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

  • 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

Talents Academy

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Facts & figures

  • Financial services contribute directly c.31% of our national GDP (€16.4 billion)
  • Is the largest single sector in terms of value added to the national economy
  • Employs around 51,000 people
  • The financial industry contributes directly to around €4 billion in tax contribution to the government
  • Each €1 of value created in financial services in Luxembourg, creates another €0.5 in the general economy

What does the

development director

of the Luxembourg financial centre do?

with Aidan

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Latest news

28.06.2021

Brexit, Ricardo and Smith

Brexit still carries the risk to weaken Europe as a global financial centre, but it equally carries the opportunity to become more than a zero-sum game, by leveraging the complementarity of its financial centres. The EU will need to use the current momentum to consolidate the banking union and create a real EU capital market.

19.05.2021

Cautious optimism in Luxembourg's financial sector

Despite considerable global risks, Luxembourg's financial industry is looking to the future with confidence.

12.05.2021

The financial sector's role on the path to a sustainable future

The Luxembourg financial sector could play a key role in combating climate change.

23.04.2021

Profit will no longer come at the expense of the planet

Finance must return to what it was intended to be, namely the financing of the real economy and the well-being of people, states Julie Becker, the new CEO of the Luxembourg Stock Exchange.

13.04.2021

“Even more courageous” in sustainability

Sustainable finance will be the only form of finance of the future says Robert Scharfe, CEO of the Luxembourg Stock Exchange.

17.03.2021

GFCI 29: Luxembourg financial centre ranks number 2 in the EU

The Grand Duchy’s position as a leading financial centre has been reconfirmed in the latest Global Financial Centre’s Index (GFCI 29).

09.02.2021

OpenLux

Statement by the Luxembourg Government and further information on OpenLux.

11.01.2021

Covid-19 impact on the financial sector

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, discusses the impact of Brexit and the Covid crisis on Luxembourg and our financial center with Pit Everling.

20.10.2020

Nobody asks about 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.