As the cultural, economic, and political center of Austria, Vienna has been a leading business and technology hub in Europe for decades. Geographically located in the east of Austria, close to the Slovakian, Czech, and Hungarian borders, the city has a great advantage when it comes to connectivity and access to the CEE markets.
Not only is Vienna nestled in the “heart” of Europe, but it is also considered the economic heart of Austria with over 200 multinational corporation headquarters calling this city home. Because of its strong economy, the city attracts foreign enterprises from vastly different sectors. The economy owes its strength to high productivity and a qualified workforce in combination with low wage costs per unit of output. Most impressively, the city has ranked at the very top of the Mercer Quality of Living Ranking for 10 years in a row, sealing its enviable title as the world’s best city to live in.
As of 2018, Vienna leads the Austrian regions with the highest GDP (€96.4 billion), amounting to 25% of the national total. It is also the region with the most employees in the entire country. In 2019, 962,300 people (roughly 21.18% of the national active population) were employed in Vienna with 85% working in the tertiary sector and 15% in the industrial sector, and a little over 50% of the population aged 30-34 had a tertiary education. With a centralized location, excellent infrastructure, a strong economy, and a high quality of life, Austria’s capital is a prime place for all forms of business development.
Austria’s capital holds about a quarter of the country’s GDP and attracts around three quarters of its investment, making it the economic power hub of the country. Seated at the crossroads of Eastern and Western Europe, Vienna has the biggest freight airport of Austria, and the starting point of several motorways that connect with Hungary, Czech Republic, Slovakia, Slovenia and the western states of Austria.
Mercer’s Qualityof Living Ranking
headquartersof multinational corporations