Economy
Copenhagen is the economic and financial centre of Denmark and also a strong business and economic centre in the Scandinavian-Baltic region. Around 3.5 million inhabitants live within a 50 km (31 mi) radius of Copenhagen, making the city centre of the most dense and populated area in Northern Europe. The region generates approximately 25 per cent of both Sweden's and Denmark's GDP. In 2008, Copenhagen was ranked 4th by Financial Times-owned FDi magazine on their list of Top 50 European Cities of the Future after London, Paris and Berlin. In 2006/07 FDi Magazine named Copenhagen Scandinavian City of the Future and in 2004/05 Copenhagen was named Northern European City of the Future ahead of other cities from Scandinavia, UK, Ireland and Benelux. In the 2008 Worldwide Centers of Commerce Index, published by MasterCard, Copenhagen was ranked 14th in the world and 1st in Scandinavia. Copenhagen is one of the cities in Western Europe attracting most regional headquarters and distribution centres. Among the international companies that have chosen to locate their regional headquarters in Copenhagen is Microsoft. There are 2,100 foreign companies located in the Copenhagen area, of which approx. 500 are Scandinavian head offices, representing a wide range of industries.
Copenhagen has a service oriented economy. An important sector is life science and research & development plays a major role in the economy of the city. The entire Oresund Region is in cooperation with Sweden being promoted as Medicon Valley. Major Danish biotech companies like Novo Nordisk and Lundbeck, both of which are among 50 largest pharmaceutical and biotech companies in the World, are located in the greater Copenhagen area. The region also boasts the largest IT-cluster in Scandinavia with nearly 100,000 employees. Shipping is also an import business with Maersk, the World's largest shipping company, having their world headquarters in Copenhagen.
Several international companies have established their regional headquarters in Copenhagen, for example, Microsoft. Maersk, the world's largest container shipping company, has their world headquarters in Copenhagen. A substantial number of Danish pharmaceuticals such as Novo Nordisk, Ferring Pharmaceuticals and Bavarian Nordic also operate in the area, having placed their headquarters in or close to Copenhagen.
Copenhagen has some of the highest gross wages in the world. High taxes mean that wages are reduced after mandatory deduction. A beneficial researcher scheme with low taxation of foreign specialists has made Denmark an attractive location for foreign labour to settle. Copenhagen is however also among the most expensive cities in Europe.
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Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)