It’s got the world’s highest GDP per capita, great state funding and more investment funds than anyone else save the U.S.But it’s also got debt. Lots of it. 80-four times more than America’s debt per capita.
And some of its banks are corrupt. Very corrupt.
And there haven’t been too many big political changes for a little while.
Still, the scenery is nice. And the wine’s good.
Welcome to the Grand Duchy of Luxembourg…
If you squint, you'll be able to see Luxembourg on a map sandwiched between Belgium, France and Germany.
It has a population of just 503,000, who spread themselves over just about 1,000 square miles of the country.
It's so small the country just calls its capital city 'Luxembourg.'
Lëtzebuergesch is the official native language for Luxembourgers.
French and German are also both official languages for the country. German and English are used widely for business, especially in the country's banking sector.
Luxembourg's Prime Minister, Jean Claude Juncker has been ruling since 1995, making him the longest ruling political leader in Europe.
The Grand Duke of Luxembourg, Henri, ultimately oversees government and has the authority to dissolve parliament if he wants. The Grand Duke has moved to distance himself from legislative power in recent years but he still holds complete authority over government.
That's right. Luxembourg's GDP per capita of $108,832 is the highest in the world. Not too surprising when there's a lot of banks and not too many people. In fact, only the U.S. has more investment funds than Luxembourg.
40-four per cent of Luxembourg's population is foreign born. Another 25 per cent equivalent of the population come into the country from surrounding nations every day to work. The lack of tax hikes and plush government spending may be a pull factor, but there's certainly another element here as well.
Luxembourg has a reputation for being a secret banking hotspot. North Korean leader Kim Jong-il reportedly kept billions of dollars in the country under the radar. The prospect of hiding your money is sure to draw some expats.
Despite the high quality of life Luxembourg's population has the lowest happiness rating of all European countries. It has the same Global Happiness Index score as Sudan. And Luxembourg doesn't have any war to contend with.
Luxembourgers buy more cigarettes and alcohol per capita than any other country on earth.
To put into perspective how much alcohol is consumed in Luxembourg, consider that the population imbibe 84.4 litres of beer per year. Then take into account that beer only constitutes 14 per cent of alcohol consumption in Luxembourg. Based on this the average Luxembourger consumes 603 litres of alcohol a year. That's enough to forget about all life's problems, including the public debt apparently.
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