Munich counted 1,604,731 principal-residence inhabitants at the end of March 2026. The number reflects the city's persistent ability to attract people despite one of Germany's most expensive housing markets.
What the evidence establishes
Population growth supports labour supply and consumer demand, but the cost of accommodation changes the economics of recruitment. Employers can face higher salary expectations or difficulty filling roles that do not command premium wages.
The commercial reading
Munich's productivity advantage has to be high enough to offset its location costs. That is easier in insurance, software, engineering and deep tech than in lower-margin services.
What to watch next
Track housing completions, net migration, vacancy rates, wage growth and whether employers shift functions to surrounding municipalities.
How to use this analysis
Economic releases are most useful when the price basis, seasonal treatment and comparison period stay visible. A percentage change in nominal value cannot stand in for real output, and one quarter should not be promoted into a trend without checking revisions. Company revenue can support the reading, but it is not a substitute for national accounts. Munich city, Upper Bavaria and the metropolitan region describe different company and labour markets, so the chosen geography must be explicit.
Source and verification note
The reporting base for this article is City of Munich population statistics. The link is provided to the source page or release so readers can check the reporting period, definitions and later revisions. Figures are not extended beyond the source's geographic or institutional scope, and forecasts remain labelled as expectations until an official release records the outcome.