Barcelona, first European city in attracting investment projects

Foreign investment projects landing in the Catalan capital, with AstraZeneca's hub as its emblem, have propelled Barcelona to become the first European city in attracting new international investments. Moreover, the city is not only the first in Europe, but the second globally, only behind the distant Indian city of Bangalore, according to the Global Cities Investment Monitor 2024.

Specifically, 184 cross-border capital projects in five years have elevated Barcelona to the second global position, compared to 272 for Bangalore and ahead of 179 for Singapore and 168 for Paris. A third of these projects, corresponding to the period between 2018 and 2023, have been driven by European companies, as highlighted by the Observatori Barcelona report, promoted by the City Council and the Barcelona Chamber of Commerce to collect data on the international positioning of the Catalan capital.

"The city generates international confidence," summarized Àngels Santigosa, head of the Studies Department of the Economy, Resources and Economic Promotion Management of the City Council, along with Carme Poveda, director of Economic Analysis of the Chamber. So much so that Barcelona has climbed five positions in the ranking of most attractive cities for foreign investment, and has placed fifth, as indicated by the EY Attractiveness Survey Europe 2024.

In addition, Barcelona is the eighth city in Europe in attracting technological investment. Between 2015 and 2024, the State of European Tech report estimates that the city has received more than 5.5 billion euros from international investors, a volume six times higher than the previous decade. The city also remains positioned as the fifth startup ecosystem in the EU and as the second of emerging ecosystems in the world, according to The Global Startup Ecosystem Report 2024 by Startup Genome.

In this context, Barcelona has positioned itself among the 20 most competitive cities in the world, according to the Global Power City Index by the Mori Memorial Foundation. As stated in the report by the City Council and the Chamber, which reaches its 22nd edition, the Catalan capital is located in the 19th position worldwide, and in the ninth at a European level. Compared to the previous year, it gains three positions, surpassing cities such as Zurich, Los Angeles and Dublin, Poveda and Santigosa highlighted in an event alongside the Deputy Mayor for Economy, Jordi Valls, and the President of the Chamber, Josep Santacreu.

Additionally, the Catalan capital rises one position and is placed eighth in the global ranking of cities in which to work abroad, according to The Boston Consulting Group's Decoding Global Talent 2024 report. The city is also ranked eighth among the world's most attractive cities for visitors, entrepreneurs, and residents, as stated by the 2025 World's Best Cities Report, which includes the city in the top ten for the seventh consecutive year.

Entrepreneurship continues to strengthen in the city, and the entrepreneurial activity rate of the province's population stood at 8.3% —one point more than the previous year—, above the Spanish average of 6.8%. In the case of women, the rate is close to average European values (7.3%) and above that of Spain as a whole (6%) and countries like Germany (6%) and Norway (5%).

The city stands out globally for living and working, and also for researching and training. In this vein, Barcelona ranked sixth in Europe and twentieth worldwide in terms of scientific publications in 2023, when it reached almost 22,700, according to the UPC's Knowledge Cities Ranking. Furthermore, it is the only European city with two educational institutions in the top 6 of business school MBAs, with IESE and Esade.

As is customary, Barcelona stands out in the organization of congresses, with major events such as the Mobile World Congress and ISE. In fact, it is the fifth city in number of meetings and delegates at international congresses, and is the only one that has been among the top positions on the list for 22 consecutive years, prepared by the International Congress and Convention Association.

Barcelona, which climbs nine positions in the sustainable mobility ranking to 12th worldwide, also stands as a leading maritime city: for the first time, it enters the group of the 30 most avant-garde, with position 27 and eighth in Europe, according to a report by Menon Economics and DNV.

Cost of living, on the rise

This rise in international indicators is accompanied by another increase: that of the cost of living. The Catalan capital has climbed three positions in the ranking compared to 2023, reaching position 16. Even so, Poveda pointed out that the increase has not reduced Barcelona's competitiveness, and linked it to the depreciation of the euro, in a comparison that takes into account regions with different currencies. However, "the cost of living has increased more than in other reference cities in Europe," in a situation similar to 2021: "Barcelona always fluctuates between position 14 and 19," he assured about a classification that takes into account the price of 200 products and services, including housing.

Office rental prices have also increased, growing by 4.5%, a rise similar to the European average, which stood at 5%. Despite the price increase, Poveda highlighted that "2024 has been a good year for office rental contracting in Barcelona, largely led by 22@, which has been confirmed as the engine of the office market, along with the city center and Eixample areas."

Culture and sport, also strong points

Beyond the growing cost of living and economic activity indicators, the city's potential extends to the cultural and sports fields. The Cultural and Creatives Cities Monitor 2023, prepared by the European Commission, states that the city is the thirteenth in cultural and creative vitality among cities with more than one million inhabitants, while it is the eighth among cities most associated with sport, as indicated by the consultancy Bruson Cohn and Wolfe.

To explore these and the rest of the city's attractions, tourists continue to visit it: they are growing moderately, and spending more in the Catalan capital, with a 6% increase in spending. "Tourism has grown, but we are the fourth city that grows the least, and that interests us," stressed the Deputy Mayor for Economy: "We do not renounce tourism, but we do not want to depend only on an economic activity of this type."

Challenges and opportunities

"Barcelona is a city open to the world, international and a benchmark," Valls claimed: "The city brings together these three concepts in a context of uncertainty, and has responsibilities within the framework of Europe; if we assume them, we will have opportunities." As Santacreu highlighted, the report shows that Barcelona is a dynamic city and a leader in multiple fields, and that the ultimate goal must be to advance "generating opportunities for everyone."

"When we talk about talent and opportunities, first we talk about the talent here; what interests us is to give opportunities to the people who already reside here," the deputy mayor insisted. In this way, Barcelona's international positioning and its ability to attract investments must focus on responding to Barcelona's challenges, according to Valls: "We have very important challenges, such as the salary structure, economic remuneration and inequality."