How did Luxembourg get so rich
Wealth is relative - this is especially true in Luxembourg. One thing is clear: the inequality between rich and poor has been increasing for years. But especially when it comes to the greatest wealth, both administration and researchers are blind. The government's tax policy is jointly responsible.
"The gap is no longer so much between the socially weakest and a wealthy middle class, but between a few super-rich and the rest of society." The MP was referring to a study on the concentration of real estate in Dudelange. According to this, one percent of the owners own 17.9 percent of the total value of the property and building land in the community.
This is not only the case in the southern parish. For the "Observatoire de l’habitat", Antoine Paccoud analyzed how unevenly real estate is distributed in Luxembourg. The result: only 159 people own a quarter of the total value of private land. On average, the value of the property of this group is around 21 million euros per household. However, rising property prices are only partly responsible for the wealth of the top wealth groups.
But it is difficult to quantify the wealth of the super-rich in Luxembourg. One thing is clear: it is always underestimated. The debate initiated by CSV President Frank Engel about the introduction of an inheritance and wealth tax now offers an opportunity to deal more with the wealth of the wealthiest.
Get rich without work
The rich are getting richer. What sounds like a truism uttered at the bar counter has been part of a fundamental debate among economists since 2014 at the latest. With the publication of the bestseller “Capital in the 21st Century”, the French economist Thomas Piketty opened the debate about the unequal distribution of wealth in capitalist societies. The thesis: The income from capital grows faster than the economy.
It is a parasitic increase in value: the landowners make profits through the economic performance of others. "Antoine Paccoud, LISER
In Luxembourg, this is particularly evident from rising property prices. With a few exceptions, the property price has risen by more than six percent annually since 1974. ...
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