Why Is the Wealthiest Country in the World Failing?
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Former Luxemburg PM, Jean Claude Juncker said, "We all know what to do to solve our problems. But we don't know how to get re-elected after we have done it." I think this problem afflicts all democracies which have to win popularity from the voters. Often popular measures and polices are bad for the economy.
Privatization is not a good idea btw
Get rid of democracy and replace it with elite rule with governments in which the leaders stay in power far longer.
So true. People start voting seriously only when there are real problems everybody agrees on. And ofc if they allow smart people to get to the point of being a candidate.
That's why Socrates didn't like democracy.
He meant the opposite : he makes unpopular measures (privatization...) then people dont want to vote for them. He complains about reactivity, not apathy.
Luxembourg is undoubtedly very rich, but its GDP per capita is inflated due to the fact that 40% of its workforce lives in neighbouring countries (which means that these workers contribute to the country’s economic output, but they do not count for the population denominator when calculating GDP per capita), and also due to being a tax heaven. Switzerland, for example, has a lower GDP per capita than Luxembourg, but it has a higher average wage. Luxembourg is still one of the richest European countries, but not as rich as its GDP per capita may suggest.
@@Wisteria__Lane It is clear that most bloggers calculate wealth incorrectly. Salary and GDP are actually income, not wealth. Wealth is accumulated income. In other words, GDP is what you earn annually, wealth is what you have in total. Therefore, this video does not give a true picture.
Afaik Luxembourg has the highest number of millionnaires per capita ( total wealth, including real estate).
@@mauricesalentiny5495 >> Afaik Luxembourg has the highest number of millionnaires per capita ( total wealth, including real estate).
That's also because a large percentage of regular (non-millionnaire) workers live outside of Luxenmberg, decreasing the per-capita-denominator. It's the same reason why its GDP per capita is deceptively high.
@@THX829 On purpose
@@maksimkempe3425
By "wealth" do you mean land value? It is a common error. Land is not wealth; it falls into a separate category, as does money. Most of the earnings from banking are economic rent of land.
I don’t know how but you’ve managed to package an unbiased analysis that is more entertaining than the sensationalized segment of economic and financial news. Thank you for your efforts to be the signal and not the noise. I understand that the economy is currently in a downturn and that we must wait for things to get better
As hard as it may sound you can plan for the recession. If you are working, find extra work and get an Invest--advisor. Protect your deposits by having enough cash in short term fixed income. Then cut your expenses. Minimal insurance, cut utilities.
Exactly why i enjoy my day to day market decisions being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not outperform, been using a portfolio-coach for over 2years+ and I've netted over $800k.
@@james.atkins88 Even if you have a humongous income you still need to draw up futuristic plans because anything can happen. One could lose one's job or whatever. Investment cannot be overemphasized. About your advisor, how does one reach pls
It would be a very innovative suggestion to look out for Financial Advisors like Camille Alicia Garcia who can help shape up your portfolio. Trying times are ahead, and good personal financial management will be very important to weather the storm.
@@james.atkins88 I’m delighted to engage in this opportunity, I just found the professional’s web page and have already written her.
As a junior engineer I can only thank Luxembourg for enabling me to have a normal life.. back in Portugal I was living miserably with only 600€ of net salary.. Luxembourg enabled me to finally be able to go out eat and have a drink with people.
It's true.. rent is very high but what is 1500€ compared to a 4000€ net salary!? With 600€ in Portugal I could almost not even rent a room
All young people are leaving Portugal because of that next year i am going to try my luck at Norway, Abraços da Madeira :)
What kind of engineer are you. And how did you get an opportunity to work in Luxembourg. Your inputs would be appreciated.
Só tenho uma pergunta para você. Para alguém que estudou comércio e negócios internacionais e possui diplomas em tradução e ensino de idiomas em 6 (português, espanhol, russo, francês, alemão e inglês) com certificados de B2 a C2, há oportunidades de conseguir um emprego decente? E em que ramo econômico seria, porque no meu país de origem sou "superqualificado" e não precisam mais do que inglês para call centers a 500 dólares por mês.
@@lonerider5933 sim existe muita oferta de trabalho. O problema do Luxemburgo é que não consegue arranjar pessoas qualificadas. Você fala 2 das línguas oficiais do país e ainda por cima sabe falar inglês e português que também são línguas muito úteis no Luxemburgo. Encontrará seguramente oportunidades na sua área de negócios internacionais
@@AchiragChiragg somehow CZcams deleted my comment.. no idea why so I'll write it again.
My Dad is working in Germany and he got a proposal from luxemburg with 3times the salary hes paid here
and houses cost 3 times as much too.
Luxemburg is already rich. The countries that need your pa are either Haiti or my most favourite country in the ward, Somalia.
@Ovis Militaris I get it with California, but how can Hawaii afford higher salaries? Military bases?
@@DerToasti you don't need to live there to be able work there, lots of French, Belgians, Germans etc. works in Luxembourg but still go home back to their own country after work.
I imagine most people working there arent living there but just behind the border
Certain economists have put forth projections indicating the possibility of economic recessions affecting both the United States and certain regions of Europe in a certain period of 2023. It is noteworthy that a global recession, characterized by a decline in annual per capita income on a global scale, is relatively infrequent due to the typically accelerated growth rates observed in China and emerging markets in comparison to more established economies. The classification of a worldwide economic recession is contingent upon the instance when economic expansion lags behind population growth, indicating a broader economic contraction.
In light of uncertain economic conditions, my foremost concern is identifying strategies to amplify revenue generation and safeguard my savings from potential erosion. I am determined to navigate these quantitative times by exploring resilient income avenues that can withstand market fluctuations. Ensuring the preservation and growth of my financial resources is paramount, motivating me to proactively seek solutions for sustained financial stability.
Absolutely accurate! Thanks to my Financial Advisor's implementation of defensive strategies, I've managed to elevate my portfolio from $120K to $389K during this challenging market phase. These tactics have significantly reduced my portfolio's susceptibility to market downturns, leading to impressive growth even amidst unfavorable conditions.
@@andrew.alonzo That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?
"Camille Alicia Garcia" serves as my advisor, bringing extensive qualifications and experience in the financial market. Her deep understanding of portfolio diversity positions her as an industry expert. I suggest delving into her credentials for further insight. With her considerable experience, she offers valuable guidance to anyone seeking to navigate the complexities of the financial market.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
I live in Luxembourg (moved 2018) and it absolutely doesn’t feel like we’re failing here! Indexed salaries and super good terms. The job market remains on fire. All is good for individuals here, though the housing crisis is a real problem if you insist on walking to work instead of using our free public transport. I don’t doubt that the video has valid points, but we have a relatively competent government and I’m confident they’ll deal with it.
