Luxembourg has such a high GDP per capita it will well repay our efforts to investigate why this should be the case. What we will see is that that the country benefits from a particularly unusual concatenation of circumstances, and it is the confluence of these circumstances that make Luxembourg so economically successful. As we will discuss later, these are the principles that, generally, lend themselves to high per capita GDPs. The formal name of Luxembourg is the Grand Duchy of Luxembourg.
The country is a parliamentary democracy, whose head of state is a hereditary monarch known as the Grand Duke currently Grand Duke Henri.
Luxembourg has a history of stable governments, a free press, relatively little ethnic strife, and the absence of a significant underclass. As a result, Luxembourg is a small, stable, peaceful, well-governed country. Steel: Traditionally since actually , Luxembourg has been known for its iron and steel industry.
Nevertheless, as important as steel is to Luxembourg, the country has vastly increased its wealth by developing two other important industries: financial services and technology.
As a result, Luxembourg has become a major worldwide banking and financial center. For instance, this tiny country — smaller than Delaware, with fewer people than Wyoming — is home to different banks! The world's last grand duchy — a territory whose head of state is a grand duke or grand duchess — Luxembourg is like no other place on earth. Located in the heart of Western Europe, Luxembourg offers easy access to every big and small city around.
With up to nine flights to London on some days , the financial hub of the world is only a one-hour flight away. Paris is not even an hour away by plane and is two hours away in TGV. Brussels is a three-hour train ride away, and it takes just two hours to fly to Berlin.
And while the plane tickets when flying from Luxembourg's only airport, the Findel, can be quite pricey, there are a few airports close-by in neighboring countries where low-cost companies fly from. Though the country gained its full independence only in , Luxembourg City's roots go back very a long way. The first mentions of the city go back to the year It is also around that time that the construction for the city's fortification began.
Throughout the country, vestiges of the country's medieval history are also displayed in different museums and can be seen in the Casemates underground tunnels built for the defense of the city in the s , in the numerous castles, and in the architecture of many towns throughout the grand duchy.
Most of the castles are located in the north of the country; the three biggest castles are the ones in Vianden Clervaux and Bourscheid. While it doesn't have the most creative name, the country's capital is a superb example of the juxtaposition between the old and the new as well as natural and man-made. Built in the middle ages, the city center is full of small, old buildings and remnants of its medieval past. The valley in the middle of the city boasts a river surrounded by greenery.
Other parts of the city, such as the financial center, Kirchberg, are home to glass skyscrapers and big avenues. The city is also the cultural heart of the country and is host to many museums, art galleries, bars, and restaurants. Already an exception in many areas, the country continues on that streak when it comes to immigration. This allows Luxembourg to be home to many cultures despite its small size. Most other foreigners are also European. Most Luxembourgish people are multilingual, speaking Luxembourgish, German, French, and English, as people schooled at Luxembourgish state schools are taught all four languages.
So as long as you speak one of those, you should be able to get by, though Luxembourgers will love you if you make the effort to learn their language, as only about , people speak it anymore. Luxembourgish, French, and German are the three official languages of the country. Take action on UpLink. Forum in focus. Age is just a number: over 50 companies show age-inclusive policies create opportunities and growth. Read more about this project. Explore context. Explore the latest strategic trends, research and analysis.
Author: Barbara Tasch is a news intern for Business Insider. License and Republishing. Written by. More on Financial and Monetary Systems View all. US consumer prices are at their highest since And inflation is at 6. Rising inflation: Temporary deviation or here to stay?
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