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The sixth-smallest country in the world in area (160 km²/62 mi2), the Principality of Liechtenstein (Fürstentum Liechtenstein—FL) was created in 1719 and gained full independence from the Holy Roman Empire in 1806 and again in 1866 from the German Confederation. In 2015, the country had an estimated population of 37,600; it is ruled by the Royal House of Liechtenstein. Liechtensteiners have one of the world’s highest standards of living, and FL has become one of the most industrialized and affluent countries on Earth. Tourism is a critical part of the country’s economy, but FL has a more diversified economy than most other microstates.

Most of the economic success of Liechtenstein derives from the country’s low corporate tax rates and renowned management reputation, which have attracted ...

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