Economy of Luxembourg

Uncommon card · No. 175215

Luxembourg has a developed economy largely dependent on the banking, steel, and industrial sectors. Citizens of Luxembourg enjoy the highest per capita gross domestic product in the world, according to an IMF estimate in 2022. Among OECD nations, Luxembourg has a highly efficient and strong social security system; social welfare expenditure stood at roughly 21.9% of GDP. Prior to the mid-19th century, Luxembourg was primarily rural and mostly isolated from commerce with neighboring economies. In the late 19th century, Luxembourg's dominant sector was steel industry. Over time, the main economic sector became finance. Due to its reputation for secrecy, it has become an attractive location for individuals and businesses to hold assets for tax avoidance and tax evasion purposes.

Read on Wikipedia · Image Pierre Blaché from Paris, France, CC0