How Luxembourg Got Insanely Rich

A country in Northwestern Europe with a population of 632,275 and an area of 2,586 square km, roughly the same size as Dorset in the UK and slightly smaller than Rhode Island in the US, bordered by Belgium on the west and north, France on the south, and Germany on the Northeast and East... Luxembourg has a unique 17km of underground tunnel carved out of solid rock underneath Luxembourg city, constructed in 1644, rebuilt 40 years later, and then again in the 18th century - some places are 40m deep. They were air-raid shelters in both World Wars and could protect 35,000 people.

Luxemburg was a poor country in the early 19th century, despite the fact that it was a landlocked European nation. Over eighty percent of the 180,000-strong population worked in agriculture, and conditions were anything but far from pleasant. Many families were struggling to make ends meet because they were mired in abject poverty. About a third of the Luxembourgish population fled to the United States in search of a better life. However, today, the minimum wage in Luxembourg is the highest in Europe at €2,323.4 per month, making it one of the world's richest countries by GDP. Besides that, Luxembourg has a thriving business climate, an excellent digital infrastructure, a high standard of living, as well as a stable and reliable economy.

#luxembourg #rich #economics

[zeddist]

Not a bad video, living in Luxembourg I can tell you it’s not as great as the numbers make it seem. First of all it is very expensive, average rent is about 1400 (excl. amenities … etc.) and many nationals are being forced to relocate to neighboring countries as houses have become impossible to pay for. Raise in house prices also meant that historic buildings are getting torn down and replaced by modern boxes. Add this together with a 50% share of foreign residents, and you might see why many people don’t really care about the seemingly positive statistics.

On the economic side, banking has been replaced by the investment fund sector, which is the second biggest fund market on the planet. Roughly 6, 000, 000, 0000, 0000 worth of assets are held by funds registered in Luxembourg, which in turn also employ people on the ground. The state usually takes between 0.01 to 0.05% per year of tax on the assets alone (in addition to tax on salaries of workers, profits of fund management companies … etc.) which generates a handsome sum for a small country. But all the diversification talk is basically rubbish, we are still almost entirely dependent on the financial industry.

[azureyang]

Great video, thanks for sharing. Just one humble opinion, the beeping sound which comes along with number figures is too loud to drown out the voice of the narrator. It would be much nicer if the beeping can be tuned lower

[paulstatz]

It sounds like the Luxties have foresight in there economy They start projects a decade before the rest of the world They take care of the poorer end of their society Bravo

[Worldofourown]

Isn't Berkshire Hathaway headquartered in Omaha, Nebraska? Holding corporations is probably the least common industry people find employment yet of the largest value and profits.

Many times you show Luxembourg gardens in Paris

[selengebacin]

Come to Singapore and make video..🇸🇬🇸🇬🇸🇬🇸🇬

[john_kamau]

Am sure you are trying your luck on YouTube
@GoodLuck!