How much money you need to feel rich in Luxembourg
Source: Alexander Grey, Unsplash
Luxembourg is the richest country in Europe in terms of GDP per capita and a major financial center. However, little is known about how Luxembourgers perceive wealth.
According to a survey conducted by Swissquote Bank Europe, Luxembourgers believe that in order to be considered rich, one must have an annual income of at least 365,000 euros, or about 30,000 euros per month. For comparison, this is more than four times the average annual salary of a resident of Niederanven, the richest municipality in Luxembourg (Statec data). Men believe that in order to be rich, one must earn around 400,000 euros per year (33,333 euros per month), while women estimate this figure at 300,000 euros (25,000 euros per month).
However, most Luxembourgers believe that quality of life, including health and freedom, is a better indicator of wealth than income. According to the survey, 74% of respondents associate wealth with having the freedom and flexibility to pursue what they want, and 62% also associate it with good health and well-being. Only a quarter of respondents associate wealth with money or financial assets.
Most Luxembourgers prioritize quality of life over career. When asked to choose between a successful career and a good work-life balance, 80% of respondents chose balance. In addition, 58% of respondents consider inflation to be the biggest threat to their well-being, and 54% fear that foreign conflicts will have a negative impact on their finances.
The study was conducted in collaboration with the Luxembourg-based research company ILRES and is based on interviews with 1,641 Luxembourg residents between April 15 and 30 this year.
