Budapest, Central Hungary Region, Hungary

🇭🇺 Budapest is the capital and the most populous city of Hungary. Budapest is both a city and county, and forms the centre of the Budapest metropolitan area. Budapest is a global city with strengths in commerce, finance, media, art, fashion, research, technology, education and entertainment. Hungary's financial centre, it was ranked as the second fastest-developing urban economy in Europe in 2014. Budapest is the headquarters of the European Institute of Innovation and Technology, the European Police College and the first foreign office of the China Investment Promotion Agency. Over 40 colleges and universities are located in Budapest, including the Eötvös Loránd University, the Corvinus University, Semmelweis University and the Budapest University of Technology and Economics. Opened in 1896, the city's subway system, the Budapest Metro, serves 1.27 million, while the Budapest Tram Network serves 1.08 million passengers daily.

The central area of Budapest along the Danube River is classified as a UNESCO World Heritage Site and has several notable monuments of classical architecture, including the Hungarian Parliament and the Buda Castle. The city also has around 80 geothermal springs, the largest thermal water cave system, second largest synagogue, and third largest Parliament building in the world. Budapest attracts around 12 million international tourists per year, making it a highly popular destination in Europe. It also topped the Best European Destinations 2020 list by Big7Media. Budapest also ranks as the third-best European city in a similar poll conducted by Which?.

Economy Budapest Stock Exchange at Liberty Square, it is the 2nd largest stock exchange in CEE Budapest is a significant economic hub, and it is the second fastest-developing urban economy in Europe. On national level, Budapest is the primate city of Hungary regarding business and economy, accounting for 39% of the national income, the city has a gross metropolitan product more than $100 billion, making it one of the largest regional economy in the European Union. According to the Eurostat GDP per capita in purchasing power parity is 147% of the EU average in Budapest. Budapest is also among the Top100 GDP performing cities in the world, measured by PricewaterhouseCoopers. The city was named as the 52nd most important business centre in the world in the Worldwide Centres of Commerce Index and ranking 3rd on MasterCard Emerging Markets Index. The city is 48th on the UBS The most expensive and richest cities in the world list.

The city is a major centre for banking and finance, real estate, retailing, trade, transportation, tourism, new media as well as traditional media, advertising, legal services, accountancy, insurance, fashion and the arts in Hungary and regionally. Budapest is home not only to almost all national institutions and government agencies, but also to many domestic and international companies, in 2014 there are 395,804 companies registered in the city. Most of these entities are headquartered in the Budapest's Central Business District, in the District V and District XIII. The retail market of the city (and the country) is also concentrated in the downtown, among others through the two largest shopping centres in Central and Eastern Europe, the WestEnd City Center and the Arena Plaza.

Budapest has notable innovation capabilities as a technology and start-up hub. Many start-ups are headquartered and begin their business in the city, some of the best known examples are Prezi, LogMeIn or NNG. Budapest is the highest ranked Central and Eastern European city on Innovation Cities' Top 100 index. A good indicator of the city's potential for innovation and research also, is that the European Institute of Innovation and Technology chose Budapest for its headquarters, along with the UN, which Regional Representation for Central Europe office is in the city, responsible for UN operations in seven countries. Moreover, the global aspect of the city's research activity is shown through the establishment of the European Chinese Research Institute in the city. Other important sectors include also, as natural science research, information technology and medical research, non-profit institutions, and universities. The leading business schools and universities in Budapest, the Budapest Business School, the CEU Business School and Corvinus University of Budapest offers a whole range of courses in economics, finance and management in English, French, German and Hungarian.

Tourist Industry Budapest is among the 25 most visited cities in the world, the city welcoming more than 4.4 million international visitors each year, therefore the traditional and the congress tourism industry also deserve a mention, it contributes greatly to the city's economy. The capital being home to many convention centres and thousands of restaurants, bars, coffee houses and party places, besides the full assortment of hotels. In restaurants offerings can be found of the highest quality Michelin-starred restaurants, like Onyx, Costes, Tanti or Borkonyha. The city ranked as the most liveable city in Central and Eastern Europe on EIU's quality of life index in 2010.

