Why Is Luxembourg The Richest Country In Europe? | Economics Explained
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- Опубліковано 4 бер 2023
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Discover the secrets behind the success of the richest country in the world with this fascinating video on Luxembourg's economy. With the highest per capita income and most millionaires, Luxembourg has set the benchmark for economic prosperity. Join us as we explore the key factors that make Luxembourg's economy stand out and what other economies can learn from it. From its favorable tax policies to its strategic location in Europe, Luxembourg offers valuable insights into how to build a thriving economy. Watch now and unlock the secrets of Luxembourg's economic success!
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Would be really cool if you did a video on Bangladesh though.
Liechtenstein is the richest democratically put, due to literally zero poverty. Ironically with very limited political parties ,so a better form of democracy than all those calling themselves so ! :) :) Liechtenstein's neighborhoods mostly run themselves.
Free tax Haven is still money from other countries
Luksemburg: mini nation: Dutcy of Luksemburg
yeah stop promoting tax evasion and money laundering. are they paying you too? im going to message your sponsor about this.
Having lived a couple kilometers from the Luxembourgian border I've always found it funny, that a lot of people would cross the border into Luxembourg to purchase and re-import classic volume luxury goods like tobacco, coffee and to an extent fuel. On the other hand you'd see a lot of Luxembourgians purchase basic goods such as food and household goods on the other side of the border since they tend to be quite a bit cheaper in the neighboring countries. Same applies to people living in neighboring countries and then crossing the border to work in Luxembourg on a daily basis.
Same thing happens on the border of Mexico and the US. Mexico has cheaper basic goods and the US has much much cheaper technology goods like Computers and TVs.
Is it the same brands as in USA?
wouldn't that just lead to arbitrage? sounds like it'd be easy money to set up an "import" business and benefit from the price difference. Normally, this is prevented by tariffs but those don't exist inside the EEZ. So what gives?
This is very common in different provinces in Canada, and different states in the US
@@Dosenwerfer its a single market with free movement. no one would buy your inflated import price if "importing" it costs nothing. you are a middleman that doesnt actually make things easier or cheaper. there are already distribution services that will service them because they distribute across borders. the business making the sale has already been paid as theres no currency conversion either. it doesnt even take that long to drive to across the border either.
Native Luxembourger here. Quick side notes for anyone who may want some extra info:
1) The living costs are abysmal. The average age at which people move out is very similar to the average age at which people marry (roughly 31). Before that, even a 1 person apartment is ridiculously expensive and the average citizen cannot afford it.
2) Thanks a LOT for pointing out that it's not a micronation filled with billionaires, but it's own country with an average working class population. We are indeed not all super rich. Aside from the things you mentioned in the video regarding the banking workforce, the average working person in a restaurant or at a cash register still earns a decent amount more than in other countries, but of course, it's also a lot more expensive, so these people aren't really more wealthy than their equals in for example, Germany.
3) Luxembourg being an economical powerhouse comes with a sociological price. A country that many people go to just for the money results in cultural conflict and a certain amount of snobbiness. I shall not explain this further to avoid a bias, I just wanted to point out that there are (in my opinion) friendlier countries!
4) When you mentioned the languages, I would put also portuguese there, as they are the biggest minority group in the country. Nowadays it is often necessary to speak portuguese if you want to work in construction as the VAST majority of construction workers are portuguese. The "core" languages, that about every single Luxembourger will know by the age of 16 are Lux, German, French and English.
EDIT: Ok, it appears I underestimate my own english knowledge, I did not mean to appear attention seeking with my previous statement. I'll stop using the words "sorry for my english grammar" from now on. Thanks for the positive comments
Your English is quite remarkable. Excellent
“My English is very faulty” I live in New York and trust me, your English is brilliant!
Your English is better than that of many ordinary native speakers who speak very carelessly because they are Native Speakers.
