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Finance workers: creating more value than any other sector in Luxembourg

Published on 31 July 2025

In an interview with the Luxembourg Times, Tom Théobald, CEO of Luxembourg for Finance (LFF), underlined the exceptional value created by finance workers in Luxembourg. According to LFF’s latest State of the Financial Sector report, employees in the country’s financial industry generated an average of €236,400 in gross value added in 2024, 2.4 times the national average.

Summary

    The financial sector alone accounted for 30.1% of GDP in 2024, underscoring its central role in the economy.

    Tom Théobald

    CEO of Luxembourg for Finance (LFF)

    The figures highlight the crucial role played by the sector in Luxembourg’s economy:

    • 30% of GDP came from the financial sector in 2024, up from 27.6% in 2014.
    • The industry employs over 73,000 people, representing 15% of all salaried jobs, a 35% increase over the past decade.
    • Beyond banking, strong growth was recorded in investment funds, legal, audit and consulting services, as well as fintech and payment institutions.
    • The sector contributed €7.2 billion in tax revenues in 2024, more than double the amount collected in 2014.

    Importantly, the report also estimates that for every job in the financial sector, another is created elsewhere in the economy. Taken together, finance supports over 146,600 jobs in Luxembourg, underlining its central role not only in GDP and tax revenue, but also in the wider economy and society.

    As Tom Théobald noted, these figures reflect the resilience and adaptability of Luxembourg’s financial centre, particularly as it embraces opportunities in digitalisation, AI, and sustainable finance.

    At the ABBL, we are committed to ensuring that this value creation goes hand in hand with responsibility, innovation and long-term competitiveness, supporting both our members and Luxembourg’s role as a trusted global financial centre.