxembourg’s local economy became the wealthiest in Europe seeing a dramatic increase from pre-recession.
The wealth of a local economy is often measured by Gross domestic product (GDP). In theory the better a local economy performs the more opportunities (jobs, businesses and investments) are created, meaning that people are now looking more closely to GDP in order to determine where the best investments and jobs are based.
A new report by Grosvenor has revealed how GDP per capita for each European area will change every year for the next 40 years. These are broken down below detailing where will be the richest area in Europe at present and in the next 20 and 40 years:
The wealthiest areas of Europe (presently):
Luxemburg currently hosts the most thriving economy when measured against GDP per capita. Luxemburg city famed for its medieval old town offers more than just attractive historical architecture but also great job opportunities.
At present Germany dominates the list with 5 cities making it into the top ten local economies.
The wealthiest areas in Europe by 2040:
By 2040 the Romanian capital Bucharest will make a substantial jump forward moving from the 9th to the 3rd best economy across Europe.
New European cities will also emerge including Dublin and Vitoria-Gasteiz.
The wealthiest areas in Europe by 2060:
By 2060, the study shows five German-based cities will be in the top 10 richest areas within Europe, with Görlitz, Aschaffenburg, Düsseldorf, Schweinfurt and Neubrandenburg appearing.
Looking at which European areas rise the most, German city, Neubrandenburg jumps 168 places – the most of any city included in the study.
The top spot will be taken by the Romanian capital, Bucharest. With wages lower than the EU average it has enticed outsourcing. In particular their technology sector and service sector have seen steady growth over the past few years.
- Bucharest – UP eight places from present day
- Luxembourg – DOWN one place from present day
- Groningen – UP one place from present day
- Paris – UP two places from present day
- Görlitz – UP 94 places from present day
- Aschaffenburg – UP 25 places from present day
- Dublin – UP one place from present day
- Düsseldorf – DOWN four places from present day
- Schweinfurt – UP 17 places from present day
- Neubrandenburg – UP 168 places from present day