Munich is the capital and most populous city of Bavaria. It is the third-largest city in Germany, as well as the 11th largest city in the European Union. The city's is at the heart of its wider metropolitan region. Straddling the banks of the River Isar north of the Bavarian Alps, it is the seat of the Bavarian administrative region of Upper Bavaria, while being the most densely populated municipality in Germany. Munich is the second-largest city in the Bavarian dialect area. The city was first mentioned in 1158. Munich became a major European centre of arts, architecture, culture and science. The city hosted the 1972 Summer Olympics and was one of the host cities of the 1974 and 2006 FIFA World Cups.
Today, Munich is a global centre of art, science, technology, finance, publishing, culture, innovation, education, business, and tourism and enjoys a very high standard and quality of living, reaching first in Germany and third world-wide according to the 2018 Mercer survey, and being rated the world's most liveable city by the Monocle's Quality of Life Survey. It is one of the most prosperous and fastest growing cities in Germany.
Munich's economy is based on high tech, automobiles, the service sector and creative industries, as well as IT, biotechnology, engineering and electronics among many others. The city houses many multinational companies, such as BMW, Siemens, MAN, Linde, Allianz and MunichRE. It is also home to two research universities, a multitude of scientific institutions, and world class technology and science museums like the Deutsches Museum and BMW Museum. Munich's numerous architectural and cultural attractions, sports events, exhibitions and its annual Oktoberfest attract considerable tourism. The city is home to more than 530,000 people of foreign background, making up 37.7% of its population.
Munich has the strongest economy of any German city and the lowest unemployment rate of any German city of more than a million people. The city is also the economic centre of southern Germany. Munich topped the ranking of the magazine Capital for the economic prospects of 60 German cities. Munich is a financial centre and global city that holds the headquarters of many companies. This includes more companies listed by the DAX than any other German city, as well as the German or European headquarters of many foreign companies such as McDonald's and Microsoft. One of the best-known newly established Munich companies is Flixbus.
Manufacturing Munich holds the headquarters of Siemens AG (electronics), BMW (car), MAN AG (truck manufacturer, engineering), MTU Aero Engines (aircraft engine manufacturer), Linde (gases) and Rohde & Schwarz (electronics). Among German cities with more than 500,000 inhabitants, purchasing power is highest in Munich (€26,648 per inhabitant) as of 2007. In 2006, Munich blue-collar workers enjoyed an average hourly wage of €18.62 (ca. $20). The breakdown by cities proper (not metropolitan areas) of Global 500 cities listed Munich in 8th position in 2009. Munich is also a centre for biotechnology, software and other service industries. Furthermore, Munich is the home of the headquarters of many other large companies such as the injection moulding machine manufacturer Krauss-Maffei; the camera and lighting manufacturer Arri; the semiconductor firm Infineon Technologies; lighting giant Osram, as well as the German or European headquarters of many foreign companies such as Microsoft.
Finance Munich has significance as a financial centre (second only to Frankfurt), being home of HypoVereinsbank and the Bayerische Landesbank. It outranks Frankfurt though as home of insurance companies such as Allianz and Munich Re.
Media Munich is the largest publishing city in Europe and home to the Süddeutsche Zeitung, one of Germany's biggest daily newspapers. The city is also the location of the programming headquarters of Germany's largest public broadcasting network, ARD, while the largest commercial network, Pro7-Sat1 Media AG, is headquartered in the suburb of Unterföhring. The headquarters of the German branch of Random House, the world's largest publishing house, and of Burda publishing group are also in Munich. The Bavaria Film Studios are located in the suburb of Grünwald. They are one of Europe's biggest film production studios.
Munich is rated Alpha − by the Globalization and World Cities Research Network (GaWC) which evaluates and ranks the relationships between world cities in the context of globalisation. Alpha level cities are linked to major economic states and regions and into the world economy.
Munich is the #48 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.
Munich is ranked #8 by the Global Urban Competitiveness Report (GUCR) which evaluates and ranks world cities in the context of economic competitiveness. Munich is rated B by the Global Urban Competitiveness Report (GUCR) which evaluates and ranks world cities in the context of economic competitiveness. B cities are international hub cities. Munich was ranked #77 by the Nomad List which evaluates and ranks remote work hubs by cost, internet, fun and safety. Munich has a population of over 1,558,395 people. Munich also forms part of the wider Munich metropolitan area which has a population of over 5,991,144 people. Munich is the #174 hipster city in the world, with a hipster score of 3.6375 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 per 100,000 city residents.