Sounds like Singapore! I think we are very similar
You should teach some of the knobs in my English speaking country some English they’d benefit from someone who can write so eloquently
Some group of economists have projected that both the U.S and parts of Europe could slip into a recession for a portion of 2023. A global recession, define as a contraction in annual global per capita income, is more rare because china and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
Thanks, I just googled Margaret and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
Once you put enough countries on the leaderboard you should do a heat map of the world using the scores.
r/DataIsBeautiful will be ahead of you, for sure
I want the full leaderboard just updated all the time 😅
he should do hunger game style game where the bottom countries have to compete for survival. and those that fail we will destroy.
Some mistakes in the video:
-as some pointed out, official language is Luxembourgish, French and German. Where to be honest Luxembourgish is a nice-to-have (required mostly in gov. jobs) but French/English are the most widely used. That doesn't mean Lux-ish is not used at all, but for example in many shops there are French commuters that know only French or French&English (especially in the capital).
-second mistake is ruling out Luxembourg as a tax haven. LU is not a tax haven for individuals, but has !very! favorable taxes for investment funds (e.g. securitization vehicles paying only minimum tax no matter the profit) and also had issues related to some shady tax deals with several multinationals (e.g. Amazon recently).
Eh, by law it doesn't have any "official" language. It has three administrative languages (Luxembourgish, French and German), and a single national language (Luxembourgish). So saying that the official language is Luxembourgish is an acceptable simplification.
And it used to have some of the world's best bank privacy. Which contributed to it having a higher murder rate than its neighbors.
There is the third mistake about steel industry. The headquarters of Arcelor mittal are in Luxembourg yes, but it is a massive multinational steel giant. So the vast majority of the steel made and thus jobs made are abroad, in France, Spain, India, Indonesia, Poland, Brazil and more...
Yes, I'm surprised he didn't mention that. Amazon and Paypal both have EU HQ in Luxembourg, which means they can claim any sales made throughout the EU are actually made in Lux, and then pay the much lower tax rate compared to say, France or Germany.
@@squa_81 The same could be said for any multinational. The point is, it is based there, so declares its profits there and pays taxes there. Not only that, but I'd guess that its best paid workers are in Luxembourg, whether they are directors or workers in high grade steel.
I don't live in a big city, it is weird to think there are nations out there with populations smaller than my city. Nations that have their own armed forces, intelligence agencies, law enforcement, and everything else necessary to be a nation.
Countries with so small populations usually have a functional state but don't think that they have proper armed forces or intelligence services. They do have such things, on paper, but they are usually very small (such as in Luxembourg, due to the fact the country has no 'enemies' or overly reliant to their much bigger neighbours with whom in many cases share common culture, language, ethinicy etc.
@@dsdf_fdp1858 I had the exact same experience. When I lived in Hamburg, I had a Chinese friend who said he was excited to move from a small city in China to one of the biggest cities in Europe, only to find out that Hamburg was much smaller than his home city. Perspective is wild
@@dsdf_fdp1858 a thing to keep in mind with countries like China, India or Russia where population perspective is concerned is they aren't really countries in the way most countries are - they're more like self-contained empires. It's much harder to be a big deal inside an empire.
@@dsdf_fdp1858Macau probably
Edit: Nevermind, I misread the question, I thought it was a small city state contained in China
@@InnuendoXP yup, each province/state/largest adminstrative unit are countries in their own right by land area and/or population.
Being from Luxembourg, I’ve been waiting for this video for years!
By the way, it’s pronounced Luxem-berg!
Was about to correct him oh that hahaha
Thank you for correcting his pronunciation. It was driving me nuts.
You are wrong it's actually Lëtzebuerg. Hello from Luxembourg too!
@@chiragarora2827 errhm isn't that Luxembourg in Luxembourgish, I thought we are speaking English here?
@@eddymens1873 then you must know English is one language with many different accents and pronunciations. Either none of them are wrong or all of them are. So the original comment is stupid AF.
Two generations ago, Luxembourg was most known to Britons as the location of a radio station that brought the Beatles into their homes because British radio wouldn't.
I visited Luxembourg back in November of 2022. The main thing I noticed about the city was that it smelled incredibly good. It was such a great place to wander around in and made for a great day trip out from Cologne, Germany which is where I was studying. I also was amazed by the free public transit, but wow everything was insanely expensive.
It's ironic that Luxembourg smells better than a place named "Cologne".
