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Greg Leiserson, director of tax policy and senior economist at the Washington Center for Equitable Growth, a thinktank in the US, cited the figure, which came from the OECD, in a report he co-authored, “Net worth taxes: What they are and how they work”, published on 21 March.

Luxembourg’s treasury earned less than a fifth of one percent--€37m--from property tax, out of €1.3bn in total tax revenue, in 2016.

Other jurisdictions that earned relatively little from property taxes include Austria, the Czech Republic, Switzerland, Estonia and Turkey.

The US is most reliant on property tax, representing more than 10% of the total, the report noted. Governments in Canada, the UK, Israel and France also depend on property taxes for a large part of their revenues.