Which European cities are the richest in terms of strong economy and GDP per capita? In a recent ranking, the Paris Metropolitan area in France has been ranked to be the richest city in Europe. In this guide, we will be taking a brief look at the richest European cities right now and all the details you need to know.
50 Richest European Cities By GDP Per Capita [2023 Ranking]
1. Paris metropolitan area
GDP: 710.1B (Euro)
The INSEE metropolitan area statistics for Paris as of 2022 include 1,929 separate communities. Its area of 18,941 km2 (7,313 sq mi) is far larger than the administrative territory of Île-de-France, which includes Paris (12,012 km2 (4,638 sq mi). Parts of the regions of Aisne, Aube, Eure, Eure-et-Loir, Loiret, Marne, Oise, Seine-Maritime, and Yonne are included outside of the Île-de-France area.
Given the city’s consistently high population growth, the Paris metropolitan region grows with each census. When a new municipality outside of Paris reaches the minimum number of commuters, it is considered part of the Paris metropolitan area.
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Out of Paris’s total 390,480 businesses, 80.6% are involved in trade and transportation, 6.5% are in the building trade, and 3.8% are in the manufacturing sector.
Approximately 30 percent of France’s gross domestic product is generated in the Paris metropolitan area, which consists of the City of Paris and the Île-de-France region (Paris Region).
According to the Brookings Institution, in 2011, the Paris metro area has the largest economy in Europe and the fourth largest in the world. The Paris metropolitan area has a higher GDP (PPP) than North Rhine-Westphalia in Germany and Greater London in the United Kingdom and is the wealthiest region in Europe. Its GDP is comparable to those of the Netherlands and Indonesia, and even higher than countries like Switzerland, Sweden, and Saudi Arabia.
Its GDP per resident is higher than that of any other region in France and ranks third highest in the EU.
The Île-de-France, or Greater Paris Area, shares a similar tale. In terms of business activity, 76.7% is related to trade and services, whereas 3.4% is related to manufacturing.
About 59.5% of the workforce in the area is employed in trade, transportation, and services; 26.9% in government; 8.2% in manufacturing; 5.2% in the building trades; and 5.25% in agriculture.
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With the exception of TotalEnergies, which is headquartered in the Hauts-de-Seine Department’s La Defense business zone, all of the top ten French firms on the Fortune Global 500 list for 2015 were headquartered in the Paris Region. Société Générale, the world’s fourth largest bank, is headquartered in Paris and operates out of the La Defense business district. There are also sizable business districts in the neighborhoods of Issy-les-Moulineaux (home to numerous media businesses), Boulogne-Billancourt, and Saint-Denis.
2. Madrid metropolitan area
The city of Madrid, Spain, is at the heart of the Madrid Metropolitan Area, a single-center metropolis in the geographical center of the Iberian Peninsula. Its boundaries are unclear because they are not tied to any form of governmental delimitation.
An estimated 6,321,398 people call this area home as of 2017 throughout an area of 5,335.97 square kilometers, as provided by Populationdata.net (2,060.23 sq mi). It has the highest population of any metropolitan region in Spain, ranks second in the EU, and is the world’s 54th largest.
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At € 33.809, Madrid’s GDP per capita is 35% more than the rest of Spain.
Madrid has a strong industrial background, but its economy is mostly centered on the service sector.
Madrid, Spain’s capital since the 16th century, has traditionally been more of a consumer hub than a producer or trader hub. Financial and publishing services were developed to meet the needs of the city’s expanding population, which included the royal family and the national government.
Madrid became Spain’s second industrial city after Barcelona in the 20th century, when it saw the emergence of a thriving manufacturing sector. However, the service industry is quickly becoming the city’s primary economic driver.
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Madrid, as the country’s capital, is a hub for both the political and economic spheres, as well as the academic and scientific communities, as well as the financial and banking sectors (research centers and universities).
