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Refreshing Change

With a growing economy, a focus on innovation and a world-class quality of life, Austria is reestablishing its reputation for business.

There’s a reason why Vienna topped last year’s Monocle Quality of Life survey. Austria’s growing capital is emblematic of a country with world-class standards in education, healthcare, innovation and more. All of this is set to a pristine and invigorating backdrop of alpine meadows and snow-capped peaks.

It helps that air pollutant emissions have reduced significantly since 1990, 96.9 per cent of domestic bathing sites are rated “excellent” by the European Environment Agency (EEA), and Vienna’s taps dispense mountain spring water that is diverted via hydroelectric plants, generating 65 million kWh of power en route.

Air quality is not the only reason that Austrians can breathe easily. A move up to third on the 2024 Global Peace Index reflects the country’s assured, stable outlook and adds a further layer of security.

Yet even crystal-clear still waters run deep. Beneath the calm exterior, Austria has fostered a capacity for innovation through investment in education as well as countless government and private-sector initiatives.

As Monocle will explore over the next 24 pages, Austria has a pioneering approach to R&D and entrepreneurship in disciplines as diverse as acoustic engineering and medical research, while the “Green Tech Valley” start-ups contribute to €12bn revenues in that sector. The country’s dual education system, which combines theoretical studies with practical apprenticeships, ensures that a well-prepared workforce is on hand to enact these changes.

Such developments have seen Austria climb the Global Innovation Index with the EU’s third-highest research quota. It’s time to refresh your opinion on this dynamic, innovative nation.


A growing consensus

People power
By 2040, Austria’s population is expected to grow by 12 per cent

Attractive prospects
Since 2008, active direct investments abroad more than doubled to €247bn

Trend to innovation
Favourable conditions have seen start-up settlements triple since 2020

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