Wait ... FREE public transport ?!
huh, ok show off.
@@anyuan3040 yup, all trains, buses, trams, and the funicular within the country are free, and some cross-border services too.
@@nickdc1987 Cross border too ?! That's enough, get out of here ! Let me cry in peace.
@@anyuan3040 only some of the cross-border buses are free. The trains are free from the first stop across the border I think, but crossing more than one station abroad costs money.
@@anyuan3040 Yes, free public transport.
I work there. And while the country is very rich indeed, I have doubts about the GDP/capita calculation: most of the workers, including the most qualified and highest positioned, are cross border workers leaving in Belgium, France or Germany. This represents several hundreds of thousands of people. If they are not included in the calculation, the GDP per capita is biaised by A LOT (and I mean at least by 30%).
You raise interesting point, I wonder how those traveling workforce is factored in GDP per capita calculation
I would expect that where income taxes are paid is where they are added to gdp.
Anyone know where they are paid?
@@rockscaler99 in Luxembourg, precisely.
well if you account for foreign workers the GDP per capita is still 100000 so its still pretty good
Do you think cross border workers would be paid lower than residents? If so, the method of using GDP per capita could be flawed while using labour statistics could yield more accurate results as to people's income.
Honestly, I'm unsure if investing is a wise move right now. Take note of how frequently things fail. As I still have some time before I retire, I'm still looking for a better strategy to invest my money despite reading charts and predictions from well-known investors from the past and present. In order to generate passive income, I want to build a solid and reliable portfolio.
I believe there are many ways in which the value of the U.S. dollar affects investing, but having a strong portfolio advisor to explore and experience a really varied market has never made understanding how to grow your money easier.
I was left holding worthless positions in the market in 2020 because to these market uncertainties, which is why I don't base my market assessments and decisions on rumors and hearsay. Before I started noticing any noticeable improvements in my portfolio, I had to fully redesign it with the assistance of an advisor; I've been working with the same advisor and have scaled up to $750k.
Indeed, my mentor Julie Anne Hoover has a ton of financial industry knowledge and education. She is renowned as a leader in the field and is knowledgeable about the advantages of diversifying one's holdings in investments. I advise doing more study on her credentials. She is a fantastic resource for anyone attempting to understand the financial sector due to her extensive experience.
I located her, sent her an email, and we set up a call; hopefully, she will answer because I want to start 2023 on a solid financial footing.
I never knew how affordable a year long all inclusive vacation in the Caribbean was.
CHinese!!!!! How did you get on youtube?
@@TheWorld4all I got sponsored by ExpressVPN
JK I'm Japanese🤣
I am a resident in a Luxembourg my husband is a finance lawyer.
The great sucess of Luxembourg was on 70s and 80s banks would accept suitcases of money mostly German marks no questions asked… that is over 😂
We are leaving Lux in 3/4 year time and selling our townhouse for good
Going to relocate to the north Portugal mountains
Muitos portugueses vão para Luxemburgo apenas para retornar a Portugal, enquanto brasileiros vão a Portugal para retornar ao Brasil após conseguir dinheiro... O que sugeres que devo fazer?
@@ethandouro4334 quem quer ficar a viver o resto da sua vida num pais chato como o Luxemburgo? A mesma pergunta faço a brasileiros amigos... o que vocês querem fazer num pais chato como Portugal até ao fim da sua vida? Eu adoro Portugal porque eu sou português ... e sou.... CHATO!! :DDD
@@leonelduarte1822 Chato? Eu adoro coisas chatas, quanto mais quieto e sossegado, estarei mais feliz. Se Portugal é quieto, então já sabes que terei uma parcialidade jogada acima desta amada nação, meu sobrenome já é apenas de português, já tenho uma bandeira portuguesa, só devo retirar a cidadania portuguesa e então desfrutar de uma vez por todas de um país quieto e sossegado, sem festas todos os dias...
@@ethandouro4334 votos
De sucesso em Portuga… precisamos
De gente como você 👍
I have just published a book on the days of tax miracles and Bond Expresses of Luxembourg.
What a great video, I love everything he said, things like this always make me wonder what it would be like if we hadn't established financial systems all over Europe.
Yes you are right, it reminds me of my financial mentor mr. Tom Lawson people like them always add to the financial economy one way or another.
I was able to earn $13,500 in just 1 month of investing with him.
It’s so amazing to know that the good works of mr. Tom Lawson are being recognized on platforms like this, through his help I was able to buy my first house.
This guy sounds so interesting, he comes highly recommended because I have also encountered his name on some of my social media platforms, I would like to know how I can contact him officially and talk business and finance with him and possibly earn some money through investing with his guidance.
He is on INSTAGRAM as
I grew up in Luxembourg and am working in the financial sector now. I think the main problem is the fact that Luxembourg needs a lot of highly skilled workforce for their mainly service-based industry. The social system that used to attract people from neighboring countries isn't as attractive as it used to be, also because of the high cost of living and difficulty of commuting from neighboring countries where living is cheaper. For a lot of people it just doesn't make a difference of earning a bit less in their home country, because their cost of living is lower as well. Housing prices in luxembourg have gone up considerably, so that even a lot of luxembourgers can't afford housing anymore, even with a good salary. Because of this, many luxembourgers with high qualifications move to different countries, or stay in the countries where they studied (because they tend to go to university abroad).
Then there is the standardised salary indexation, indexed to inflation, which is a great social achievement, but many small/medium sized businesses can't keep up with the automatic raises they have to apply, which eats up their profit margins (the reverse effect is that a lot of people stay on minimum wage, which isn't enough to live well in this country). The cost of workforce is extremely high in Luxembourg due to the high salaries and many big companies decide to outsource a big part of their operations to countries with lower salaries. The result are companies that don't really produce anything and don't really contribute as much to the economy as they should. I could list a lot of other problems with the country, such as the difficulty for the country to diversify its economy (the financial sector makes up 25% of the GDP !).
From my perspective, some of the problems listed in the video aren't as important or impactful as the problems I mentioned here. Regulations are mostly on par with what exists in countries like Germany or France, but I wouldn't call it excessive : companies of the financial sector actually praise the regulatory environment, because it's comparatively easy to set up a financial services company here. I've never heard about the insolvency system being a problem here (at least to the extent that it's impacting the economy in general). Research and development is logically low, because of the limited use cases and ressources compared to bigger countries (we can't invest billions in things like pharmaceuticals, military or automotive industry, because we simply don't have these industries).
