The economy of Luxembourg is largely dependent on the banking, steel, and industrial sectors. Although Luxembourg in tourist literature is aptly called the Green Heart of Europe, its pastoral land coexists with a highly industrialized and export-intensive economy. Luxembourg enjoys a degree of economic prosperity almost unique among industrialized democracies.
The city of Luxembourg, also known as Luxembourg City, is a commune with city status, and the capital of the Grand Duchy of Luxembourg. Luxembourg City is one of the wealthiest cities in the world, having developed into a banking and administrative centre. Luxembourg is a seat of several institutions of the European Union, including the European Court of Justice, the European Court of Auditors, and the European Investment Bank.
Luxembourg has an overall cost of living index which equates it with high cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups.
The latest cost of living rank for each of the 13 Basket Groups is now available.