Over the decades, Luxembourg has evolved from an agricultural to a steel-based industrial economy, and subsequently to a successful financial services centre. Today, Luxembourg has the highest per capita income in the OECD, after decades of robust growth, of more than two percentage points above the euro area average over the past 30 years. This growth has been led by the large and successful financial sector. Collective investment funds registered in Luxembourg hold assets of more than EUR 2 trillion, about one-third of investment funds’ assets in the euro area. Private banking is also an important source of activity. The financial sector has also been a significant purchaser of services activities such as legal services and real estate. This booming economy has attracted many European Union migrants and cross-border workers: the labour force has increased by 1.8% annually, one percentage point more than in the euro area on average. The budget has benefited from strong tax revenues, so that the government has been able to offer a high level of public services, including social spending, while keeping the level of public debt low by any standard.