Wait when You'll go to Iceland ;)
To be honest the only thing that’s expensive in lux is housing and restaurants. Groceries , shopping ,.. all the same as Belgium . I visit Lux every month
when I was a kid in Luxembourg my mom would always tell me that the biggest castles in Luxembourg are banks
This is exactly the kind of video i've needed for years
I live in the Washington, DC metro area, and the way Luxembourg has a lot of people go there to work then go back home at the end of the day is exactly what DC is like (although the situation of most of the population of DC itself is nothing like Luxembourg) so I'd imagine DC and probably most large cities, if you measured their gdp per capita the same way Luxembourg's is measured, would seem absurdly wealthy even for a large city
DC is a dump
Very true that’s what I was thinking during video I’m sure if u did this with Seattle would be pretty crazy
Maybe all the homeless would drag the stats down idk
Thank you for making this relevant to the US, I was worried I had no point of reference with all this talk of places that aren't the US
Actually the GDP of DC is around 200k $
Really good video as always.
And background music was pretty relaxing and fitting imo.
Great Vlog.
A lot of great information here.
I'm surprised you didn't mention that it has a deliberately low corporation tax rate for big business. So A lot of big businesses in Europe have a token office there which is registered as its head office and thus they pay much lower taxes in Luxembourg than they otherwise would.
Ireland deliberately copied the Luxembourg model on this.
This has changed a little as more countries in Europe are demanding that companies pay tax in the country where they made their money. Though that has only been partially successful.
Yep, this is the Luxembourg plan. First, elect yourself a corrupt finance minister and have him set up a regime inside the EU where your country benefits exclusively from the sales of multinationals like Amazon throughout Europe. Then have him elected Prime Minister and have him go on to become EU Commission President where he can ensure even though his illegal activities were eventually uncovered they were never investigated by the EU- simple.
And this is actually the real reason they're the richest. ''Come here, we`ll let you evade taxes legally''
it's a tax haven. That's it. That's the reason it's rich. The man who set it up then went on to become leader of the EU. All that honk of european solidarity is a joke
Corporations shouldn’t be taxed anyway. You’re just taking money that would otherwise benefit employees. You’re just sneaking another tax on people.
@@ADAMBUFFOLINO12 you confused 'employees' with 'shareholders'
Videos on Luxembourg’s economy tend to present an all too rosy picture. At least you mentioned the crazy cost of living here. I think most videos underestimate the dangers that stellar growth poses to the societal structure here. While we have always been internationally minded, natives are being pushed out of the country in droves and it is starting to create significant social tension. There will be national elections this year and I would not be surprised if the results might paint a more realistic picture.
It is a good video though, was looking forward to you covering my home country for quite some time.
"Native" pahahaah
Thank you for finally talking about us, big greetings from Luxembourg.
@writeme-zl4ju Per phone email or what exactly?
EE's relationship with Luxembourg reminds me of a classic Scooby-Doo episode.
Luxembourger here! You missed Portuguese! A lot of Portuguese influx in the 70s to support the steel industry. And in Luxembourgish (Lëtzebuergesch) it is called Lëtzebuerg. Common English is more like “Luxem-burg” and not like how you pronounce in the video. French is by far the most common language. And this place is costly as gold. Especially the real estate. I pay 4000 euros as monthly mortgage payments for a measly 100 sq. meter apartment in the west of the country near Luxembourgish-French-Belgium border
Can Luxembourgers understand german and vice versa?
He's doing his best to pronounce "bourg" like he's French, but keeps slipping throughout the video. My accent is the same as his (although I don't over enunciate as much as he does) and I pronounce it the way he does when he slips.
@@mile_381 lux>German yeah easily, like a second native language to me. German>lux mostly not, except if youre from adjacent areas in Rheniland Pflalz or Saarland
@@RNAxRibose and only if you have a good grasp of French. The peculiarity of Luxemburgish which makes it difficult for Rhein- or Saarländer to understand correctly is the integration of French vocabulary into the grammatical system of Luxemburgish (declentions).
always look on the bright side od life,, you wanted that !!!! so,,,
The official langues are Luxembourgish, French and German, not just one official language. Most people are fluent in 4 if not 5 languages due to a very large Portuguese and ex-Yugoslav population.