Please can I ask you a question??
Do they speak English?
What do a B.Ed degree holder do in Luxembourg
Excellent comment.
Luxembourg has a population that is less than most of the largest cities around the world. It has a very small land area and can be serviced by low income workers from the surrounding countries artificially rising the income from the highly paid people who live in the country. It is really no different from any large city where there are suburbs where the very well to do live and there are suburbs nearby where the poor reside servicing the rich.
it isnt, because if you account for foreign workers the gdp per capita is still above 100k.
@@leoissomething6603 whats the median income?
Exactly!
@@dreadhead5719 €47k
The main problem is the extraordinary high prices of housing. You pay so much money for it and then the money left in your pocket is not good for anything
Yeah, the richest men there maybe the landlords. 😢
Welcome to the life! That's like complaining about not being able to afford a house in Hollywood Hills! 🤦♂
@@anti-emo4721 It’s a whole country… people are born there you know. Affordable housing should be available for everyone not only for the rich.
@@naniyotaka First, It's basically a city state, and part of the EU. So you can easily work there for whatever minimum wage there is for a couple of years while living with your parents and then buy a house in the Eastern or Southern part of the EU. Also, if you are native to that country, there's a chance you have generational wealth - use that.
@@anti-emo4721 Dont care what it "basically" is, if I want to live in my own country I should be able to aford it with a normal Wage here even without having to inherit everything. Your country is doing very bad if a citizens goal is to move to another country..
It's not that unemployment doesn't exist, it's that the unemployed aren't allowed to exist.
it is still around 5% half of which are on full unemployment benefit
Ireland's high GDP figure is misleading, as many countries direct their revenue through Ireland to exploit its low corporation tax. This wealth is not disseminated to the Irish people nor is it created by them, but instead the GDP calculation includes redirected revenue as investment into the country. Indeed, Ireland's situation could lead to the GDP calculation being revised.
What does that have to do with the economy of Luxembourg
Wrong! The standard rate is 12.5% for companies grossing under 750 million. Over that it is 15%. Big Tech and Big Pharma employ 10% of the Irish workforce and they work in high positions as well. Also this year it is estimated that the tax revenue intake will be 26 billion from those sectors alone. And that is with a population of 5 million. The UK tax rate is 19.5% and plenty of countries have a much lower tax rate. But the skill is now in Ireland and that's what keeps them here. It's not always about low tax. Like Silicon valley its about where the talent and skills are.
@@peterdoyle1591well not yet, not until 2024 will the 15% come into place. But the rest is correct. We have solidified skills and industry here. It’s easy for people just to say Ireland is a tax heaven. But we have basically free education, and investment over 40 years into making us the best place to set up business. People settle here with family’s etc won’t leave and people need there skills they gained. We also produce a truck load of items the world needs, again never mentioned. Maybe GDP doesn’t reflect Irelands situation properly however it’s definitely very wealthy and is booming. We just have shocking government who couldn’t plan there way out of a paper bag. Which has lead to worse housing crisis etc but a lot come from a country that’s booming. People moving here, purchasing power is high so everything is higher cost
@@itsjonathanbitch I agree that housing is the biggest problem and the crisis feels like it was policy rather than neglect tbh. Anyway as you say Ireland's success was 40 years in the making. I saw it been made and if they sort the housing crisis and a few other issues we are living in a damned good country in comparison to most.
@@pepster3864it shows there are lies damn lies and statistics cooking the books to achieve desired outcome
I live in Luxembourg and work in the financial sector. I stopped listening to this video at 6 minutes and 21 seconds as there were too many errors and inaccuracies. Failure to understand statistics may be the presenter's issue. Compared to other European countries, it has weathered Covid, Ukraine and global economic issues very well unlike UK. Is this channel a 'whataboutery' to distract from brexit?
You are 100 % correct I stopped this nonsense to listen. . UK propaganda they can remain in their island . I pulled the plug on them since Brexit.
I am from Luxembourg and I agree
@@georgegale4935 the Brits try to manipulate and infiltrate just like they did with their own uneducated . I do not live in Luxembourg but would if I would be younger. Swiss are jealous too I know first hand ! Please be all vigilant on such people and expose their fake news.
@@georgegale4935wow you both are so wrong and sound super salty
I am from Luxembourg and I left years ago 😎
I had a discussion with a policy maker from Luxembourg recently, and one of the country's concerns is the fact that since a large percentage of its workforce lives in the neighbouring countries, those people are increasingly receiving state pensions from Luxembourg without spending them in the country's economy.
Somehow I love that when people retire or make enough money, half the country buggers off
Thats fine since they paid taxes here when working without the country needing to invest in their upbringing so it cancels out.
housing prices are just completely nuts in luxembourg. barely anywhere (even the desolate north) can you find any kind of appartment for under 300k euros. a full fledged house will quickly run you 1 million euros. this makes the high wages almost pointless and also punishes everyone who doesn't get a good inheritance. I seriously don't know how all the immigrants here do it. i guess get a job for 4-5000 euros, rent for 1200 euros/month and save as much as you can, then marry and hopefully get approved for a mortgage to actually buy an appartment or a house. Of course there is the option of buying a house across the border in belgium, germany or france for a fraction of the cost of a house in luxembourg, but that comes with potential tax obligations such as inheritance tax and tax on capital gains etc.
Of Belgium, France, and Germany which do you think offers the least tax burden as a homeowner?
Better than Canada 😂 Rent and housing costs here are ridiculous. People have to spend 60% or more of their salary just on rent.
I’m thinking about moving to Texas, way cheaper than BC and the wages are much higher over there while only having 20% income tax.
@@danmur2797 belgium and france have a couple annoying property taxes that may even include any property in luxembourg you will get in the future. Germany i don't think has that sort of stuff. Due to double taxation treaties none of them will bother you with income tax if it's already taxed in luxembourg. As far as i can tell the only serious annoyance are inheritance taxes which can be much higher than in luxembourg.
You are optimistic: 300K would probably get you a studio in the North... If you are in finance, you can easily get to EUR 10K per month after a bit of experience, if you are energetic and performance-driven. You can save considerable amounts of money and then move on to another country with saner housing costs, leveraging on the international experience and skills that you can acquire here (which are much more varied than some hinted at).
I am a Luxembourger.
And while some points in this video are correct, i believe the creator of the video is also missreading the situation.