It’s the biggest in Spain and one of the biggest in all of Europe. The capital city of Spain, Madrid, was home to 72% of Spain’s top 2,000 enterprises in 2008. The city is home to 17 colleges/universities and around 30 research institutions.
Despite its reliance on the service industry, Madrid is nevertheless Spain’s second largest industrial hub (after Barcelona), with a focus on high-tech manufacturing.
Its central location on the peninsula makes it an important node in the peninsula’s long-distance transportation networks. Recent years have seen a significant increase in the amount of foreign investment flowing into Spain, and Madrid’s comparative advantages have been crucial in attracting this capital’s share of this money.
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As the EU’s third most populous and fourth most prosperous metropolis, it also ranks highly in terms of GDP. Telefónica, Iberia, Prosegur, BBVA, Urbaser, Dragados, and FCC are just a few of the major companies that are hiring.
In 2011, Madrid, Spain’s metropolitan area had a gross domestic product of €124,780M. The 2011 GDP per capita was 74% higher than the national average and 70% higher than the average of the other 27 EU member states.
The city is far wealthier than the rest of the Madrid area; while having slightly more than half of the Community of Madrid’s population, it contributes 65.9% to the regional GDP. Madrid’s rapid expansion, especially in the 1990s, made it one of the wealthiest cities in Europe, and this trend continued for most of the decade of the 2000s, with an annual growth rate of 3.4% from 2000 to 2009.
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Growth rates of 1.4% in 2014, 2.7% in 2015, and 2.8% in 2016 are predicted for the city after a recession beginning in 2007/8.
As of 2009, Madrid’s GDP per resident was 11% lower than the EU average of the top 10 cities. This was down from being 14% lower in 2000. As a result of lower employment rates and, to a lesser extent, lower labor productivity, Madrid lags behind the rest of the developed world. However, the city is making up ground quickly, as productivity is increasing by 2.5% per year in real terms.
In 2013/14, exports were €28.97M while imports amounted to €47.29M, resulting in a negative balance of foreign trade for the Madrid region.
3. Milan metropolitan area
The Milan metropolitan region, or Grande Milano (which literally translates to “Greater Milan”), is the largest in Italy and the 54th largest in the world. As the EU’s largest cross-border metro region, it has considerable economic and political clout. Contrary to the administrative Metropolitan City of Milan, a provincial-level municipality, the metropolitan area mentioned in this article is purely statistical and does not indicate any sort of administrative unity or purpose.
Milan, the Lombardy region’s headquarters in northern Italy, is the country’s wealthiest metropolis. The Gross Domestic Product (GDP) of Milan and Lombardy in 2017 was $493.3 billion and €650 billion, respectively. In 2014, Milan’s economy became larger than Berlin’s, making it the wealthiest of Europe’s “Four Motors.” It belongs to the elite group of European economies known as the Blue Banana corridor.
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Italy’s largest industrial sector is located on the outskirts of Milan. The GDP per resident of Milan is around €49,500 (US$55,600), making it one of the wealthiest regions in Italy. Porta Nuova is the wealthiest neighborhood in all of Europe, with a 2016 GDP of €257 billion ($308 billion), which is roughly the same as the GDP of the Philippines, the world’s 34th wealthiest country. Via Montenapoleone, the most expensive street in Europe, and the Borsa Italiana, the country’s stock exchange, are both located in the heart of the city.
Along with New York, Paris, and London, Milan is often regarded as a global fashion capital. Milan is the home of several prestigious fashion brands and houses, including Versace, Gucci, Armani, Valentino, Prada, Dolce & Gabbana, Moschino, Luxottica, OVS, Tod’s, Trussardi, and Missoni.
Based on the cost of living, Milan was ranked as Europe’s most expensive city in 2015, surpassing Stockholm and Munich. Because of its prominence in the fields of fashion, commerce, business, banking, design, trade, and industry, Milan is consistently ranked as one of the world’s most costly cities in which to work as an expatriate.
