Our financial centre - everybody's business
In recent months, the Covid-19 pandemic has had far-reaching consequences. It is both a public health disaster and a catastrophic situation for our economy.
However, Luxembourg was able to respond forcefully to this challenge. We provided the resources our health system needed in this unique situation. In addition, we implemented a solid series of measures to support our companies and save our jobs. The Covid-19 crisis will cost us up to 3 billion euros this year.
Such a response to the virus was made possible through the strong economy we have been able to build over many years, driven not only, but to a large extent, by our financial industry.
We have managed to turn this sector into a real industry in Luxembourg, which may sometimes attract criticism from abroad, but often also admiration. It’s true that the reputation of the financial industry worldwide was badly damaged by the 2008 financial crisis, and certainly not without good reason. But let us never forget that the main function of the financial industry is to manage our savings and help us and our companies in financing our ventures. Our banks, investment funds and insurance companies in Luxembourg definitely fulfil this role. During this crisis, banks have helped companies by extending loans. Moreover, after last year’s tornado, insurance companies did not leave people in need and have paid out around €65 million to the victims to date.
However, our financial centre still struggles with critical voices that accuse us of banking secrecy or who were only made aware of Luxembourg due to LuxLeaks. Our financial industry has indeed never consisted solely of our banking secrecy, and LuxLeaks was not directly related to the activities of our banks, insurance companies, and funds.Nor can our success be defined by these activities, as demonstrated by the success we continue to experience in a rapidly shifting environment.
Discover Luxembourg's financial centre
- Wealth management
- Sustainable finance
- Investment funds
- Digitalisation and Fintech
- Financial connections between China and Luxembourg
- The insurance sector
- The capital markets
- Support services around the financial centre
- The contribution of our financial centre to the prosperity of Luxembourg
- Corporate finance
- Banking
Wealth management
- Since the 1980s, Luxembourg has been a main international centre for private banking
- Luxembourg has significant and unique expertise in serving clients from a multijurisdictional context
- Wealth management is a mixture of portfolio management, succession planning, tax advice and much more
More on Luxembourg's financial centre
Financing a future we can be proud of
Latest news
09.02.2021
OpenLux
Statement by the Luxembourg Government and further information on OpenLux.
11.01.2021
L'interview complet se trouve ici:
According to Nicolas Mackel, CEO of Luxembourg for Finance, the financial centre will also be impacted by the Corona crisis.
18.12.2020
The financial sector is European
Nicolas Mackel, CEO at Luxembourg for Finance, discusses the role of the Luxembourg financial centre.
07.12.2020
The financial center 2021
A lot has happened this year. The pandemic, Brexit, low interest rates, etc. What can we expect the financial center to look like in 2021?
23.11.2020
Government revenue dependent on financial sector
According to Luxembourg's Court of Auditors' draft budget for 2021, the institution warns that public debt will increase "significantly" within the next few years.
21.11.2020
Our financial center and the Corona crisis
Covid-19 has affected us all for well over nine months. The restrictions necessary against the spread of Virus will of course have consequences for our businesses, restaurants, hotels as well as organisations in every sector.
09.11.2020
The financial industry is once again more skeptical about the future
According to a current survey, majority expects income to be lower in 2020 than forecasted at the beginning of the year.
08.11.2020
The fund industry driving the recovery
The Luxembourg fund industry has weathered the initial COVID-19 crisis effects well. For Alfi President Corinne Lamesch, this resilience reflects investor confidence in the economy's ability to rebound quickly.
05.11.2020
RTL Radio - Invité vun der Redaktioun
Nicolas Mackel, CEO of Luxembourg for Finance, talks in an interview with Pit Everling about the impact of Brexit and the Covid crisis on Luxembourg and our financial center.
20.10.2020
Nobody asks where the wealth came from
Nicolas Mackel, CEO of Luxembourg for Finance, on our financial center.
25.09.2020
GFCI 28: Luxembourg financial centre ranked number 1 in the EU
Luxembourg has once again been ranked as a leading European and global financial centre according the latest edition of the Global Financial Centres Index 28.
22.09.2020
Nicolas Mackel, CEO Luxembourg for Finance, at RTL
In an interview with Fränk Goetz, RTL Journal, Nicolas Mackel discusses the strengths, its role and the future of the Luxembourg financial center.