Finance and corporate locations Budapest Stock Exchange is key institution situated in Budapest's CBD at Liberty Square. Large Hungarian multinational corporations headquartered in Budapest are listed on BSE, for instance the Fortune Global 500 firm MOL Group, the OTP Bank, FHB Bank, Gedeon Richter Plc., Magyar Telekom, CIG Pannonia, Zwack Unicum and more. All branches of industry can be found in Budapest and nearly 40 major banks are located in the city, notably Bank of China, KDB Bank and Hanwha Bank, which is unique in the region.

Budapest has many International banks and financial service providers, such as Citigroup, Morgan Stanley, GE Capital, Deutsche Bank, Sberbank, ING Group, Allianz, KBC Group, UniCredit and MSCI among others. Another particularly strong industry in the capital city is biotechnology and pharmaceutical industry, these are also traditionally strong in Budapest, through domestic companies, as Egis, Gedeon Richter, Chinoin and through international biotechnology corporations, like Pfizer, Teva, Novartis, Sanofi, who are also has R&D and production division here. Further high-tech industries, such as software development and engineering include, Nokia, Ericcson, Bosch, Microsoft, IBM. Computer Game design companies include Digital Reality, Black Hole, Crytek and Gameloft. Also there are regional headquarters of many global firms, such as Alcoa, General Motors, GE, Exxon Mobil, British Petrol, British Telecom, Flextronics, Panasonic Corp, Huawei, Knorr-Bremse, Liberty Global, Tata Consultancy, Aegon, WizzAir, TriGránit, MVM Group, Graphisoft, Nissan CEE, Volvo, Saab, and Ford.

Budapest, Central Hungary Region, Hungary 
<b>Budapest, Central Hungary Region, Hungary</b>
Image: Adobe Stock zgphotography #201994799

Budapest is rated Beta + by the Globalization and World Cities Research Network (GaWC) which evaluates and ranks the relationships between world cities in the context of globalisation. Beta level cities are cities that link moderate economic regions to the world economy.

Budapest is the #89 city in the world according to the Global Financial Centres Index (GFCI) which evaluates and ranks the competitiveness of the major financial centres of the world according to a wide range of criteria – Human Capital, Business, Finance, Infrastructure and Reputation.

Budapest is rated C+ by the Global Urban Competitiveness Report (GUCR) which evaluates and ranks world cities in the context of economic competitiveness. C+ cities are strong international gateway cities. Budapest was ranked #10 by the Nomad List which evaluates and ranks remote work hubs by cost, internet, fun and safety. Budapest has a population of over 1,768,073 people. Budapest also forms the centre of the wider Budapest metropolitan area which has a population of over 3,303,786 people.

Twin Towns – Sister Cities include: 🇺🇸 New York City, USA; 🇺🇸 Fort Worth, USA; 🇨🇳 Shanghai, China; 🇨🇳 Beijing, China; 🇮🇷 Tehran, Iran; 🇩🇪 Berlin, Germany; 🇩🇪 Frankfurt am Main, Germany; 🇦🇹 Vienna, Austria; 🇷🇴 Bucharest, Romania; 🇵🇹 Lisbon, Portugal; 🇮🇱 Tel Aviv, Israel; 🇭🇷 Zagreb, Croatia; 🇧🇦 Sarajevo, Bosnia and Herzegovina; 🇮🇹 Florence, Italy; 🇨🇿 Prague, Czech Republic; 🇳🇱 Rotterdam, Netherlands; 🇵🇱 Warsaw, Poland; 🇵🇱 Kraków, Poland; 🇹🇭 Bangkok, Thailand; 🇯🇵 Ōsaka, Japan; 🇮🇩 Jakarta, Indonesia; 🇰🇷 Daejeon, South Korea; 🇮🇹 Naples, Italy; 🇹🇷 Istanbul, Turkey; 🇹🇷 İzmir, Turkey; 🇹🇷 Gaziantep, Turkey; 🇹🇷 Ankara, Turkey; 🇧🇬 Sofia, Bulgaria; 🇱🇹 Vilnius, Lithuania; 🇸🇰 Košice, Slovakia; 🇺🇦 Lviv, Ukraine. Some of the city's districts are also twinned to small cities or districts of other big cities.

Text Atribution: Wikipedia Text under CC-BY-SA license | GFCI | GaWC | Nomad