4. Berlin/Brandenburg Metropolitan Region
It is one of Germany’s eleven metropolitan regions, and it includes all of Berlin and Brandenburg. There are around 6.2 million people living in the region’s 30,545 square kilometers (11,793 square miles).
Berlin’s immediate agglomeration, which consists of the city and the neighboring Brandenburg municipalities, is known as Berliner Umland (English: Berlin’s surrounding countryside or Berlin’s countryside).
Even though it only covers a small percentage of the total land area, Berliner Umland is home to the great majority of the region’s people.
About 84% of Berlin’s businesses are engaged in some form of service activity, making up the city’s largest economic sector. Berlin’s economy is mostly driven by the life sciences, transportation, ICT, media, music, advertising, design, environmental services, construction, eCommerce, retail, hospitality, and medical engineering.
Following the year 1870, Berlin’s industrial sector expanded rapidly, making it one of Europe’s largest and most advanced. Berlin’s banking district, home to several big banks, rose to prominence after the year 1900 and became a major continental financial center. A large number of businesses left the city for West Germany after World War II’s end in 1945 and the subsequent political divides because of its location in East Germany.
Berlin’s economy felt the effects of the city’s shifting geopolitical fortunes between 1961 and 1989. During the Cold War, the city’s economy slowed due to West Berlin’s geographic isolation and East Berlin’s poor economic decisions made by East Germany’s socialist central planners.
Moreover, after the fall of the GDR and the attempt to privatize them through the Treuhandanstalt, very few East German enterprises remained. Large service, technological, and creative industries returned to the city after German reunification in 1990.
Several corporations have established or reestablished second headquarters or branch offices in Berlin. Berlin is the birthplace of a number of renowned German corporations, including Siemens, Deutsche Bank, Lufthansa, Allianz, AEG, Telefunken, Osram, Knorr-Bremse, and Edeka.
5. Munich Metropolitan Region
There are eleven metropolitan regions in Germany, and one of them is the Munich Metropolitan Region, which includes the cities of Munich, Augsburg, Ingolstadt, Landshut, Rosenheim, and Landsberg am Lech.
After the Rhine-Ruhr Metropolitan Region, the Frankfurt Rhine-Main-Region, the Berlin-Brandenburg Metropolitan Region, and the Stuttgart Metropolitan Region, it is Germany’s fifth most populated metropolitan region.
As a result of its current status as a hub for numerous industries, including the arts, sciences, finances, publishing, culture, innovation, education, business, and tourism, the city of Munich ranks highly in surveys measuring both standards of living and quality of life. In 2018, the city ranked first in Germany and third in the world in the Mercer survey, and in 2018, it was named the world’s most liveable city in the Monocle Quality of Life Survey.
When it comes to purchasing or renting a home, Munich is frequently rated as one of the most expensive cities in Germany. As of 2015, Munich was ranked as an alpha-world city by the Globalization and World Rankings Research Institute.
In terms of economic growth and population, it is among Germany’s most successful and dynamic metropolises. More than 530,000 people, or 37.7% of the city’s total population, were born outside of the United States.
6. Amsterdam metropolitan area
The Amsterdam metropolitan area encompasses the area immediately surrounding Amsterdam, the Netherlands’ capital. It includes Amsterdam, the provinces of North Holland and Flevoland, and 36 other municipalities within those two provinces, for a total population of about 2.5 million people, and is located in the Noordvleugel (English: “North Wing”) of the wider polycentric Randstad metropolitan region.
The Amsterdam Metropolitan Area Central Administration is in charge of the region’s administration (BKG).
According to the World Bank and the International Monetary Fund, Amsterdam will be the 17th largest city in the world in 2021 (in terms of Gross domestic product; GDP).
In the 2019/2020 fiscal year, its GDP per citizen was predicted to reach $57,101, making it one of the highest-earning countries in the world. The European Union (EU) averaged 2.5% yearly economic growth (GDP) between 1996 and 2000; hence annual growth in the EU was above average.