(Also never read so many wrong infos in the comments btw)
While it is true that the lux. banking sector is having problems, somehow our gdp continued to grow consistently. The banks arent the only companies making money nowadays.
And our housing market is just a victim of the countries success. Eg. When we perform worse, the housing problem gets better, eg. We become more attractive again...
In general: dont underestimate a country who managed to survive between all its bigger neigbors despite the ods. We are already inovating, and succeeding so far.
He's also wrong about the creation of jobs by Skype and others. He's wrong about how rich was Luxembourg during the steal era. The whole premise of the video is based on so much wrong, the correct just can't make up to it.
It managed to survive thanks to its status of buffer state and fiscal paradise. A place used by the rich people to make their deals. The story of many minor states in Europe.
I'm a Brit living in Luxembourg and agree with you. This is yet another clickbait video in a growing trend of 'x country's economy is in CRISIS!' videos that are cropping up on youtube.
Hey Luxembourger, Belgian here! Rejoin us :)
@@Venator-Class_Star_DestroyerNah, you rejoin us😂
What a shame. A smaller country should be so much easier to government effectively
consider how local gov's function in large gov's compared to the big gov. they are held more directly accountable, they actually have to deal with continents, there trying to please more people directly, they cant blame the people below them, unlike state and fed they cant hide behind layered bureaucracy, the cant hide accounting behind layers of convoluted bs. when your a national gov the size of a metro gov in a large country. your have all the cons of large and small gov, but little of the benefits of the larger gov.
@@humpteedumptee8629 this is why big countries need a form of devolution for it to function properly. Unfortunately either the far left of far right is against giving powers in the local level hence why some don’t perform well.
@@elscorpioperfecto3260 id personally say all levels of gov are incompetent. but having layers hides incompetence. to many people judge gov like their a business and expect profitability and efficiency. but govs are simply wasteful and self serving. the main thing that makes local gov so incompetent is no one pays attention, and when they do they have to fold. they typically just do whatever is best for their career and their patrons. and when they do get held accountable they give in and just give whatever group, whatever they want. as the rule number one in a job decided by popularity contest, that most people dont pay attention to anyways. is no bad press ever. as people that are uniformed some how want to be governed over, but still selectively chose when they approve or not. which is why most gov officials only focus on things that people like, "hard on crime" being an easy example.
@@elscorpioperfecto3260 it's got nothing to do with left or right, it has to do with whether humanity is valued over exploitation for profit
Tell that to the balkans😅
You have all wrong on Luxembourg. The problem: you believe things you do not understand. Luxembourg is tiny and half of it's work force lives in the surrounding countries, enter Luxembourg to work, and then leave. Think again about that. PIB counts product made by a lot of people who do not count as population. Normal statistics do not work in that situation. To do things right you should have to divide PIB almost by two. Luxembourg has never been as rich as the standard statistics want to show. But this is not the only point you get wrong, most of your information is wrong too. You are trying to apply your american point of view to a little country of half a million people in the middle of Europe when reasons behind decissions are totally different of what you could imagine.
Thank you for an informative video. Growing economies must learn from this case study. 🙏🏾
I was born in Luxembourg, and it pisses me off they say they’re struggling hiring specialists when all of them want people with 10+ years of experience and have a masters degree for a fucking back office job. Even a fucking salesman today needs a degree. If you want talent, hire accordingly. And I have the luxury to have a home in Luxembourg, but at this point I’m looking more to work in other countries like Belgium, Netherlands or Switzerland.
I totally agree with you. Hold a Master's degree in Mechanical Engineering, with experience in consulting, finding jobs is super difficult and many end up laid off or quit for burn-out. We should give up on these jobs, companies are never satisfied, they always want the best for super cheap.
@@marcor5886 and find a real productive job that satisfies your soul
Hello i have 2 Masters and 10 yesrs Accounting experiance i speak 4 languages and worked 2 years in Luxemburg.. I can not find a job since 10 months. That's sucks man
Seems like many of these issues should be simple enough policy changes to make. Roll back on some of the regulations from the 2008 crisis, reduce the number for bankruptcy acceptance, etc.
Of course, I'm sure it isn't that simple and requires policy makers to understand unintended consequences, but compared to other societal issues around the world; these ones doesn't seem as complicated given how they are presented here.
Which makes me a bit suspicious, ngl.
Yep, and get housing market under control.
These are minor issues that'll only make a minor difference if changed. The main problem is that Luxembourg is just suffering from success i.e. the cost of doing business there is now so high that it's just not as profitable as it once was. Regulations are only part of the reason why, the other is simply that everything, including people, are so expensive there. And the country doesn't really produce anywhere near enough value to make it worth it. Apart from banking, businesses find it preferable to shift operations elsewhere.
To be fair most regulations are EU regulations and Luxembourg has benefitted disproportinately from this increase in regulation. While it is true that the banking sector is shrinking the main driver of the financial industry has been investment funds (second global biggest hub with about 5tn AuM) and that segment thrives on regulation.
So not only has Luxembourg limited say in amending them, they have also a vester interest not to.
@@ArawnOfAnnwn they didnt use their wealth wisely
@@ArawnOfAnnwn The classic paradigm: cut and move on, externalize the costs and leave your mess behind. Oops, turns out we live on a finite planet, didn't see that one coming; wonder why not?
Very effective reporting style 👍
You get to ride the public transportation for free in Luxembourg at least
The problem is the idea that growth is needed
You prefer stagnation and regression?
@@shauncameron8390 "Too big not to fail', ever thought about that concept?
I worked in a bank in Luxembourg in the early 2000s. I was making about $30,000 a year straight out of university - good by the standards of neighbouring Belgium, but a far cry from what a Wall Street finance job could have generated. Marginal income tax rates reached 50% for the bachelor that I was, so there was little left of the tiny bonuses (no more than a 13th month, really) I received. At no point did I feel I was living in the richest country in Europe. I just felt I was wasting my youth there.
Occasionally, I have a look at the finance type jobs available in Luxembourg. Virtually none of the roles are exciting : it's all back office stuff. You may stumble on a role that initially sounds exciting, e.g. an infrastructure investment role. After the surprise/excitement wears off, you realise this is just a fund administration/back office role. And it's like that for all roles in Luxembourg. When I was there, I was told that native Luxembourgers preferred to work in government jobs such as the railways, where they get paid more. No entrepreneurial ethos, attract companies for tax shenanigan reasons (though employees are highly taxed, as I discovered). How this country can have one of the highest GDP per capita in the world (most advertised salaries are certainly not that high) is beyond me.
