The state of the financial sector in Luxembourg

Our report, produced in partnership with Deloitte, details the state of Luxembourg’s financial centre. The sector’s added value to the economy grew by 5.2% CAGR between 2011 and 2021, tax revenues by a 5.1% CAGR over the same period, and the trickle down effect includes over 70,000 jobs created by indirect or induced effects in 2021.

5.2% CAGR

Sector's added value to the economy between 2011 and 2021

5.1% CAGR

Tax revenue increase from the sector between 2011 and 2021


Jobs created by indirect or induced effects in 2021


Some of the highlights of the report include:

  • Luxembourg’s financial services sector saw steady growth between 2011 and 2021. The overall number of employees grew 2.5% per annum (p.a.) over the period, reaching 64,592 employed people at the end of 2021 – compared to 49,985 in 2011.
  • The sector’s added value grew 5.2% p.a. between 2011 and 2021 due to an increase in corporate banking, the fund industry, and audit, consulting, and legal services. However, on closer inspection, this average added value growth was primarily due to a more robust performance between 2011 and 2016, with 2017 to 2020 showing a decline – including the effects of the COVID crisis.
  • Tax revenues from the sector grew by 5.1% p.a. during the period in scope, with all sectors contributing to this increase.
  • The importance of the financial sector in Luxembourg’s economy is highlighted by the fact that, in 2021, this ecosystem represented approximately 14% of employees working in Luxembourg and 25% of the economy’s total added value. Besides this, the financial sector added value per employee was approximately two times higher on average than the other sectors of the economy.
  • For each job created in the financial sector in 2021, 1.1 other jobs in the general economy were created. This means that if the direct, indirect, and induced effects of the financial sector on the rest of the economy are taken into consideration, 135,519 jobs in Luxembourg were linked to the financial sector at the end of 2021.