Errhmm, I will say most people can speak at least 2 and max 3 very well and understand 1 or 2 more, I won't say fluent. Often people get the grammar of the 4 and 5 wrong when they speak or write so we can't classify that as fluency.
@@eddymens1873 I speak 5 fluently with no grammar mistakes, so I wouldn't say its impossible. Being able to speak at least 3 languages in a place like Luxemburg is quite normal these days.
@@Akislav1990 Its the exception not the rule, I didn't mention it being impossible, its simply not the case that you meet a lot of people mostly foriegners and they speak 5 languages very well.
I don't mean to insult anyone, I know there is the pride in the fact that Luxembourgers are polyglots which is fine but to claim perfection for most people naah.
@@eddymens1873 All my friends speak at least 4. I speak 5.
@@Thinkingman69 well my friends speak at least 4 and I speak 4 too, but that doesn't mean they or I are proficient in all 4 is all I am saying. Are you all saying you don't hear the mistakes people make every single day speaking the different languages. Come on you all need to be honest with yourselves
Also not a fact, but one thing I have noticed around the world is those who are actually good at a language hardly pat themselves on the back.
You also forgot to mention that Luxembourg is also the 2nd Capital of the European Union with the Court Of Justice, the Court of Auditors, the secratariate of the Parliament and 10% of the Commission based in Luxembourg. The high-rise buildings that you showed throughout the video are mostly EU buildings.
6:55 the 2 towers on the right and the square building on the left are the Parliament buildings?
The way of explanation is great 👍 I love your content
Luxembourg resident here and I’ve been waiting for this one 😂
Thanks!
Hope you enjoyed it!
Its basically the Singapore, hong kong and dubai of Europe. Low taxes, pro business environment, skilled labour and special treaties with other countries are the secret of success
Which are tax havens for corporations too, like Luxembourg.
this can only be done in smaller nations.
No it's not as exciting, lively or posh as Singapore, HK or Dubai. It's stuck in the past and there is absolutely not a single billionaire or crazy rich person. The GDP is fake anyways because the average income of civil servants is very high and the majority earners in the financial or private sector make way below that level and only locals possess assets (e.g. property value is also completely overvalued). There are no picturesque sceneries, shops or cafes are closed on Sundays, people are extremely stuck up and don't mingle. It's a very sad place but a definite upgrade for social climbers and people who would be a complete nobody in their home country.
I think it's fair to separate micronations (comma, Luxembourg), as scaling things up to a country of 100+ million people doesn't quite work out so easily.
Could you do a companion series either here or on nebula braking down the differences between economies and their currencies? I'd be very interested in the factors that effect exchange rates and global usage of a currency.
Hate to be that guy but... "breaking", "affect". Thank you for your patience as I placate my neuroses. 😀
@@timhaldane7588 lol I came to say the same thing. There, they're and their is my pet peeve 😂
Yall im only UA-cam smart. You gota give me some rope 😆 🤣
@@gustavhebner2174 Rope given... English might not be your native language. Spellcheck and autocorrect suck at times. You were understood. That's the main thing.
Another great video! Would you make a video about Portugal and its economy? I'm from Portugal but I also live in Australia :)
Very good video😮
I moved from a EU Country to Luxembourg 5 months ago. The quality of life is pretty remarkable. Costs are very high though
How are you liking it there?
@@deebee8825 pretty good, there isn't much to do but the job market is crazy. You also get some "small town" mentality in the expats meaning most people aren't dicks to you. For building a career i am liking it. Atrocious weather and yeah abysmal prices
@@davidec.4021 Interesting, so what is the weather like?
@@davidec.4021 Interesting, so what is the weather like?
@@deebee8825 Mostly cloudy and rainy. It can take a toll on your mood when it lasts for a while.
To this day I'm confused what a "financial services" worker does to deserve high-six-figure salaries.
Being a part of the financieal services working club is a part of it.