Slower growth was a result of the recession that began in the early 2000s and persisted until 2005. But between 3% and 4% annual economic growth was seen in 2006 and 2007. The financial crisis of 2007-2008 and subsequent European sovereign debt crisis had a significant impact on the Dutch economy.
It wasn’t until 1959 that a wellspring of natural gas was discovered in Amsterdam, and since then, the city has maintained a stable supply. The Netherlands is currently responsible for almost 25% of all natural gas reserves in the European Union. Natural gas exports helped the Netherlands see a dramatic increase in GDP in the decades that followed.
The hypothesis of Dutch illness arose as a result of the unexpected effects of the country’s energy resources on the competitiveness of other sectors of the economy following the discovery of the massive Groningen gas field.
7. Barcelona metropolitan area, Spain
Greater Barcelona is an urban region in Catalonia (Spain), centered in the city of Barcelona and situated less than a hundred kilometers south of the French border. Over 5 million people make this urban center one of the largest in Europe and the most populous along the Mediterranean coast.
Catalonia, of which the greater Barcelona area constitutes over 66% of the population, is one of the wealthier areas in Europe and the fourth richest region per capita in Spain, with a GDP per capita of €28,400 (16% more than the EU average).
With a total metropolitan GDP of $177 billion in 2009 (or $34,821 per person, or 44% more than the EU average), Barcelona ranked fourth in the EU and 35th in the world by gross domestic product.
According to Eurostat, in 2004, Barcelona city had a GDP per head of €80,894. Even more impressive is the fact that, as of 2009, Barcelona ranked as Europe’s fourth greatest business metropolis and the continent’s fastest-improving city, with annual growth improvements of 17%.
The lifestyle publication Monocle ranked Barcelona as the twenty-fourth most “livable city” in the world in 2015. Also, Barcelona is ranked number thirteen on the Innovation CitiesTM Global Index by the same group, the Innovation Analysts 2thinknow. The Global Wealth and Lifestyle Report 2020 also names it as one of the world’s most cost-effective metropolises for the affluent.
The business has been practiced in Barcelona for centuries. However, the city’s early industrialization, which really took off in 1833 when Catalonia’s highly developed textile sector started using steam power, is not as well recognized. In the Mediterranean region, it was the first and remains the most significant industrial city. Manufacturing has played a significant part in the country’s development since then.
The Barcelona Stock Exchange, also known as Borsa de Barcelona, is the most important exchange on the Iberian Peninsula’s northeastern coast. Based on its economic potential, FDI Magazine named Barcelona the Southern European City of the Future for 2014/15.
8. Dublin Metropolitan Area, Ireland
The Greater Dublin Area, also known as simply Greater Dublin, is a colloquial term that generally refers to the area surrounding Dublin, Ireland. There will reportedly be 2,073,459 people living there by 2022.
The counties of Dublin (Dublin City, South Dublin, Dn Laoghaire-Rathdown, and Fingal), Meath, Kildare, and Wicklow make up what is called the Greater Dublin Area, according to the Dublin Transport Authority Act of 2008.
No formal political boundaries exist inside this area; it is instead defined for the sake of transportation and strategic planning. The phrase can also be used in a narrower sense to refer to the city of Dublin and its surrounding suburbs.
Dublin is the most populous city in Ireland as well as the country’s capital and economic center. Dublin is not just home to the national parliament and the bulk of the government bureaucracy but also the country’s main media outlets.
Dublin Port handles a sizable amount of Ireland’s import and export trade and is the epicenter of the country’s transportation network.
Many large companies from “high technology” industries like IT, digital media, finance, and pharmaceuticals have established headquarters in Dublin.
There are also several major Irish public firms headquartered in Dublin, such as Bank of Ireland, DCC plc, AIB Group, Ardagh Group, CRH plc, Ryanair, Smurfit Kappa, and Flutter Entertainment (formerly Paddy Power Betfair).
