EMPLOYMENT
WORKFORCE COMPOSITION
GENDER
The workforce of Luxembourg’s financial sector is characterised by both diversity and internationalism. Gender representation has remained relatively balanced, with women accounting for approximately 47% of all employees. This proportion has seen little change over the past decade at the sector level overall. Statistics that are available for the production of this report do not allow for a breakdown of gender representation by seniority in the financial sector in Luxembourg, which independent analysis shows to be an area in which further progress is needed.
It is worth noting that The Gender Finance Task Force, launched by the Ministry of Finance, and the Women in Finance Charter are among key initiatives created with this need for progress in mind [3].
NATIONALITY
In terms of nationality, foreign nationals make up the vast majority of the workforce in the financial sector (82%), underscoring the international appeal of Luxembourg as a financial hub. Luxembourg nationals [4] represent the remaining 18%, a share that has remained relatively stable over the last ten years.
Not surprisingly, cross-border workers from France, Belgium, and Germany accounted for 54% of the workforce at the end of 2024. French cross-border employees consistently made up about one-third of the workforce throughout the decade, while the share of commuters from Belgium and Germany has declined.
The international character of the sector is further underscored by the growing share of employees from both other EU countries and, even more notably, from non-EU countries. The proportion of employees from other EU nations increased from 14.1% in 2014 to 17.8% in 2024. Meanwhile, the share of non-EU nationals grew even more significantly – from just 3.2% in 2014 to 10.2% in 2024.
This latter group experienced the fastest growth over the decade, with an average annual increase of 15.7% – three times the growth rate of other EU nationals and nearly seven times that of Luxembourgers within the financial sector’s workforce. These figures also mirror broader demographic changes in Luxembourg’s population, where in 2024 approximately 10.7% of the total population in the Grand Duchy originated from non-EU countries [5].
For analytical purposes, Luxembourg’s financial sector can be viewed as comprising two main subgroups. The first is the “core” financial sector, which encompasses banking, investment fund management, insurance, financial holding companies and other financial services. The second subgroup consists of legal, audit, and consulting firms that provide essential ancillary services or professional services to the core sector.
Examining the workforce through this lens highlights the pivotal role that professional services play in attracting international talent to the Grand Duchy. In fact, within this group, nearly one third of professionals come from non-neighbouring EU countries and, notably, from outside the EU.
RESIDENCE
In 2024, a majority of individuals employed in Luxembourg’s financial sector (53.8%) reside within the country. This figure includes both Luxembourgish citizens and resident foreign nationals. Among cross-border commuters (“frontaliers”), nearly 24% live in France, followed by Germany and Belgium.
Over the past decade, the proportion of financial sector employees choosing to live in the Grand Duchy has grown steadily. In 2014, nearly 49% of the sector’s workforce resided in Luxembourg; by 2024, that share had risen to nearly 54% – reflecting the growing presence of international professionals, particularly those not originating from neighbouring countries, who have chosen the Grand Duchy to advance their careers.
[3] Relevant statistics on the representation of women in senior position can be found on the Charter’s dedicated webpage: https://lsfi.lu/wif-charter/
[4] Luxembourg nationals include both individuals born in the Grand Duchy of Luxembourg and foreign nationals who have acquired Luxembourgish citizenship through naturalisation.
[5] STATEC. Click here for further details.