Vague term, but generally handle big accounts/clients. If you're the one in charge of a billionaire or multinational's account in a bank there, even a 0.1% fee as your salary is already a million dollars on a billion dollar account.
they claw and crawl over eachother chasing the loose dollars in a crowded system designed to hide wealth from the state that it was made in.
Very informative video
Luxembourg is the official EU laundry room. Switzerland is very independent to be controlled by its neighbours so Luxembourg has remained an independent "nation" to serve this purpose. Also Luxembourg is ridiculously influential in the EU, not only the bank is located there but also the secretariat of the parliament, the European court of justice and many other institutions that bring with them thousands of well paid civil servants. Maintaining this level of influence is important; if you have your own people or your allies in key positions, nobody will threaten your wealth.
i wanted to mention this exact fact. Europeans (& folks like our youtuber here) love giving a nice bit of head to how places like luxembourg & switzerland are, but leave out the fact that sooo much of that money is built on the misery of others elsewhere in the world & kept safe by immoral bankers.
I just finished a major FDI project on west african countries & luxembourg is a top destination for outflow of african money..and yes, the more corrupt the country, the more money to lux
The European central Bank is in Frankfurt and last I looked this was in Germany.
@@TorianTammas the European investment bank is in Luxembourg. The ECB, the equivalent of the Fed, is in Frankfurt which is the largest financial centre in continental Europe.
I love how everyone forgets about Andorra. That one is a very interesting state.
Liechtenstein if u want to go all out
Is there a way to view the full Economics Explained leaderboard? Whould be interested so see all the different rankings.
I have driven through to Luxembourg several times. I never thought much of it.
Greetings from Luxembourg :)
When things there stabilize, I reckon an economic assessment of post-democracy Hong Kong (with less pejorative phrasing if you like) would be interesting to watch.
1:30 Luxembourg is a tax haven though. Surely as a economics channel you know tax havens aren't only categorised through effective income tax?
Luxembourg was listed as the #1 tax haven according to Hines in 2010, #4 according to the ITEP in 2017, #6 by Zucman in 2018, and is classified as one of the 7 key tax havens by the NBER. Is there any reason this wasn't covered and actively covered up by presenting Luxembourg as a nation with no tax haven functionality?
I almost chocked when I heard him say that.
11:10 you forgot to mention that the Schengen area which permits frictionless cross border commuting was signed on the Luxembourgish border town which bears its name
Luxembourg has a housing cost crisis which means that your average family home is over a 1 million euros.
Yeah but most people don’t actually care, since you hop on a train and go to France, Germany or Belgium. SFO has the same problem but it’s not near an international borders and so it has a very huge homeless population.
@@nicknickbon22 well those born there and being forced out of it do care
@@nicknickbon22 what's SFO?
@@mile_381 San Francisco
@@nicknickbon22 actually a lot of people do care and it’s a big problem.
best example of Quality over Quantity
As a Luxembourger myself: thanks for making the video (mate)
Can you do a video on Singapore and rank it on the economic leaderboard?
Is there a reason why Switzerland was removed from the EE national leaderboard?
Greetings from Luxembourg
you should help enlighten us about the current state of economic competition from the individual entrepreneur to our current monopolies!
Another example : San Jose metro GDP per Capita is over 210K - another area with an insane amount of commuters.
That faint warm glow when I hear 'Legal' described as a value adding industry, opposed to a reason to avoid lamp-post proximity at all costs
Good one
Is the leaderboard posted anywhere publicly online?
I would love to see Denmark on the leaderboard. Nordics economies are so rare because they are so heard to replicate in the short term, in other parts of the world
Hello from Luxembourg
Can you make this available as a podcast please? For some reason I can’t see it with your other content
When talking about cost of living it looks a lot like the situation in countries battling inflation like Iceland. Monthly cost of living is similar there I would say.
Love this Duchy :p
Fascinating! I kind of want to know more about their steel industry now 🤔 I wonder if they sell fancy knives i can buy!
Can you do Denmark next?
Would you concider creating a list of proportional GDP to land area and population of each country (or top 10-20 economies) to rank nations' GDPs' on equal levels?