A low unemployment rate helps
Luxemburg is just a big PO Box for international shell companies. That's why it has high GDP per capita but no real job opportunities. It's just helping big corporations make more money and all it gets is more money for its government at the expense of private businesses in Luxemburg.
Good question. How does Luxembourg have such a high GDP per capita when most advertised salaries and job offers in Luxembourg are nowhere near that high? Where is all that extra money going (or coming from) then?
@@ennui9745gdp per capita is not the median salary.
@@marcor5886 Clearly.
I wouldn't exactly call Spanish banking unimpressive--as the graph shows Spanish banks outearn in profitability those of Germany and the UK.
I'm not Spanish, but I do know Spain has some of the largest multinational banks in the world like Santander and BBVA. They're spread around the globe.
A more apt comparison for Luxembourg would perhaps be Switzerland given that both of these countries are known specifically for tax avoidance banking and corporate HQ. Switzerland had (until recently) 2 major international banks--UBS and Credit Suisse. Now it's just UBS. As to why Luxembourg hasn't been able to make inroads into this type of multinational banking, probably has to do with the fact they are relatively recent entrants compared to Switzerland or other countries.
Yeah I thought that- especially as alot of the UK's focus is on financial services.
Germany doesn't really care about banking though.
Manual Labour is badly paid in Luxembourg and the education system is also complete dogshit,which explains the lack of highly qualified personnel. Schools are unnecessarily difficult and you have to pretty much do more than schools from neighbouring countries for the same level.
fun fact Luxembourg as rich as it is, it's one of the largest beneficiary of EU funding.. weird..
That's due to the European institutions in the country. In a bigger country these don't really change all that much of the baseline, but since Luxembourg is so small and there are multiple European institutions, Luxembourg gets more in the end for financing these institutions than they're paying into.
However, if there were no European institutions in the country, Luxembourg would be the smallest recipient of EU funding by far.
@@steveweidig5373 no Luxembourg also gets almost 1 billion in subsidies, and that, in proportion to its economy, is not the smallest at all
@@canemcave That billion and change in subsidies ARE exactly what I described, to run all the EU institutions in the country.
@@steveweidig5373 no they are NOT
For instance, in 2020, Luxembourg contributed €407.4 million to the European budget. The same year, the country received more than €2.4 billion from the EU, composed of the following parts:
€1.696 billion for administrative costs
€614.7 million for economic growth and inclusion
€68.7 million for sustainable growth
€65.2 million for security and citizenship
614.7 + 68.7 + 65.2 = 748.6
Luxembourg us receiving around 200% of what it contributes to the European budget in subsidies in additions to the 1.7 billion it receives in EU administrative expenses!
and to be frank 1.7 billions in EU expenses it's an enormous amount for a country the size of Luxembourg, which, by the way, is the richest in Europe!
Theres never a shortage of "highly productive workers". Only a shortage of companies willing to pay them what they're worth. If companies really paid the bill, students would have pursued degrees and training to fill the role.
As they say back In Luxembourg: Mir wëlle bleiwe wat mir sinn
This video raises some thought-provoking questions about a complex issue. It's crucial to discuss why a wealthy country faces challenges, and this video provides valuable insights. Let's hope for positive changes and solutions in the future. Thanks for shedding light on this important topic!
We tried to set up an affiliate company two years ago. They made it impossible to us even demanding that we have a physical distribution centre in Luxemburg itself and controlled flow of goods to and from the country even if we bought from France and sold to Germany. We gave up in the end.
Luxembourg isn’t a micro-state?
Nope, it's a very small country not a micro(city)state.
It's not, but still small enough for generally accepted measures to be skewed
660k people doesn't seem very micro to me.
This is like a Pluto question.
You are maybe thinking of Liechtenstein?
thanks
From what I can tell (according to three people, so it's not a statistical analysis ;) ), there are very many highly-skilled jobs on offer percentage wise, so salaries are high. But compared to other countries like Switzerland (where said percentage is lower) the salaries in those jobs seem to be lower and the cost of living is higher (apart from the great free public transport).
Hahaha I clicked because I thought it was the flag of The Netherlands 😂
But long time ago, we were the richest in the world with the VOC
How is Luxembourg not a microstate?
Luxembourg is larger than all of the other European micro states combined. It has multiple cities, landscapes and cultures. It’s a small country with a lot to offer.
@@zekewillmes I live in the US population 350 million, so Luxembourg is a microstate
@@michaelhurley3171 You sound like a chinese thinking they are the centre of the universe.
So because China has five times the population of the US the US is a small state, ok
@@michaelhurley3171 "I live in Tokyo population 40 million, so Miami is a village"
Luxembourg also has a space sector. Some companies are investigating asteroid mining.
As someone who moved to the NL, that has similar issues as Luxemburg, the reason why companies can't hire employees is fully on the companies.
With bad pay paired with high prices and sky-high taxes, immigration is a nightmare. You need a lot of money in your pocket to be able to start renting and get your identification numbers so you can start working in the country, and many companies just simply don't want to hire you if you are not Dutch, even though the language is English during the day because of the international teams that are employed remotely.
I know very little about Luxemburg, but I would not be surprised if the reasons of their issues are similar
Have said it before . Scoring total gdp in your list at end of each video sucks cause it gives country’s with smaller populations big disadvantage
We go there every year on holiday. It always strikes me how many Luxembourg registered cars are parked near houses just over the border in Germany. Makes sense though. Anyway, I can’t recommend Luxemburg high enough for a little holiday. Little Zwitserland, Diekirch, Vianden etc. The country has a strange mix of feeling sort of German with very strong French influences as well. About the economy, things are up and down everywhere these day. The Luxembourgers can cope with it I’m sure
Many Luxembourgers can’t afford to pay rent if buy a house in their own country. These are the ones that move to Germany. Sad but true. The bankers and high profile CEO’s from other countries can afford any price. It’s all about the profit and money in Luxembourg. I would never want to live there again.
Imagine just chillin', earning a high salary at a zombie company. It'd be the perfect life.
Except that wouldn’t work as the country would go to shit will all those zombie companies taking up all the resources and employees but producing crap
For a man who doesn't care about the honesty of his dollars.
@@imjustsam1745 lmao
*unless you actually care
these people acting like they wouldnt take the money and stfu lol
Here's my two cents on this video, from someone living in Luxembourg:
0:30 what? Last time I checked, LU's unemployment rate is at 5%, which is HIGHER than the USA's, which is at 3.5%.
