Facts & figures

Financial services in Luxembourg in general

  • Financial services contribute directly c.31% of our national GDP (€16.4 billion) – the largest single sector in terms of value added to the national economy1
  • The financial industry contributes directly to around €4 billion in tax contribution to the government1
  • Each €1 of value created in financial services in Luxembourg, creates another €0.5 in the general economy1

Employment:

  • The financial industry employs 51,000 persons (c.12% of Luxembourg’s total workforce), making it the largest sector contributing to the economy per employee 1
  • The 51,000 persons working in financial services in Luxembourg, can be split into: 1
    • 47% banking
    • 30% asset management
    • 8% insurance
    • 15% service providers
  • Each job in the financial sector, adds another 1.4 jobs in the Luxembourg economy. 1

Banking:

  • There are 126 banks in Luxembourg, from 27 countries2
  • The banking industry employs c. 24,000 full time employees1
  • The banking industry brings c.€8.2 billion of added value to the Luxembourg economy1
  • Total banking balance sheets: +€750 billion3
  • Private banking assets: +€360 billion3

Asset Management:

  • There are over 500 asset managers in Luxembourg4
  • The asset management industry employs c.15,000 full time employees1
  • The asset management industry brings c. €7.7 billion of added value to the Luxembourg economy1.
  • Total investment fund Assets under Management (AuM) domiciled in Luxembourg: over €5 trillion2 (second largest in the world, second only to the US)
  • Total investment funds domiciled in Luxembourg: 3,669 and 14,712 sub-funds2
  • Luxembourg investment funds are sold into 77 different countries in the world5.
  • 58% global market share of cross-border investment funds5
  • 98 of the top 100 asset managers in the world do business in Luxembourg5.

Insurance:

  • There are 291 insurance companies6
    • 41 life insurances
    • 55 non-life insurances
    • 196 reinsurance companies
  • The insurance industry employs over 4,000 full time employees1
  • Of the €21.6 billion total insurance premiums collected in Luxembourg7:
    • 80% are international life insurance premiums
    • 6% are local life insurance premiums
    • 10% are international non-life insurance
    • 4% are local non-life insurance

Capital Markets:

  • Two stock exchanges in Luxembourg run by the Luxembourg Stock Exchange:
    • the Bourse de Luxembourg (EU regulated)
    • the Euro-MTF (Exchange regulated)
  • There are over 37,000 securities listed on the Luxembourg Stock Exchange, in 64 currencies, from over 2,000 issuers from over 100 countries
  • The “Luxembourg Green Exchange”, a window of the main LuxSE lists over 700 securities, of which are:
    • Sustainability bonds: 277, totalling $130  billion
    • Social bonds: 47, totalling $33 billion
    • Green bonds: 410, totalling $193 billion
    • The LGX lists more than half of the world’s green bonds
  • +€7 trillion Assets held in custody by major post-trade services providers, amongst them Clearstream

Others / Service providers:

  • There are over 272 regulated service providers to the financial industry (PSF):
    • 102 specialised PSF companies
    • 72 support PSF companies
    • 98 investment firms (MiFID)
  • Service providers employs c. 7,500 full time employees1

Financial labelling:

  • The Luxembourg based financial labelling agency – LuxFLAG – labels 303 products,
    totalling AuM of €128 billion9

Brexit:

  • 60 UK-based financial services companies moved activities to Luxembourg in order serve their European clients post-Brexit8

 

Sources:

1 The State of the Financial Sector in Luxembourg, Luxembourg for Finance, 2018 data
2 CSSF, September 2020, figures as of June 2020
3 ABBL, April 2019, figures as of December 2017
4 ALFI, January 2020
5 PWC, December 2020
6 CAA, April 2020
7 ACA, December 2018
8 LFF, Brexit tracker, June 2020
9LuxFLAG, Statistics September 2020
10 Luxembourg Green Exchange, data as of August 2020