Munich Business Map (2023): A guide to top employers in Munich
Munich, as the capital of Bavaria, plays a vital role in Germany’s economy and attracts a lot of new immigrants and companies to settle. According to the 2023 Munich economic report, till 2022, Munich has 93,200 registered companies with 1,113,900 workforces. Also, Munich has the lowest unemployment rate(3.9%) and highest purchasing power (36% above the German average) among German’s significant cities. Within DAX40 companies, there are 7 companies headquartered in Munich.
These numbers depict the great strength of Munich's economic power.
As brookings’ article said, Munich succeeds in the global marketplace on the strength of its vibrant and diversified industry.
In this article, I created a series of Munich business maps to uncover the Munich Region’s economic power and picked the major companies in different industries to discuss whether Munich can be the next destination for anyone searching for new job opportunities.
Finance & Business Services in Munich
Financial & Business services contribute the highest percentage (32.9%) of total revenue in Munich with over 30% of employees working in this sector. Munich not only has its local finance giants like Allianz and Munich Re but also has big offices of large business services companies such as BCG, McKinsey, and EY.
The companies below are top players in the Financial/Business Industry and are headquartered in Munich.
Allianz Group: Allianz is one of the largest insurers and asset managers in the world. At the end of the war in 1945, Allianz shifted its headquarters from Berlin to Munich. Nowadays, including Allianz SE, there is a wide range of subsidiaries with Allianz Group established their offices in Munich such as Allianz Re, Allianz X, and Allianz Global Cooperate & Speciality. Only Allianz itself has attracts a large number of professionals in finance, risk management, and extra to flow into Munich.
Munich Re: Munich Re is the world’s leading reinsurance company founded in 1880 and the parent company of primary insurer ERGO and investment company MEAG. The headquarter of Munich Re just locates next to the Allianz in the center of Munich. Munich Re is also committed to the Munich Climate Insurance Initiative (MCII) and Munich Re Foundation on the solution for Climate Change.
Manufacturer (non-Automotive) In Munich
Munich has a great foundation in the manufacturing industry, with companies like Linde, and Siemens which have over a hundred years of history. The manufacturing industry comprises automotive and mechanical engineering, chemicals, and the metalworking industry, extra. As reported by the Department of Labor and Economic Development in Munich, Munich’s manufacturing industry generated total revenue of around EUR 23 billion in 2020.
We will have a more detailed discussion on the automotive part, thus, here we only focus on the manufacturing companies outside of automotive.
The companies below are top players in Manufacturing Industry and are globally/german headquartered in Munich.
Siemens AG: Siemens AG is one of the world’s most successful electronics and electrical engineering companies which has its origins in the construction of the pointer telegraph. In 1949, Siemens & Halske’s corporate moved its headquarters from Berlin to Munich. The company is a prominent maker of medical diagnostics equipment and its medical healthcare division generates around 12% of the revenue.
Infineon Technologies: Infineon Technology is Germany’s largest semiconductor manufacturer. Its headquarter and largest R&D center is located in the town (Neubiberg) in the east of Munich. The research activities in the Munich center particularly focus on Technological integration, chip card ICs, power electronics for automotive and industrial applications, and production process development.
Linde Engineering: Linde is a leading global industrial gas and engineering company. In 2018, Linde AG merged with Praxair and has its group headquarters in Dublin. Its German headquarter also known as Linde Engineering locates in the Munich suburb of Pullach. Linde Engineering provides solutions such as gas processing, industry decarbonizing processes, and hydrogen value chains.
Automotive Industry In Munich
Munich is an important hub for the automotive industry. It is the home of two global automotive players, the BMW Group and commercial vehicle manufacturer MAN. At the same time, Audi AG is headquartered in the nearby city of Ingolstadt. In 2021, about 52,700 people were employed directly in automotive in Munich. Within Munich and nearby regions, the chain of manufacturers, suppliers, service providers, and research facilities enhances the unique position of Munich in the automobile industry.
The companies below are top players in Automotive Industry and are headquartered in Munich.
BMW Group: The headquarter of BMW is located in its iconic building in the north of Munich with the famous BMW museum standing by. In the headquarter, BMW sets up its Research and Innovation Center (FIZ) covers all fields of development, the Information Technology Center (ITZ) for IT service, and the Autonomous Driving Center. In Muchen, BMW also has its largest branch and plant with more than a thousand employees working every day.
Traton Group: Traton Group formerly known as Volkswagen Truck & Bus AG is the subsidiary of the Volkswagen Group and one of the world’s largest commercial vehicle manufacturers with brands including MAN, Scania, Navistar, and Volkswagen Caminhões e Ônibus. Among them, MAN as the major manufacturer of medium- and heavy-duty trucks and diesel engines also has its parent plant and head office in Munich.
Information&Technology in Munich
Benefiting from world-class universities and research institutions such as the Technical University of Munich, Munich also becomes a popular location for tech companies to build their European R&D center and is the birthplace of many innovative start-ups.
The companies below are top players in Information Industry and are headquartered/research centered in Munich.
Telefónica Germany AG: Telefónica Germany AG is a listed DAXTech company headerquarted in Munchen in telecommunication business.The company offers mobile and fixed-line services for its private and business customers and generates most of its revenue with mobile communications services.
Google: Google has established its office in Munich in 2006 with over 1500 employees. The main research topics of the Google research team in Munich are Natural Language Processing, Quantum Computing, and Speech Processing.
IBM Waston Center: The IBM Watson Center Munich was founded in 2017. The center conducts research and provides showcases on topics including Hybrid Cloud, AI, Asset Management, Supply Chain Management, Industry 4, and Cyber Security.
Huawei: Huawei’s German Research Center (GRC) is headquartered in Munich. Huawei builds its OpenLab in the Munich office which focuses on digital productions including 5G and WiFi6.
Microsoft: Microsoft Germany has its headquarters in Munich and builds its Advanced Technology Labs Europe (ATLE) in the Munich office. ATLE has research focuses on IT security, data protection, mobility, mobile applications, and web services.
End
The role of these giants not only produces hundreds and thousands of job opportunities in the city but also drives the development of small and medium-sized businesses in the same industry and makes Munich the competency cluster in Automotive, Financial Service, and Manufacturing.
At the same time, behind the strong economic power also comes a high cost of living. Munich is ranked as the most expensive city in Germany, and house prices in Munich have been continuously increasing in recent years.
Regardless, Munich is now one of the fastest-growing cities in Germany and has the highest population density. Although the whole of Germany has been facing a population decline, Munich keeps a steady population growth rate over the years. More and more trained and skilled workers are keeping on moving into the city.
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