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Richest people in Europe: how many millionaires live in Luxembourg

It is well known that Luxembourg is a country with a high standard of living, but have you ever been struck by curiosity and wondered how many millionaires are there in Luxembourg and who they are? Well, hold on tight, because more than 90% of Luxembourg's inhabitants are millionaires. In this article, we will quench your thirst for curiosity and clarify some of your questions.

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Although there are numerous millionaires in the country, there are different levels of wealth among them and in Luxembourg, the majority (91.2%) are in the first category, known as “millionaire next door”, with fortunes ranging from 1 to 5 million dollars in investable assets.

Why is Luxembourg so rich?

Before examining how many millionaires there are in Luxembourg, let's answer a no less intriguing question: Why is Luxembourg so rich? Well, there is no single answer, Luxembourg is one of the richest countries in the world due to a combination of historical, economic and political factors. Below, we will explore some of these factors:

Strategic location in Europe

Luxembourg's geographical position in the heart of Europe is a crucial factor in its economic success, as the country benefits from its proximity to major European markets to become an ideal logistics and business centre for companies operating throughout Europe.

Robust financial sector

Luxembourg has developed an exceptionally strong and diversified financial sector. It has grown to such an extent that it has become the country's economic engine. It is so important that, according to a report by Luxembourg for Finance and Deloitte, if the direct, indirect, and induced effects of the financial sector on the rest of the economy are taken into account, around 30% of national employment was linked to the financial sector at the end of 2008. 2021. Furthermore, the investment fund sector is currently the second largest in the world after the United States. This highly sophisticated financial ecosystem attracts large amounts of foreign capital and generates significant income through financial services.

Attractive fiscal policies

Luxembourg's tax system is known to be favorable for both companies and high-net-worth individuals. The country offers competitive tax rates, has established numerous double taxation treaties with other countries and, above all, offers numerous possibilities for tax optimization. These tax policies attract multinationals and wealthy individuals who establish their headquarters or residences in Luxembourg.

Financial secrecy

One factor that undoubtedly attracts many companies and high-net-worth individuals is the level of financial privacy that Luxembourg manages to maintain. Although the country has made notable progress in its efforts to combat tax evasion and improve transparency, it still has a long way to go. According to the Index of Financial Privacy 2022 calculated by the Tax Justice Network, Luxembourg is still a destination that offers high standards of financial privacy and security, ranking fifth out of 144 with a score of 55 out of 100.

Small size

Luxembourg has only 670,000 inhabitants spread over 2,586 km², which amplifies the country's wealth in indicators such as GDP per capita by concentrating a great deal of economic activity in a small space. This results in impressive per capita wealth statistics as total economic output is divided among few residents.

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Is Luxembourg a Rich Country?

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In addition, the country has many attractions for high-net-worth individuals, some of which are listed below:

Quality of life

Luxembourg offers a high standard of living with excellent health services, security, and a rich cultural offering.

Expert wealth management

The country has a wide range of highly qualified professionals in wealth management and family offices.

Favourable tax regime

Luxembourg's tax system is extremely attractive to high-net-worth individuals as it has competitive rates and structures that allow for efficient tax planning.

Banking privacy

Luxembourg offers a high level of confidentiality in its banking and financial services.

How many millionaires in Luxembourg?

Thanks to Capgemini's World Wealth Report, it is possible to find out the number of millionaires in Luxembourg and learn some other interesting facts. The population of high-net-worth individuals in Luxembourg has been increasing year on year, rising from 39,280 in 2016 to 47,110 in 2023, representing an increase of almost 20%. But the growth has not only been in absolute terms, there has also been an increase in relative terms, in 2016 the number of millionaires in the country represented 6.82%, and in 2023 they represented 7.13%.

Source: Delano

Also particularly noteworthy is the fact that an impressive 91.2% of these people belong to the category that Capgemini calls “millionaire next door” and which groups together those who have at least between 1 and 5 million dollars in investable assets. Only 8.2%, representing 3,870 people, are in the category of “middle-level millionaires” with a capital of between 5 and 30 million, and only 280 people are in the category of individuals with ultra-high net worth of more than 30 million.

This latter group, which in 2023 represented only 0.59% of Luxembourg's millionaires, nevertheless held 18% of the total financial wealth of HNWIs in Luxembourg.

However, although there are a large number of high-net-worth individuals in Luxembourg, identifying the most relevant ones is a complicated task due to the private nature of their finances. The lack of official or public lists detailing all the millionaires in the country, or at least the top 10 richest persons in Luxembourg. The only Luxembourg citizen explicitly mentioned in the media is Michael Gans because he is not just a millionaire but a billionaire with a fortune above a billion dollars. His profile is presented in more detail below:

Michael Gans

If you're wondering how many billionaires are in Luxembourg, the answer is one: Michael Gans. He joined the Forbes list in 2024 and currently has an estimated fortune of 1.2 billion dollars.

