Based on per-capita GDP, Luxembourg stands out as the European bloc’s wealthiest member state. Eurostat data for 2024, released Thursday, showed Luxembourg’s GDP per capita was 241% of the EU average. Ireland placed second, at 211%.
Ten of the EU’s 27 member states had above-average earnings per person in 2024. Third-place Netherlands has a GDP per capita of 135% of the EU average, just ahead of Denmark at 128%.
The report notes that Luxembourg’s strong performance is amplified by its large cross-border workforce: their economic contribution counts towards Luxembourg’s gross domestic product, but they are not counted when that GDP is divided by the number of people who live in the country, to give the “per capita” figure. By extension, they might in fact serve to lower the GDP per capita data for their countries of residence, albeit slightly.
As an island nation, Ireland is not affected by cross-border workers in the same way, but its data is nevertheless also skewed, Eurostat notes: “The high level of GDP per capita in Ireland can be partly explained by the presence of large multinational companies holding intellectual property,” the agency says in a press release. “The associated contract manufacturing with these assets contribute to GDP, while a large part of the income earned from this production is returned to the companies’ ultimate owners abroad.”
The 2024 data shows a higher GDP per capita for eurozone members than for the wider EU. The bloc’s lowest earners were in Bulgaria (66% of the EU average), Greece (70%) and Latvia (71%).
Finland, France and Italy were the countries whose GDP per capita in 2024 was closest to the average, according to Eurostat.
Eurostat will present more complete 2024 data, with precise numbers and adjustments for living costs and currency differences, in June.
Also read:Luxembourg’s economic growth for 2024 revised upwards to 1%