Not really. Austro-Hungarian Empire was an undisputed leader in music and one of the top in visual arts too, while it's economy was absolutely sucking, and technologies terribly outdated.
You're referring to Vienna. It's broadly part of Europe and narrowly functions as its own city-state. Its intermediate allegiance may be less important.
It's long had outsized musical influence but was only the world leader in music during the classical period, roughly 1750-1820. This does not overlap Austria-Hungary. However, I don't know the economic output of the Habsburg monarchy relative to the rest of Europe, so it may still be an exception.
It's long had outsized musical influence but was only the world leader in music during the classical period, roughly 1750-1820. This does not overlap Austria-Hungary. However, I don't know the economic output of the Habsburg monarchy relative to the rest of Europe, so it may still be an exception.