Gans owns a quarter of the shares in Supreme Group, a logistics company that earned billions in annual revenue supplying the US army in Afghanistan in the 2000s. However, part of this fortune is somewhat tarnished as in 2014, two companies in the Supreme Group pleaded guilty to felony fraud for overbilling the US Armed Forces by $48 million between 2005 and 2009. In addition to this stake, Michael Gans also owns commercial real estate in Dublin, London, Luxembourg, and Manchester. He was born in New York and has dual Luxembourgish and American nationality, although he currently lives in Baar, Switzerland.

Gans’ net worth of 1.2 billion dollars as of March 5, 2025

Luxembourg citizenship

Although he does not live in Luxembourg, his dual citizenship positions him as a financial leader linked to the country.

International recognition

As the only billionaire linked to Luxembourg according to Forbes, Gans puts the country on the global map of wealth and business.

Real estate

He owns commercial real estate in Luxembourg and thus contributes to the development of the country's real estate sector.

Debut on Forbes

In 2024, Gans made his debut on Forbes' billionaires list with an estimated fortune of $1.1 billion, becoming Luxembourg's first and only billionaire in the ranking.

Habits and lifestyle for fancy days

Other questions that a curious mind might ask are: which neighbourhoods do wealthy people live in? or What are the habits or hobbies of rich people? Let's have a look at these topics, starting with the first one. In Luxembourg, there are several neighbourhoods and areas known for being home to the wealthiest people, three of the most relevant being Limpertsberg, Kirchberg and Belair.

Limpertsberg

Source: businessinsider.de

Limpertsberg is a neighbourhood in Luxembourg located just north of the city centre that offers a charming residential area with an elegant and traditional architectural style and that attracts many people due to its proximity to the city centre and the commercial district of Kirchberg. Although it is a mainly residential neighbourhood, Limpertsberg is a mixed neighbourhood, which also offers multiple shops, bars and local restaurants as well as numerous service and professional companies. In addition, the district has numerous green spaces such as Tony Neuman Park or the park on rue Georges Willmar and is very close to the large Kinnekswiss Park.

Kirchberg

Source: d’Coque website

Kirchberg is a modern and dynamic district that, although originally conceived as a financial centre and headquarters for European institutions, now also includes high-end residential areas that attract numerous high-net-worth individuals. The neighbourhood has an excellent infrastructure that combines business centres and residential areas with cultural centres such as the MUDAM (Museum of Modern Art) and the Philharmonic and green spaces.

Belair

Source: Luxembourg-city

Belair is one of the most exclusive and sought-after neighbourhoods in the city and is known for its tranquillity and elegance. It is a mainly residential neighbourhood offering wide, tree-lined avenues, luxury single-family homes and modern apartments. It is located near the city centre, which makes it very convenient for families and wealthy professionals. In addition, it has green areas such as Parc de Merl and a variety of shops and cultural and educational institutions.

The second question we wanted to address was about the habits or pastimes of rich people, well, here are some of them:

Visiting Michelin restaurants

Wealthy individuals enjoy exclusive dining experiences and Luxembourg has several Michelin-starred restaurants that allow HNWIs to indulge their desires. Some of these restaurants are the one-star Mosconi restaurant and the two-star Ma Langue Sourit restaurant.

Source: Mosconi website

Playing golf

Source: lecoingolf.fr

Golf is a popular sport among the elite and Luxembourg and the surrounding area have exclusive golf courses where players can enjoy first-class facilities, play and socialize in a relaxed atmosphere.

Cultural events

Operas, classical music concerts and exclusive art exhibitions are very popular among high-net-worth individuals. Luxembourg has numerous facilities where these activities take place, such as the Grand Théâtre de Luxembourg and the Philharmonie.

Source: Wikipedia

Equestrian sports

Source: Mcweyer Equestrian Center

Equestrian sports are a passion among the Luxembourg and European elite. They include participation in show jumping, dressage and polo competitions. Many wealthy people own their own horses and participate in exclusive international events. Luxembourg has numerous equestrian centers such as the Mcweyer Equestrian Center, the Kandel Frères Equestrian Center and the Centre Equestre Bouferterhaff.

Luxembourg is an extremely rich country and there are many reasons why it has reached this point, such as its strategic location in Europe, its robust financial sector, its attractive fiscal policies and even the level of financial secrecy in the country. This has led to numerous millionaires in Luxembourg, although many of them are “millionaires next door” millionaires with assets of between 1 and 5 million dollars. There are few millionaires with larger assets and the only Luxembourg billionaire is Michael Gans, who has a fortune of 1.2 billion dollars, although he does not live in the country.

Frequently Asked Questions (FAQ)

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Source: forbes.es, www.capgemini.com, www.forbes.com, www.virgule.lu, www.imf.org

We took photos from these sources: Luxembourg City, businessinsider.de, Sports centre d'Coque, Wikipedia, mosconi.lu, Mcweyer Equestrian Center, Alvin Mahmudov on Unsplash

Authors: Luz

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