Make a video about Kazakhstan’s economy please
10:26 Ehhh that's the Dutch flag XD, should be upside down
Great Vid as always
@economics explained please do the nexr video on Bermuda
Maybe you could do a video comparing different tax methods, such is a country better to use sales taxes or income taxes or service fees, in terms of economic impact. I heard sales taxes are easy to implement but are very unpopular.
A good example of this is in the US where some states use an income tax and some states use a sales tax. Sales tax is vastly superior (at the state tax level) because with income tax your money is taken the moment you make it, while a sales tax means you only pay a state tax when you buy something. So in the particular area I am from people want to work in Washington state where there is no income tax and then for big purchases (like cars) they will drive for several hours to Oregon where there is no state sales tax at all (but there's an income tax). It's a more even comparison because they are all in the same country so there's no penalty for buying a car in one state and then only using it in a completely different state.
When given the choice most people will take a state sales tax over an income tax because you only pay state taxes when you buy something. If I make $100k and then put it straight into the bank, I pay almost nothing in a state with sales tax because I only get taxed on the money I actually spend. Unavoidable federal taxes are roughly 20% and state taxes are roughly 10%. So if you work in a state with no income tax and instead a sales tax but you don't spend money there, you are potentially saving 10% of your income from state taxes
can you please make an economics explained video about belgium
Best ribs I've ever eaten was in Viaden in Luxembourg!
Mate, can you make an episode on Belgium please?
As an old subscriber, being able to see my house in a video was amazing
On min 4:00 you have used video of Luxembourg Garden that is in Paris not in Luxembourg :)
Public college vs private colleges pls make video on it
Why did Switzerland disappear from the leader board?
@Economics Explained Great video as always! You might want to make a video on America's own tax haven microstate, Delaware. Many US companies have their HQ as Delaware due to it's low taxes and other reasons too.
At the end of the day, it's how comfortable the place is for us to call home.
Furthermore, ArcelorMittal is indeed one of the biggest steel conglomerate in the World, this said, no steel is produced in Luxembourg anymore. The last blast furnace in Luxembourg closed in 1997. There are no steel works in Luxembourg anymore.
The plants of Belval, Differdange and Rodange are still producing steel , they have recently announced a €100 million investment on the plants
@@edipires15 You're both right. Those three plants are steel rolling mills. No blast furnace to make steel from iron ore, instead they shape steel ingots into usaful shapes.
@@edipires15 ok. I stand corrected.
@@melissablick779obviously there would be no point in transporting iron ore around the world (eventhough there is quite a substantial amount of iron in the soil, it is nowhere as high as in some regions in Brazil or in China)
Switzerland also has its gdp per capita skewed by neighbouring commuters.
Hi, I am watching your video from Luxembourg :)
Very interesting and quite accurate, except for details about the complexity and diversity of the languages in the country ^^
When I lived in Strasbourg, I knew Luxembourg simply as a train station on the way to Brussels. A classmate of mine was Luxembourgish (luxmebourgeois). I think I only heard him speak his dialect once, but it is definitely different.
Luxembourg is the best place to register your company if it is a family business, as there are only nominal inheritance taxes.
It’s not a dialect though !
Perhaps the best run country on Earth when it comes to economic productivity.
$133,590/capita is seriously an insane level of productivity. Although I imagine this country would be amongst the most expensive to buy a property in
Denmark next? 🤞
Where can we find a detailed Economics Explained Leaderboard???
You missed one important part which also explains the high salaries: The indexation. Whenever the rise of cost of living surpasses a certain amount, every salary of every person in Luxembourg is supposed to rise too. This also explains Luxembourg's high minimum wage. It is a great thing, but it also has its downsides. The salary rises the percentage for everybody, which means that people with a high salary gain a bigger raise than people with a lower salary. That's why the gap between poor and rich increases very fast in Luxembourg.
Inflation and percentage cost of living increases do not increase the gap between rich and poor, which is measured in percent, not gross differences in numbers. If a country suddenly decided to add a zero to everyone's pay and savings, it wouldn't change anything.
@@robgronotte1 Yes, it doesn't increase the gap between rich and poor in percentage, but it does in absolute numbers. It is important to think about salaries and differences in salaries in absolute numbers imo.