Dublin is home to many of Ireland’s public sector and state-owned employers, including the ESB Group, and many of Ireland’s top universities, including Trinity College Dublin, University College Dublin, Dublin City University, and Dublin Institute of Technology. It is also where the majority of Ireland’s highest courts, RTÉ (Ireland’s national public service broadcaster), and a number of teaching hospitals are located. A lot of people find work in the retail and tourism industries.
9. Ruhr Area, Germany
The Ruhr is a polycentric urban area in North Rhine-Westphalia, Germany. It is also known as the Ruhr area, Ruhr district, Ruhr region, and Ruhr valley. This urban region has a population of about 5 million people (2017), making it the most populous in Germany. The population density is 2,800 people per square kilometer.
It’s a cluster of major urban areas bounded by the Ruhr and Rhine to the south, and the Rhine and Lippe to the west and north, respectively. It has a boundary with the Bergisches Land to the southwest. Included in the greater Rhine-Ruhr metropolitan area, which is home to more than 10 million people and ranks third in Europe behind London and Paris, it is one of the continent’s most populous urban centers.
The Ruhr region has been home to significant manufacturing since the dawn of the industrial age in the late 19th and early 20th centuries.
Cologne, Dortmund, and other cities in the region have been key commercial hubs since the Middle Ages, but Düsseldorf has surpassed them all as the administrative center and political capital of the region since 1945.
Currently, the Rhine-Ruhr metropolitan area is the second largest metropolitan GDP in the European Union, contributing close to 15% of Germany’s total GDP. In spite of its vastness, the Rhine-Ruhr area as a whole isn’t always competitive on the international stage since it lacks a cohesive presentation. Many of the cities and metropolitan districts within it compete with one another by pursuing different investment strategies.
Financial services, high technology, and insurance and media are the main industries that make Düsseldorf, Essen, and Cologne the largest cities economically.
Bonn and Dortmund are also important economic hubs in the country. The Essen-based E.ON AG, the Bonn-based Deutsche Post AG, the Düsseldorf-based Metro AG, the Bonn-headquartered Deutsche Telekom AG, the Essen-headquartered ThyssenKrupp AG, the Essen-headquartered RWE AG, the Essen-headquartered Bayer AG, the Essen-headquartered Evonik Industries, the Essen-headquartered Hochtief AG, and the Düsseldorf-headquartered Henkel Group all call this area home.
10. Hamburg Metropolitan Region, Germany
Hamburg’s 2018 GDP of 119.0 billion euros represented 3.6% of Germany’s total economic output. At 59,600 € in 2015 prices, GDP per capita was 197% of the EU27 average. A GDP per worker 132% above the EU average was achieved.
At around 88%, the city’s employment rate is above average. This is because approximately 160,000 enterprises in the area employ the city’s working-age population. In 2021, the average gross wage was €47,544, or 9.29% more than the average gross salary in Germany. With a rate of 6.1% in October 2018, unemployment was much higher than the German average.
