Vienna as a Business Destination: A City With Appeal
Vienna has evolved rapidly as a business location since the turn of the millennium. This is attributable to more than just Vienna's central location in the heart of Europe, which was given a huge boost by the eastward expansion of the European Union in the 2000s. Vienna's excellent infrastructure and the globally recognized high quality of life also make it an attractive city for business. The British "Economist Intelligence Unit" named Vienna the most livable city in the world in 2023, as did the lifestyle magazine "Monocle". Vienna also regularly takes first place in Mercer's "Quality of living ranking".
A new company every 57 minutes
Companies and skilled professionals alike appreciate these conditions, as a result of which Vienna is growing faster than almost any other European metropolis. The two million inhabitants mark was crossed in 2023. A new company is founded in Vienna every 57 minutes, which adds up to around 9,000 per year. Companies with a global reach value Vienna's important geographical location, which has enticed numerous international companies to set up their Central and Eastern European headquarters in the city. Half of all international companies that expand into Austria settle in Vienna. This is not least because a great deal of expertise is concentrated here.
Perfect location for knowledge-intensive industries
With 23 higher education institutions, the city offers the ideal conditions for a wide range of economic sectors. Knowledge-intensive sectors in particular benefit from this. Vienna's major fields of commercial strength include the life sciences, urban technologies, creative industries and information and communication technology (ICT). The life sciences scene in particular is booming. It comprises 1,550 research institutions with 45,000 employees. This attracts major companies from all over the world.
Global players love Vienna
Boehringer Ingelheim, an international pharmaceutical company based in Germany, has established a major research and development center in Vienna. Takeda Pharmaceuticals from Japan, a global pioneer in the pharmaceutical industry, has also chosen Vienna as the base for its business activities and its innovation center for cancer therapy. Both companies have invested hundreds of millions of euros in Vienna in recent years. These investments in Vienna's life sciences landscape reflect the confidence of companies in the city's excellent research infrastructure. Vienna’s research quota of 3.6% of gross regional product exceeds the EU target of 3%.
Young, dynamic business segments
The ICT sector is just as strong in Vienna. With a focus on fields such as artificial intelligence, embedded systems, visualization and IT security, Vienna is considered one of the leading locations for ICT in Europe. The creative industries are another of Vienna's strong points: with more than 17,000 companies, 40% of all companies in the creative industries in Austria are located in Vienna. The city therefore offers the ideal conditions for start-ups. The city of Vienna is driving and promoting this evolution.
Vienna has been highlighting young, dynamic business areas for many years now with the annual startup festival known as ViennaUP. The week-long festival is one of the largest of its kind in Europe and covers a corresponding spectrum, ranging from technology and artificial intelligence to sustainability and social innovation. ViennaUP is organized by the Vienna Business Agency, a one-stop shop for international companies looking to do business in Vienna.
A livable metropolis
All of this comes together in a place that offers cultural diversity, an international outlook and the highest quality of living, at a price that is affordable by European standards. Family-friendly free all-day kindergartens are available in Vienna, as are international schools and leisure activities with 1,700 playgrounds. Vienna also offers almost 1,000 public parks. The Vienna Woods, a huge recreational area that is also responsible for Vienna's good air quality, begins within the city limits. And then there is Vienna's water, which flows directly from the Alps into the city and can be drunk straight from the taps.
Excellent public transport and lots of culture
Vienna's public transport system also enjoys an excellent reputation, and not just in terms of reliability and punctuality. It costs holders of an annual pass just one euro per day to use the almost 1,000-kilometer-long public transport network. Last but not least, Vienna impresses with its cultural offerings ranging from contemporary art to opera and performance theater.