@@Kexkrummel No, it's very misleading to think of things that way and serves no purpose.
Percentages are what makes a difference in purchasing power.
@@robgronotte1 I'm not saying that you are wrong or trying to convince you of something else. This is a channel about macroeconomics so most people here are possibly looking at the information in a macroeconomic way. That's completely fine.
I, on the other hand, am from Luxembourg (that's probably why the algorithm showed me this video) and I don't know a lot about economics. I'm interested in the social part. And I see a lot of negative points of the indexation (waves of unemployement after a new index hits etc.) which are maybe not impacting the macroeconomic theories and statistics.
what does the country produce, besides tax evasion and money laundering?
if that was banned, the average salary would be 0.
Arcelor-Mittal is not originally from Luxemburg... It is an India(Mitral)-Spanish(Arcelor) world wide company. Curiously, its name starts with Arcelor so the stock name can be listed alphabetically at the top...
Well. No and yes, a merger of the former companies Aceralia (Spain), Usinor (France) and Arbed (Luxembourg). And Arbed of Luxembourg was the oldest, they went back to 1911. They became the Arcelor half of Arcelor/Mittal.
@Don't Read My Profile Photo f.....k off
When are we gonna see a video on Singapore?
Would love to se economics explained in Finland. I think the Finnish economy is at an interesting stage where we have set public costs high during the Nokia hay day's and now struggling with rising debt.
What are "public costs"? You mean government spending?
@@noneofyourbusiness4830 Yes
Share link for the video
Wish gets more posts tagged as well thts life style mohawks to be the best Khalifah ❤️❤️🌹🌟
EE, don't lie you got the National leaderboard idea from Doug Demuro's Doug score.
Lol no one knows who that is
@@Bruh-vp6qf scroll down to the comments 😉
ua-cam.com/video/fmPwMGmg-h4/v-deo.html
There's a fast food franchise that operates there called Luxem - burger!
Please consider taking a look at Romania.
🇨🇿 any Czech Republic video next??
GDP (especially per capita) is the BMI of economics
Can you do a video about a country can counteract the fact that it is a peripheric country/state on an economic area with bad land conditions (lots of hills and mountains, few rivers, etc...) vs a country which is in the middle of an economic area?
I.e: One of the main reasons Luxembourg is the richest country is its geographical location...
If luxembourg was where Portugal or Bulgaria are, with the respective land characteristics, it wouldn't be the same
Please do Honduras and Honduran ZEDEs, a Hong Kong type SEZ framework
I reduce the speed of the video to 85%. Makes it less rapid fire and easier to understand.
Me too 👍
how is ArcelorMittal a good example? It's headquartered in Luxembourg not for industrial reasons but for *corporate taxation & governance* ones, as Arcelor was born of a spanish-french-luxembourg merger.
E.g. the single plant that ArcelorMittal has in Taranto (Italy, population ~200k) is bigger than the whole Luxembourg production.
Switzerland still missing on the leaderboard with a score of 8.4 :(
I’m still bothered by the fact the Netherlands has the same score as France.
@@pangaea5258 yeah lol
8:30
Arcelor mittal is headquartered in Luxembourg yes. But most of it's steel mills are abroad, some are une Dunkerque or in Le creusot (france). It also has many other facilities across the world.
It's a product of multiple mergers, last between mittal steel company and Arcelor, itself a product of the merge between arcelaria(Spain), arbed (Luxembourg) and usinor (France).
It is likely they have their headquarters in Luxembourg for the reasond you pointed earlier to
Please add a new metric: PDF per surface. Doesn't matter if you use a square meter or square foot or square yard or what else, as long as it gets the point across about how space-efficient the GDP is.
In short, Luxenbourgh has double the gdp per capita than the usa, because half its workforce is not part of its capita.
Just like the Gulf countries. Foreign migrants are not counted.
Pretty much
The endless bounty of externalities.
May I suggest for simpler conversation “which does not include Luxembourg or micro nations like Monaco” swapping them avoids the confusion
Can you do Barbados at some point?
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A video suggestion - what are the economic implications of Europe having so many countries? If anyone can cross borders and work (a good thing), why does the concept of an international border exists?