Munich is Germany’s third-largest city and one of the country’s key economic centers.

Home to some of Germany’s most notable businesses, including engineering firm Siemens and insurer Allianz, the city generates about 30% of the state of Bavaria’s GDP. … More

The city’s purchasing power per capita was more than $33,700 in 2009, the highest among all German cities and 32% above the national average. Munich draws immigrants from all over the world to its industries, and more than 40% of its residents are foreigners.

Despite its a prosperous economy, Germany is facing a skilled-labor shortage as its population ages. Associations estimate that 80,000 engineering jobs need to be filled annually, along with 12,000 doctors and 66,000 IT specialists. Over the past few months, the country’s government has turned to debt-ridden countries such as Spain, Portugal and Greece to find job seekers.