Information checkedInformation unaudited Information geprüft Information ungeprüft 30 years ago in Liechtenstein

In 1995, Liechtenstein joined the European Economic Area (EEA), while in the United States, the release of Windows 95 marked a major technological advancement. The Schengen Agreement entered into force, abolishing border controls between many European countries.

By Cornelia Zeh

Political changes

• Liechtenstein joined the European Economic Area (EEA) on 1 May 1995, gaining access to the European single market. This reinforced the countryʼs independence in matters of foreign policy and brought economic benefits.
• Liechtenstein has had a total of five prime ministers since 1995. Daniel Risch, in office since 2021, will pass the baton to Brigitte Haas on 20 March 2025.

Economic developments

• The number of banks in Liechtenstein has decreased from 17 in 1995 to 12 in 2024.
• Assets under management at all banks in Liechtenstein increased from around 50 billion Swiss francs in 1995 to 191.6 billion Swiss francs in 2023.
• The currency landscape in Europe has changed significantly over the past 30 years. The introduction of the euro in 1999 as book money and later in 2002 as cash replaced national currencies in many European countries.

Social changes

• Liechtensteinʼs population grew from around 29'000 in 1995 to over 40'600 in 2024. This has led to greater demand for housing and infrastructure and has enhanced the countryʼs cultural diversity.
• Commuter traffic has also increased significantly since 1995: While the share of cross-border commuters stood at 34.6 % in the 1990s, it has now risen to 57 %. This means that over 23'000 people commute to work in Liechtenstein.

Regulations

• The regulatory framework has evolved considerably since 1995. While the focus at the time was on integration into the EEA, today it centres on topics such as data protection, financial market regulation, and digital security.
• The Financial Market Authority Liechtenstein (FMA) was established in 2005.

The LLB

• The Liechtensteinische Landesbank had around 500 employees in 1995. By 2024, this number had grown to 1'501.
• In 1995, our branches were all in Liechtenstein. Today, in addition to Liechtenstein, we are also present in Switzerland, Austria, the United Arab Emirates, and since 2024, Germany.
• LLBʼs assets under management increased from 20 billion Swiss francs in 1995 to 97.0 billion Swiss francs as of 31 December 2024.
• LLB has had a total of five CEOs since 1995: Karlheinz Heeb (who held the title of Director at the time, 1979–1996), René Kästli (1996–1999), Josef Fehr (2000–2012), Roland Matt (2012–2021), and Gabriel Brenna (since 2021).