Mark Horner

Economy
🇨🇭 Geneva is the second-most populous city in Switzerland (after Zürich) and the most populous city of Romandy, the French-speaking part of Switzerland. Situated in the south west of the country, where the Rhône exits Lake Geneva, it is the capital of the Republic and Canton of Geneva.

The city of Geneva (ville de Genève) together with the suburbs and exurbs located in the canton of Vaud and in the French departments of Ain and Haute-Savoie forms the cross-border Geneva metropolitan area as officially defined by Eurostat.

Since 2013, the Canton of Geneva, the Nyon District (in the canton of Vaud), and the Pôle métropolitain du Genevois français (literally "Metropolitan hub of the French Genevan territory"), this last one a federation of eight French intercommunal councils, have formed the Grand Genève ("Greater Geneva"), a Local Grouping of Transnational Cooperation (GLCT in French, a public entity under Swiss law) in charge of organising co-operation within the cross-border metropolitan area of Geneva (in particular metropolitan transports). The Grand Genève GLCT extends over 1,996 km² (771 sq mi), 58.5% of them living on Swiss territory, and 41.5% on French territory.

Geneva is a global city, a financial centre, and a world-wide centre for diplomacy due to the presence of numerous international organisations, including the headquarters of many agencies of the United Nations and the Red Cross. Geneva hosts the highest number of international organisations in the world. It is also where the Geneva Conventions were signed, which chiefly concern the treatment of wartime non-combatants and prisoners of war. Together with, for instance, New York City (global headquarters of the UN), Basel (Bank for International Settlements), and Strasbourg (Council of Europe), Geneva is a city serving as the headquarters of one of the most important international organisations, without being the capital of a country.

In 2019, Geneva was ranked among the ten most liveable cities in the world by Mercer together with Zürich and Basel. The city has been referred to as the world's most compact metropolis and the "Peace Capital". In 2019, Mercer ranked Geneva as the thirteenth most expensive city in the world. In a UBS ranking of global cities in 2018, Geneva was ranked first for gross earnings, second most expensive, and fourth in purchasing power.
Economy Geneva's economy is largely service-driven and closely linked to the rest of the canton. The city is often ranked as one of the strongest global financial centres, ranking 9th in the world in 2020 and 2nd in Europe behind London. Three main sectors dominate the financial sector: commodity trading; trade finance, and wealth management.

Around a third of the world's free traded oil, sugar, grains and oil seeds is traded in Geneva. Approximately 22% of the world's cotton is traded in the Lake Geneva region. Other major commodities traded in the canton include steel, electricity, or coffee. Large trading companies have their regional or global headquarters in the canton, such as Bunge, Cargill, Vitol, Gunvor, BNP Paribas, or Mercuria Energy Group, in addition to being home to the world's second largest shipping company, Mediterranean Shipping Company. Commodity trading is sustained by a strong trade finance sector, with large banks such as BCGE, BCP, BNP Paribas, BCV, Crédit Agricole, Credit Suisse, ING, Société Générale, and UBS, all having their headquarters in the area for this business.

Wealth management is dominated by private banks, particularly Pictet, Lombard Odier, Edmond de Rothschild Group, Union Bancaire Privée, Mirabaud Group, Dukascopy Bank, Bordier & Cie, Banque SYZ, or REYL & Cie. In addition, the canton is home to the largest concentration of foreign-owned banks in Switzerland, such as HSBC Private Bank, JPMorgan Chase, or Arab Bank.

Behind the financial sector, the next largest major economic sector is watchmaking, dominated by luxury firms Rolex, Richemont, Patek Philippe, Piaget, Roger Dubuis, and others, whose factories are concentrated in the Les Acacias neighbourhood, as well as the neighbouring municipalities of Plan-les-Ouates, Satigny, and Meyrin.

Trade finance, wealth management, and watch-making, approximately contribute two thirds of the corporate tax paid in the canton

Other large multinationals are also headquartered in the city and canton, such as Firmenich (in Satigny), and Givaudan (in Vernier), the world's two largest manufacturers of flavours, fragrances and active cosmetic ingredients; SGS, the world's largest inspection, verification, testing and certification services company; Temenos, a large banking software provider; or the local headquarters for Procter & Gamble, Japan Tobacco International, or L'Oréal (in Vernier).