2:27 While it is true that ArcellorMittal(then just Arcelor, and before then Arbed in Luxembourg) was and still is one of the world's leading steel producers, it is an exageration to say they were one of the riches countries in the same way they are today. In 1960, Luxembourg's GDP per capita was 2242$, as opposed to USA's 3007$ (though, 2k was already pretty high compared to other European countries, the UK's and France's were only at 1.4k$).
4:10 This is mostly true yes, after the steel and oil crash in the 70s, Luxembourg had to reorient its economy, as almost 20% of its workers were employed in steel production before the crash.
9:30 Oh no, the companies are having to pay more to ensure their employees don't get accidentally crushed by a machine or fired for no reason, whatever will we do....
Overall, I rate this video 5 burgers out of a Luxembourger.
Thank you Luxembourg, I felt miserable in France earning 1.800€
Now I bought a house, have a nice car and even invest SP 500, and I still have money left. I’m really happy to pay my taxes in Luxembourg.
What an exciting life you have!!!..........I guess I should get away from my living on a camper on the beach in Baja California Mexico and run to Luxemburg. I will be making a lot of money and be happy!!!
@@jonnelo the mediterenean sea and countries are 3h away. Flight are available dialy and nobody shits on thé streets unlike Californië
@@justasking9670 You don't know much about life and decent places. I have seen much of the world, spent much time in Europe and know what is there.
I wrote "Baja California in Mexico" and that is at the end of the peninsula at the Sea of Cortez.
The waters are filled with fish (not like the Mediterranean), the visibility under water is 50 meters, and the population on the whole state is less than half a million people.
You have no idea what a place like this is. You think money makes life beautiful. I know what a life you have, and don't envy you.
@@jonneloLuxembourg*
Language is a potential issue that wasn't addressed; to fit in in Luxembourg professionally, culturally and socially one would be expected to be fluent in German, French and Luxembourgish. How many skilled workers in Europe can do that? I would gladly work in Luxembourg but my monolingual upbringing means it would be a massive struggle for me to be successful there.
Also, name me a good economic example of bureaucracy in the world! There isn't any
Speak French if you want a job, speak Luxembourgish if you want to get away with speeding and speak German if you live in the middle of nowhere
Singapore
@@larryc1616 You make a fair point but in my opinion Singapore's economic success was due to free market and low to no tariffs on trade, which does not require a bureaucratic machine to be a successful economic model. Also it's location is unbeatable
Can you make a similar video on Switzerland: analyse the Swiss Federal Government, Swiss neutrality, Swiss electrical grid, tech employment, insurance, etc.
Average monthly salary in the US is almost the same as Luxembourg. GDP Per Capita is pretty close as well, but Luxembourg has the advantage of being a very very small country
The usa is overinflated
No 😂 get your facts together Luxemburg has a gdp per capita of 133 000 and USA only has 70 000
@@carlsandstrom2489 and the USA cost of living is extremely high now perhaps the highest in the world when you consider healthcare and other costs !
@@carlsandstrom2489 Even $70000 seems very high considering that most people I know makes $40000. There seems to be some great manipulations on this field.
@@jonnelo lots of people that live outside of the country, also it may also be a bit inflated cause of big corporations and industries that are there - just like in oil countries
A year long all inclusive vacation in the Caribbean for $5,800.00? Really? What century was that?
Venezuela or Cuba, maybe?
@@tobarragl The average cost of living in Cuba ($1199) is 46% less expensive than in the United States ($2213). Cuba ranked 45th vs 5th for the United States in the list of the most expensive countries in the world. Summary of cost of living in Venezuela Family of four estimated monthly costs: $2,598, Single person estimated monthly costs: $1,131
Cost of living in Venezuela is cheaper than in 69% of countries in Latin America (11 out of 16)Cost of living in Venezuela is cheaper than in 71% of countries in the World (52 out of 73)and I'm sure that would not exactly be a vacation!
Luxembourg is powered by Portuguese people.
A little piece of advice:
(1) Speak more slowly, less hectically, so that the listener can follow.
(2) Displaying an ordered list, do not use the hyphen but the n or m dash, with a blank in front of it: 1 - text, not 1- text (technical mistake).
New to channel.
Luxembourg biggest problem is Housing market, even if salaries are high most of the earning goes to rent which is a huge issue by itself to find, I think that when you want to settle you can't do that even natives are unable to get a house or apartment so they end up leaving
Because of high demand and (government and geography-imposed) low supply.
Hello from Luxembourg
Thank you for posting this video which is the first I’ve watched the new series and I have now subscribed. I have one major criticism and I’m sure there’s a reason. Explains why I find it to have many similar videos in other accounts. Why does the presenter speak so rapidly that one can barely follow what they’re saying? Is it to save bandwidth on the video or something? It drives me nuts I’ve never heard any lecturer or teacher - and I work in education - speak as fast as seems to be common in all videos of this kind. Maybe someone on here can enlighten me!
Can you please do a video on Belgium?
They failed because they are immoral, greedy and not honest and now it coming back to haunt them. KARMA.
There is no failing in the Grand-Duchy. It's a case of serious sour grapes :)
Pretty sure banking sector regulation or financial regulation in general tends, to a large extent, to be defined on EU rather than national level.
And that has played a role in the significantly curtailing the manner in which the banks have operated. Luxembourg was trying to be another Switzerland where banking privacy could protect all manner of guilty parties. The EU just wasn't having it on their doorstep. That's a part of what is going one but another significant part of it is that if have an economy with high expenses, and particularly high property prices, then you end up with nobody to empty the bins and it all start coming apart at the seams.
@@jimf671 banking privacy isn't as strong in Switzerland as it was either.
On the flipside Luxembourg benefits directly from regulation as middle office hub for a multi-trn fund industry.
damn the low taxes part made me jealous as i have 50% taxes in the netherlands here
I live in Europe an I am witnessing every issue. Right now our politicians and economists are all just after greed and eco growth. Being the flagship and innovation hub (like in green living) and shining as ideal and inclusive to the outside seems to be the goal. But there are so many things going wrong. We are getting so many immigrants with no education or money, in other words productivity is falling. Also since our crazy housing prices, our youths (like me) have it really hard and often live abroad. Another issue is the rise in crime because many issues are getting denied. Also the intense care and help lower classes, refugees, parental care, free public transit, financing of greenwashing projects... all that free-paradise being created costs the state crazy much
I guess one of the factors, and missing from video, is simply land. Same as Japan, L. does not have a lot land, being small. So obviously lack land hits badly both on property prices and new enterprises.
