Zurich - Overview:
Zurich is the largest city in Switzerland and the country's most important economic centre. It offers a high standard of living, an excellent public transport system and is a prominent educational centre. The most dominant local language is a dialect of German known as Swiss German. The city's population is approximately 360,000 and the wider Canton (state) of Zurich is home to one sixth of the country's population. It has a workforce of approximately 700,000 and is responsible for a fifth of the national income.

Economy:
By far the most important sector of the Zurich economy is the service industry, which employs nearly four fifths of workers. In fact, financial and insurance services alone account more than 20 per cent of workers. Other important industries include light industry, machine and textile industries and tourism. Most Swiss banks have their headquarters in Zurich and there are numerous foreign banks in the greater Zurich region. The Zurich Stock Exchange (SWX Swiss Exchange), established in 1877, is the fourth most prominent stock exchange in the world and the city is the world's largest gold trading centre. In 2000 over 6,500 new companies were founded in the canton of Zurich and currently over 6,000 new dwellings are constructed every year. Ten of the country's 50 largest companies have their head offices in Zurich.

Taxes levied on companies in the canton of Zurich compare favourably with many other Swiss cities and other European cities in general. The total tax burden on profits for a company located in Zurich, including direct state tax, cantonal and municipal taxes, can range between a minimum of around 15.5 percent and a maximum of approximately 25.5 per cent.

Local Infrastructure:
The Greater Zurich area has its own international airport offering connections to destinations all over the world. The airport has flights to and from approximately 180 destinations in 83 countries located in Europe, Africa, Asia and the Americas. In recent years the importance of airfreight for the airport has increased significantly. During the 1990s the volume of cargo handled at the airport increased by more than 53 per cent to 500,000 tonnes a year and this is expected to have doubled to a million tonnes a year by 2010. There is efficient and speedy access to Zurich city centre from the railway station at the airport's terminal B. Journeys take about 10 minutes and there are 6 trains running every hour.

The public transport system in Zurich is arguably one of the best in the world. Trains connecting with other major Swiss cities leave Zurich's main station at regular intervals of 30 minutes and the city has modern tram, bus and S-Bahn (suburban railway) services that run from around 0530 until midnight.

Local Workforce:
Employees generally demonstrate a high degree of motivation and a low level of absenteeism, which is reflected in the high level of productivity the region enjoys.

Zurich benefits from the high level of investment in education that is typical of Switzerland in general and provides skilled labour at all levels. The city is also home to the Federal Institute of Technology, the University of Zurich and various other universities, ensuring access to graduates and cutting edge research. Professional training incorporates a mix of practical work experience and academic study while, in general, emphasis is placed on obtaining a good level of general education and language ability. As a result even less well qualified employees demonstrate skill in one or more foreign languages.

Standard of Living:
An annual report, published in March 2002 by W.M. Mercer, placed Zurich first followed by Vancouver and Austria, out of a total of 215 cities for quality of living. In particular, Zurich receives high scores for work, housing, leisure, education and safety. Local planning authorities ensure clear separation between urban and recreational areas and there are many protected nature reserves. Every resident in Zurich enjoys clean air, safe, compact residential areas and plenty of privacy.

The provision of good kindergartens and schools is of top priority to the local authorities, including the provision of schools for non-German speaking children. There are several private schools that provide tuition in various foreign languages including English, French, Italian, and Japanese. Zurich has an excellent international reputation for medical research and its medical care in general is world class.

Strict laws governing air pollution have applied throughout Switzerland since 1986 and these have led to extremely good air quality. Levels of sulphadioxide are almost at 1950 levels, while nitrogen dioxide and Volatile Organic Compound (VOC) levels are approaching 1960 levels.

Business Costs:
According to a report published in 2001 by Cushman, Wakefield, Healey and Baker, office rental costs in Zurich are EUR 572 per square metre per year. This compares quite favourably to costs of EUR 1302 in London, EUR 897 in Paris, EUR 608 in Milan and EUR 426 in Munich. The cost of industrial space in Zurich at EUR 138 per square metre per year is much less competitive. In London the cost of industrial space is EUR 213, while in Paris, Milan and Munich it is EUR 69, EUR 67 and EUR 86 respectively.