Although they do not directly contribute to the local economy, the city of Geneva is also host to the world's largest concentration of international organisations and UN agencies, such as the Red Cross, the World Health Organization, the World Trade Organization, the International Telecommunication Union, the World Intellectual Property Organization, the World Meteorological Organization, and the International Labour Organization, as well as the European headquarters of the United Nations.

Its international mindedness, well-connected airport, and centrality in the continent, also make Geneva a good destination for congresses and trade fairs, of which the largest is the Geneva Motor Show held in Palexpo.

Agriculture is commonplace in the hinterlands of Geneva, particularly wheat and wine. Despite its relatively small size, the canton produces around 10% of the Swiss wine and has the highest vineyard density in the country. The largest strains grown in Geneva are gamay, chasselas, pinot noir, gamaret, and chardonnay.

As of 2019, Geneva had an unemployment rate of 3.9%. As of 2008, there were five people employed in the primary economic sector and about three businesses involved in this sector. 9,783 people were employed in the secondary sector and there were 1,200 businesses in this sector. 134,429 people were employed in the tertiary sector, with 12,489 businesses in this sector. There were 91,880 residents of the municipality who were employed in some capacity, with women making up 47.7% of the workforce.

In 2008, the total number of full-time equivalent jobs was 124,185. The number of jobs in the primary sector was four, all of which were in agriculture. The number of jobs in the secondary sector was 9,363 of which 4,863 or (51.9%) were in manufacturing and 4,451 (47.5%) were in construction. The number of jobs in the tertiary sector was 114,818. In the tertiary sector; 16,573 or 14.4% were in wholesale or retail sales or the repair of motor vehicles, 3,474 or 3.0% were in the movement and storage of goods, 9,484 or 8.3% were in a hotel or restaurant, 4,544 or 4.0% were in the information industry, 20,982 or 18.3% were the insurance or financial industry, 12,177 or 10.6% were technical professionals or scientists, 10,007 or 8.7% were in education and 15,029 or 13.1% were in health care.

In 2000, there were 95,190 workers who commuted into the municipality and 25,920 workers who commuted away. The municipality is a net importer of workers, with about 3.7 workers entering the municipality for every one leaving. About 13.8% of the workforce coming into Geneva are coming from outside Switzerland, while 0.4% of the locals commute out of Switzerland for work. Of the working population, 38.2% used public transportation to get to work, and 30.6% used a private car.

Europe/Zurich/Geneve

Image: Adobe Stock Lab_Photo #179639407

Geneva 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.

Geneva is the #20 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.

Geneva is the #34 city in the world according to the Global Power City Index (GPCI) which evaluates and ranks the major cities of the world according to their magnetism, or their comprehensive power to attract people, capital, and enterprises from around the world. It does so through measuring six key functions: Economy, Research and Development, Cultural Interaction, Liveability, Environment, and Accessibility.

Geneva is ranked #35 and rated C by the Global Urban Competitiveness Report (GUCR) which evaluates and ranks world cities in the context of economic competitiveness. C cities are international gateway cities. Geneva has a population of over 201,818 people. Geneva also forms the centre of the wider Geneva Canton which has a population of over 1,032,750 people. Geneva is the #56 hipster city in the world, with a hipster score of 5.3678 according to the Hipster Index which evaluates and ranks the major cities of the world according to the number of vegan eateries, coffee shops, tattoo studios, vintage boutiques, and record stores. Geneva is ranked #118 for startups with a score of 4.825.

To set up a UBI Lab for Geneva see: https://www.ubilabnetwork.org Twitter: https://twitter.com/UBILabNetwork

Twin Towns, Sister Cities Geneva has links with:

🇦🇪 Dubai, UAE 🇻🇳 Ho Chi Minh City, Vietnam 🇫🇷 Paris, France

World Trade Center Geneva

Edmond Georges Reuter |
🇨🇭 🏴󠁧󠁢󠁥󠁮󠁧󠁿 Architect/Ceramist/Illuminator/Painter/Tapestry Designer Edmond Georges Reuter is associated with Geneva. He was a member of the Arts and Crafts Exhibition Society and showed his work at their exhibitions.