Englished Up for the Cup
Photo Friday: Walk

Wealthy, but Why?

DSC_0152
Diamond dominoes, in a jeweller's window on the Maximiilanstraße.
They won't leave you much change out of €20,000

Europe, bless us, is in technical recession, and it looks to get worse.  But—touch HolzGermany seems to be doing OK under the circumstances .  (Probably because Germany pretty much engineered those circumstances in the first place.)

When Germany does OK, Munich does very well indeed.  On a GDP-per-head basis, Munich ranks up there with bank-boated towns like Frankfurt. 

The average Münchener contributes 60% more to the Volkswirtschaft than his Hamburg or Berlin counterpart.  If the stats counted toney exurbs like Starnberg, the difference would prove greater, for sure.

Though Munich houses a modest million or so inhabitants, it is a city of corporate titans.  Alliance, Siemens, BMW, M*A*N, Airbus and scores of others are based here, with many more in nearby smaller Bavarian cities.  A brace of multinationals make Munich their regional HQs—McDonald's prominent among them.  Tech start-ups and media companies, as well as both Apple and Microsoft, operate out of the city.  A mammoth airport, a lively academic community, a refined arts scene, and an enviable sub-alpine lifestyle attract them.

But there's one curious fact.

Looking at the figures in the Wikipedia link above, why do Milan and Vienna do so well?  Not only does the average Milanese account for almost twice as much wealth than a Münchener does, he generates more than a Londoner, New Yorker or Tokyoite. And a Viennese does surprisingly well, too.

What gives?  I have my theories, but none explain why a Viennese should pump seventy-one thousand bucks in to the Austrian economy every year, when a New Yorker pushes only sixty-six through America.   Has it something to do with creative-class entrepeneurs?—A San Franciscan outperforms his counterparts in London and New York, but curiously, not Washington DC.  None of them match Milan, though, whose citizens are responsible for a whopping $88,000 of wealth each, last year.  That's a lot of shoes and handbags. Armchair economists, go wild in the comments.

Munich may not be qute as rich as some of its bigger counterparts, but it hasn't yet needed to pawn the silverware.  You might find those dominoes on eBay, soon, though.

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