Land is not a problem. Most land is fields or just owned by land-hoarders that have no interest in selling or building houses. That's why people here are demanding a unused property tax.
@@humongousballs Actually, land held by owners and not released to other use like banking or industry, is the same problem as no land at all.
Truly spoken as one who has never lived in Luxembourg.
Hi, I live in Luxembourg and here are some small corrections and some things to consider about Luxembourg...
- Don't forget that the GDP is calculated based on the number of residents in the country, and because 2/3rd's of the country's workforce comes from abroad, this information is not accurate.
- Unemployment is @ about 7% at the moment.
- One month's average salary is most of the times not enough to pay the rent! In almost all households both parents have to work full-time just to keep up.
- And the average salary is as it's stated, an average, about 80% of the population ears below 3.000 Eur, so you can imagine how much more the other 20% are earning....
- There were never so much foreigners returning to their countries as in the latest years...
- There are only about two hands full of retail banks in Luxembourg, all the other banks are either privately owned or investment banks.
These are some of the details that have been inaccurate explained in the video, nevertheless the country faces some challenges..
12:44 There are 27 countries in the EU now.
Sadly.
Thanks for the vid and explanations.
I had no idea Lux was in such a fix.
Don't be afraid for us. This video is very distorted concerning several facts. Everything's smooth here.
This video is unfortunately rife with inaccuracies. First of all, Luxembourg was not always a rich country and did not have 600,000 inhabitants at the time its steel industry was prominent as it is closer to the current population of around 650,000. Holding companies are subject to the same tax rates as any other commercial companies, the current combined rate is 24.94% in Luxembourg City. There are exemptions for capital gains tax and a few others, but this is not a unique feature among European economies. Luxembourg is not more regulated than its EU neighbours, although local regulators can be overzealous, it usually transposes EU directives in a more pragmatic way and doing business here is much easier than in many other European countries. The video is however right to point to the cost of living (especially housing) and paucity of talent as major hurdles for the future. The lack of qualified workers is however, again, not unique but is a general issue that most countries are faced with today due to the collapse in educational standards and work ethics. While I would not buy housing here (as too dependent on an undiversified economy), the country has got much going for it and for those of us who understand the tax environment, could continue to offer decent prospects to people with a financial and legal background especially compared to the paltry salaries paid on the other side of the border.
Very informative video but in your comparison graphs, ireland was not included which in my mind is the most simlar in terms of economy types which would have for a more conclusive comparison. There is no point putting countries like south korea which has a completly differnt economy and population as they are in no way similar but i do understand the point you are making. In terms of regulation, other countries could learn from luxenburgs insolvancy laws and realise that copamies cannot just behave irresponsibly, funneling assets off to family members and bad debts to creditors then closing their doors and opening back up again, as a self employed businessman this kind of behavior is more detrimental to an economy.
VisualEconomik keep up the good work
Thanks. Can anyone explain health system and services in Luxemburg ? In US and Australia, you use significant portion of your earning to the health insurance companies.
It all depends on what you think wealth is, and if you're talking financials you're lost already.
The reason that the economy of Luxembourg or any other advanced economy is not easy to achieve higher economic growth any longer, is explained by the Slow & Scan Theory ,that explains why a very advanced economy can not have very high growth after a certain point and why some countries of the third World, relatively easy achieve match higher growth . Luxembourg simply reached the steady state where SY- δΚ =0 as many other very advanced economies in the world. So now, is very difficult to achieve high economic growth just advancing only technology, and human resources.
I don't know the details of that, but it's just not true that major technological disruptors aren't coming. We got AI, quantum computing, nanotechnology, biotechnology and nuclear fusion all due to come and/or further mature in the coming century.
The steady state will come eventually, but we are not there yet.
Luxembourg is far too small to call the richest country in Europe. So........huh?
It's actually pretty big
Very based proper deinterlacing of old video footage!
Irelands GDP doesn't have enough consumption, meaning that living standards have not caught up. There's a lot of money moving around only from tech companies pulling in from the global markets, but it doesn't get invested in irish productivity or land in the hands of irish people for consumption
The issues we are actually dealing with in Luxembourg are very different from those addressed in the video and a lot of them are actually a byproduct of the exponential growth of earlier years, rather than the lack of growth. High housing costs, transportation and the democratic deficit (nearly 50% of the population are ineligible to vote in national elections), to just name a few, are much more burning issues than stagnation at a wealth level that most European countries can only dream of.
Excellent observation.
I mean the fact that most of the population cant vote here is completly normal and nothing wrong lol. same thing would happen in any EU country you have to gain citizenship before voting which is good and should be made easier just for the sake of it imo
Why does an economy always have to increase(get higher"? and as fast as possible? this keeps leading to crashes over and over, if they can keep it steady and slowly progress towards going up that should be the goal, its not like they are going down and if they are protected from a future world crash that is amazing
endless growth is a faulty economic model not grounded in intelligent grasp of reality, actually it's a con job based on externalizing costs, and the bills are now coming due.
That capitalism you are describing! To go higher, we need more, and the higher we go, the more we need. And if you dare slowing it down, it'll just break the whole cycle and every people taken in it (basically every human being)
Could you take Poland and its business development prospects under your magnifying glass? I've been planning to leave the country for several years and now there's that new wave of reports claiming that Poland's already becoming the new hub for IT sector, so there's a lot of opportunity costs to calculate...
Magic Of Luxembourg is most people actually dont live in Luxembourg they just work there.... So gdp by them in Luxembourg is counted but because they dont live there then denominator of population is very less as it do not count non residents.
Well, but the average salary over all professions in Switzerland is 7300 USD per month, putting it way ahead of Luxemburg.
When did he mention average income? I thought he talked about median income
Luxembourg*
@@Panteni87 That will not be such a big difference.
I love to live here! And our country is going well. 😃
Subtitles at bottom of graphs make them difficult to interpret.
In 2011 I had an interview with IT consultancy at their Luxembourg office. (the interview was arranged by a former colleague of mine who was working for the same consultancy). I flew out from London to attend the interview at my cost and I thought it went reasonably well. However, it took the company 5 weeks for them to get back to me (despite the efforts of my former colleague to help). They said my contract rate was too high, they feared I would not stay long, and so they were putting the hire position on hold (there were possibly other factors I won't mention as they are off-topic). They didn't attempt to negotiate a rate they were comfortable paying or attempt to seek assurances from me that I would see out a contract term. If my experience was representative of how they go about attracting highly qualified professionals then I am not at all surprised they have a skilled workers shortage.