50 Richest Cities in Europe Ranked On GMP per Euro In 2022
|Rank||Metropolitan area||Gross metropolitan product
(in billions EUR)
|1||Paris metropolitan area, France||710.1||2020|
|2||Madrid Metropolitan Area, Spain||241.0||2019|
|3||Milan metropolitan area, Italy||215.2||2019|
|4||Berlin Metropolitan Region, Germany||205.6||2019|
|5||Munich Metropolitan Region, Germany||203.4||2019|
|6||Amsterdam metropolitan area, Netherlands||194.1||2019|
|7||Barcelona metropolitan area, Spain||178.0||2019|
|8||Dublin Metropolitan Area, Ireland||176.2||2019|
|9||Ruhr Area, Germany||173.8||2019|
|10||Hamburg Metropolitan Region, Germany||169.2||2019|
|11||Brussels Capital Region, Belgium||168.6||2020|
|12||Rome metropolitan area, Italy||167.5||2019|
|13||Stuttgart Region, Germany||157.1||2019|
|15||Stockholm metropolitan area, Sweden||151.3||2019|
|16||Vienna metropolitan area, Austria||137.0||2019|
|17||Greater Copenhagen, Denmark||136.9||2020|
|18||Lisbon metropolitan area, Portugal||110.3||2020|
|19||Cologne Bonn Region, Germany||100.6||2019|
|20||Aix-Marseille-Provence Metropolis, France||100.1||2020|
|21||Greater Helsinki, Finland||95.5||2019|
|22||Warsaw metropolitan area, Poland||93.8||2019|
|23||Düsseldorf metropolitan area, Germany||91.6||2019|
|24||Lyon metropolitan area, France||89.1||2020|
|25||Rotterdam metropolitan area, Netherlands||88.1||2019|
|26||Athens Metropolitan Area, Greece||83.2||2019|
|27||Prague metropolitan area, Czechia||83.1||2020|
|28||Gothenburg metropolitan area, Sweden||80.2||2019|
|29||European Metropolis of Lille, France||79.9||2020|
|30||Utrecht metropolitan area, Netherlands||77.0||2019|
|31||Turin metropolitan area, Italy||75.1||2019|
|32||Nuremberg Metropolitan Region, Germany||67.9||2019|
|33||Budapest metropolitan area, Hungary||65.0||2020|
|34||Naples metropolitan area, Italy||61.7||2019|
|35||Bucharest Metropolitan Area, Romania||61.7||2019|
|36||Valencia metropolitan area, Spain||61.5||2019|
|37||Hanover metropolitan area, Germany||60.1||2019|
|38||Hannover–Braunschweig–Göttingen–Wolfsburg Metropolitan Region, Germany||60.0||2019|
|39||Bordeaux metropolitan area, France||55.4||2020|
|41||Toulouse Métropole, France||55.4||2020|
|42||Malmö metropolitan area, Sweden||54.8||2019|
|43||The Hague metropolitan area, Netherlands||52.7||2019|
|44||Nantes metropolitan area, France||50.7||2020|
|45||Antwerp metropolitan area, Belgium||50.7||2020|
|46||Bremen metropolitan area, Germany||50.6||2019|
|47||Porto metropolitan area, Portugal||47.5||2019|
|48||Bonn metropolitan area, Germany||44.3||2019|
|49||Brescia metropolitan area, Italy||44.1||2019|
|50||Dresden Metropolitan area, Germany||44.0||2019
25 Richest European Cities Ranked by GDP Per Capita In 2022
|RANK||CITY||COUNTRY||GDP(IN US$ BILLION)|
25 European Richest Cities Ranked by GDP Per Capita 2022
|8||London (Greater London)||United Kingdom||$73,377|
What Is The Wealthiest City In Europe?
The wealthiest city in Europe right now is Frankfurt, with a GDP of 74,465 Euros.
What’s The Richest Area In Europe In 2022?
The richest area currently in Europe is London and Paris, with a total economic output of $835 billion and $822 billion, respectively. Dublin has the highest per-person income, at $115,094. With a per capita income of $102,941, Frankfurt, Germany, is the second wealthiest city in the world, behind only Dublin, Ireland.
Where Do Most Billionaires Live In Europe?
Currently, Germany is the seat of many Billionaires in Europe. With 176, Germany ranked third in the world and first in Europe in terms of the number of billionaires. Britain was second with 120 billionaires, and Switzerland was third with 111. There were more billionaires per capita in the United States than in any other country, with China a close second.
There are a number of highly developed, technologically advanced cities in Europe. Items such as pharmaceuticals, automobiles, airplanes, and machinery are among the manufactured commodities exported by European nations.
The ‘Euro’ is the currency used throughout the Eurozone. Industries, IT, Investment, local/international trade, and transportation are typically at the helm of the city economy.
With a combined GDP of $835 billion and $822 billion, London and Paris are the two largest and wealthiest cities in Europe. Dublin has the highest per-person income, at $115,094. With a per capita income of $102,941, Frankfurt, Germany, is the second wealthiest city in the world, behind only Dublin, Ireland.