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Luxembourg's prosperity was formerly based on steel manufacturing. With the decline of that industry, Luxembourg diversified and is now best known for its status as Europe's most powerful investment management centre.
Luxembourg is the wealthiest country in the European Union, per capita, and its citizens enjoy a high standard of living. Luxembourg is a major center for large private banking, and its finance sector is the biggest contributor to its economy. The country's main trading partners are Germany, France and Belgium.
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