Well, 0:23 it's actually Kamianets-Podilskyi in Ukraine 😅
No. It's Luxembourg city.
@@how2pick4name0:24 that's Kamieniec Podolsky castle
@@mariojan6868 yep, but 0:23 is Luxembourg city.
Their whole video is full of mistakes, I couldn't expect more from an online media
Zombie companies sound like a huge ticking time bomb similar to Nauru's bad investments.
It's a zombie economy
Loss of bank secrecy might have a thing or 2 to do with it either
@6:00 where do you read the Netherlands?
All of Europe is failing - not just the rich and prosperous nations. Apparently the people in charge of Euro countries fail to understand how important it is to do two things - 1) keep the masses fed, clothed, and warm and 2) try not to make it too obvious they are in total control and will use force on say Dutch farmers who want to keep that country fed or homemakers in the UK with "so dangerous" kitchen knives. I remember reading about the Roman Emperors who "went too far" and were taken out in a splashy manner by either the mob, assassins, or their own bodyguards when the time came - most of Europe is there already. Wonder what government will be taken out first by its own people? I say the UK, but France and Germany are possible.
That's the story of Europe. Rich land, smart people, regularly getting a setback due to abuse and excess by their leaders.
Let's just hope that this time, the solution will not be a new tyrant / dictator or a violent uprising... 😅
People aren't unhappy at all in europe, or at least the netherlands.
@@drunkensailor112 wait until there is no heat in the winter or food to eat. Even the brain dead will wake up
@@monkeymouse1403 that will never happen anyway.
@@drunkensailor112 At least, that what is what the regime controlled polls say for the Netherlands, and if you are inclined to believe these . We are all happy, rich , hardly any unemployment, no homeless, hardly any inflation and no excess mortality , sure . Control of the media and public opinion in the Netherlands and government propaganda does not divert a lot from our far eastern neighbours nowadays. It is just that the opposition is not yet imprisoned or vanishes in thin air... But a non-conformant opinion does mean end of career here.
Luxembourg actually cheats on this statistic since many years, but the EU loves to claim this crown, which is why this cheat is NEVER corrected: Luxembourg has a huge influx of foreign commuters flooding into the country every day. It is a very large portion of the Luxembourg workforce - approx. 250'000 out of a total workforce of around 400'000! Guess where the per capita GDP these foreign workers create every single day is counted? Yup, in Luxembourg. So they actually artificially almost double their per capita GDP, with foreign commuters, which leave the country every day to go to their home country for the night! Just one of many ways the EU loves to frame its "successes".
That's not cheating: GDP per capita means GDP divided by the inhabitants of the country. Of course that commuters from out of the country aren't counted. If you want to have a more realistic figure you should look at its GNI per capita (which for 2022 stands at $97,000)
@@edipires15 it IS cheating if you allow the rest of the world to conclude you are one of the richest nations on the planet, when in fact your "richness" is actually only half. Because last time I checked, the foreign commuters take their salary (in this case that part of GDP) home to another nation. So in REALITY Luxemburg is just another run of the mill, middle of the road country with nothing to show for.
@@christheswiss390 the rest of the world can conclude what it wants, Luxembourg doesn't advertise itself as the richest country on earth. And no, Luxembourg is very a productive country even when taking the productivity of cross-country commuters out of the equation (that's what the GNI “Gross NATIONAL income” per capita calculates: Income generated by residents only). It stands at $97,000, still a high number
you are wrong , the commuters work in LX, there fore it is considered GDP of LX, never of DE etc.
Plus no taxes on items bought.
i remember even for most matching jobs they never shortlisted my resume. i use to prefer LU because they speak english, but they just don't hire outsider, i never understand why?
One thing seriously negatively affecting this area is there more strict language requirements. Many businesses are less open to English only speakers. Few are willing to learn with out first having an income, especially the well trained.
In deed, they should give up their language and culture for the money.
@@Leopold_van_Aubel People are moving there anyway and are EU citizens , it's just limiting the best. Clearly, you don't know much about making money, some people actually have to work to make it , so that people like yourself can get it.
@@tnickknight Don't worry, I work and make money. If those people can go through the hassle of going to another country, they can go through the hassle of learning another language.
@@Leopold_van_Aubel You would rather be poor and let the people die off naturally, as they flee for better run countries. You're a real smart one 😂
@@Leopold_van_Aubel also, stopping the better educated immigrants won't stop the flood of poor ones coming, in fact it makes it easier for them.
As someone building her own business and currently residing in Luxembourg, these are all exactly the considerations I am not registering my company here. Especially the government overreach in terms of labor and other regulations. Can’t imagine anyone volunteeringly starting a company here.
can you open a company in another country without an address there ? since you said you said you reside in Lux
do a vid the netherlands thank you
Luxembourg is a city that is why it’s so successful if you take Manhattan as it’s own country, you work out the gdp per capita it would be similar
Why is Singapore better then this country?! Compared that both are equally better off. And the standards for Living so high?!
that's a misconception, Luxembourg City has got around 150,000 inhabitants, the country in total has got roughly 700,000. It's got a lot of rural areas and a population density of 260 people/km²
Well i‘m from luxembourg and i moved too Switzerland because i cannot afford anymore my living there , in the south where i‘m from is too much noise and concrete so i’m far more happy in Switzerland than in luxembourg.Also because of extrem immigration i cannot speak anymore my mother language (luxembourgish) with someone and we lost alot of our culture! Was it worth too have the highest BIP in the world i don’t think so.P.S. We have alot off poverty too but nobody speaks about it!!!
Is the process easy to get into switzerland or is it difficult to do?
@@DerToasti As eu citizen it is easy espacially when you got a job in Switzerland.
as someone who is interested in coulture may i ask you to describe me the coulture of Luxembourg and the mentality, so basicly what are the people like?
@@ItwasyouCharley Le Luxembourgeois comprend beaucoup de vocables français donc le français est un bon marche-pied pour apprendre cette langue.
@@ItwasyouCharley be glad you didn't learn german. that's a completely useless language in luxembourg aside from the fact it's required for government jobs.
I love the way the people making comments take this all at face value and indeed the analysis and prescription may be correct. But it is more likely it is not. Low productivity is a notoriously difficult problem to solve. But hey this is a You Tube video. A self appointed expert is going to give some simple answers.
When a country is about as big as a province there isn't much to manage
I am in Luxembourg right now, amazing place 🤞❤