Malmö – The Scandinavian Ore Hill
Malmo is the third-largest city in Sweden and is situated in the province of Skåne, in the south of the country. It has a population of around 350,647 people, with a density of population of 4,049/km2 (10,490/sq mi). The metropolitan region has a population of around 749,427 people, of which just over a third are non-indigenous to Sweden. The city is a major seaport and thriving commercial hub that offers an outstanding quality of life, with a wide variety of cultural and entertainment venues and shopping facilities on offer, not to mention its numerous parks and a 2-kilometer sandy beach.
In 1998, the new Malmo University opened its doors and since then has established itself as Sweden’s eighth largest higher education institution, with over 11.815 students enrolled (est. 2009). Perhaps more notable still was the opening, in 2000, of the combined road and rail bridge known as the Oresund Bridge. The bridge stretches some 16 kilometers across the Oresund strait, connects the city with the Danish capital of Copenhagen, and brings Copenhagen’s Kastrup airport within easy reach. In addition, Malmo is served by Sturup airport, located just 30 kilometers from the city, and has an international harbor. As the southern hub of Sweden’s railway system, the city also has excellent rail connections with the rest of Europe.
Economy of Malmo
In recent years the economy of Malmo has undergone many changes, which have affected the direction of the city’s economic growth. The late 1970s and 1980s saw the Swedish Shipyard crisis (Götaverken). The shipbuilding industry took many years to recover, and the alleged ‘ghettoization’ of the outermost neighborhoods with the building of low-status housing. However, since the mid to late 1990s, the city has seen a revitalization of its economy. New investment and the opening of the Oresund Bridge in 2000 have increased the city’s status as a location for new business.
Malmo is one of the country’s most industrialized cities, and the local economy has been built on the back of construction-related industries and shipbuilding. However, more recently, there has been a shift towards service-related industries, with the city authorities, colleges, and local companies making a concerted effort to develop a thriving business community. While construction and the shipbuilding industries still play their part in Malmo’s economic makeup, biotechnology and medical technology, IT and digital media, world-class conference facilities, logistics, and a thriving retail/wholesale sector are becoming increasingly important to the city.
Standard of Living in Malmo
Malmo is said to have more parks, gardens, and restaurants per capita than any other city in Sweden. The city has over 400 restaurants, covering many of the world’s favorite cuisines with everything from a quick snack to a high-quality gourmet experience. Museums and Galleries covering many tastes can be found in easy reach of the city center, as can theatres. Travel around the city is best undertaken on the city’s comprehensive and efficient buses. However, within the city center, all locations are within walking distance. Also, being Malmo without high hills or low troughs, hiring a bicycle is a healthy way to travel around much of the city.
Infrastructure of Malmo
The city of Malmo enjoys one of the best locations in Sweden regarding transportation to and from the region. Sturup International Airport connects Malmo to many key business and tourist locations throughout Europe. Since the opening of the Oresund Bridge, Malmo has provided a short journey from Copenhagen’s International airport at Kastrup.
The Copenhagen Malmo Port AB (CMP) is the primary cargo facility for the region and has two sites, one near Copenhagen and the larger of the two near Malmo. Many large international corporations, such as Sony and Toyota, have chosen CMP as their distribution base for their Northern European operations.
During the early 1990s, the Swedish rail network was in crisis, losing passengers alarming. However, the tide started to turn when new high-speed trains were introduced to existing lines. For Malmo, the benefits from the improved network are enhanced by the Oresund Bridge rail service. 2005 saw the start of a new City Tunnel, which will link Malmo Central Station directly to the Oresund Bridge. While the opening of the Oresund Bridge has been a significant contributor to the economy and infrastructure of Malmo, there is one notable exception. Ferries that have crossed the waters between Malmo and Copenhagen since the 12th century are now almost redundant.
The province of Skåne, in which Malmo is situated, has a population of around 1,389,336 million people, with a density of population of 130/km2 (330/sq mi). The labor force is estimated at around 2 million.
Business Costs in Malmo
The office rental costs within the City and Harbour area of Malmo are between £72 and £122 per square meter per year.
Sweden has a fixed competitive corporate tax rate of 20.6%.
Individual tax is levied on both a federal and municipal level, with each municipality controlling its tax rates. Personal taxes work on a progressive scale, but for high-income earners, they are some of the highest rates in the world. Any individual who earns more than Kr538,800 ($74,058) may be required to pay up to 59.17% tax on all income, depending on what municipality they reside in. VAT rates in Sweden are also amongst the highest in Europe, with a fixed 25% for most general items, a discounted rate of 12% for some foodstuffs, and 6% for newspapers and books.
You can find more about the Sweden Tax Rates here: Sweden.se
Wages are higher in Sweden than the European average, with the highest salaries being found in and around the capital city of Stockholm. Although the state sets no minimum wage, many laws in place protect employees and their rights. The average wage for December 2021 reached 183 SEK/Hour (around $14/h). The maximum rate was 184 SEK/Hour and minimum 134 SEK/Hour. On average, the minimum (un-official) wage in Sweden is over $3000/month.