In 2025, the Principality of Liechtenstein has once again been ranked the best location in the world for charitable foundations and philanthropic engagement. This is the result of the 2025 Global Philanthropy Environment Index (GPEI), recently published by the Lilly Family School of Philanthropy at Indiana University. Liechtenstein has thus maintained its leading position, which it first achieved in the 2022 edition of the GPEI.

Together with 173 country experts, the researchers at Indiana University examined the conditions for philanthropic activity in 95 countries—four more than in 2022. The Lilly Family School of Philanthropy assessed the legal, economic, and socio-cultural environments, as well as how easy it is for foundations and philanthropists to engage domestically and internationally. The study, conducted every three years, aims to describe and improve the global environment for philanthropy. Ratings are given in six categories on a scale from 1 to 5. Liechtenstein achieved the highest average score worldwide at 4.92, ahead of Switzerland (4.88), the Netherlands (4.84), Belgium (4.78), Germany (4.74), Denmark (4.67), Singapore (4.61), and Sweden (4.54). The global average across all 95 countries is 3.60.

Dr. Thomas Zwiefelhofer, President of the Association of Liechtenstein Charitable Foundations and Trusts (VLGST), welcomed the reaffirmation of Liechtenstein’s top ranking: “The index clearly reflects the excellent framework Liechtenstein offers for philanthropic engagement. It also acknowledges the commitment of the VLGST, which represents the interests of 141 member charitable foundations and trusts in the country.” Karin Schöb, Co-Managing Director of the VLGST, added: “Competition among philanthropic jurisdictions has increased in recent years. This benefits charitable foundations overall, but also requires forward-looking strategies to remain competitive. We are therefore especially pleased that Liechtenstein continues to be recognised as the world’s leading location for philanthropy—and the VLGST, together with its members, will remain committed to maintaining this standing.”

University of Liechtenstein Took the Lead in Supporting the Study

“From an academic perspective, it is significant that Liechtenstein is included in the GPEI for the second time,” explained Prof. Dr. Marc Gottschald, Director of the Center for Philanthropy at the University of Liechtenstein, who supervised the study from a scientific standpoint. “That the world’s most comprehensive study of this kind places Liechtenstein once again at the top sends a strong signal for the country as a hub for philanthropy,” Prof. Gottschald continued.

Prof. Dr. Alexandra Butterstein, LL.M., Professor of Company, Foundation and Trust Law, who contributed again to the private law component of the study, also expressed her satisfaction with the result: “This outstanding ranking confirms the excellent legal conditions that Liechtenstein offers for philanthropic engagement.”

In addition to the Center for Philanthropy and the Professorship for Company, Foundation and Trust Law, the VLGST also contributed to the data collection. Prof. Gottschald is pleased with both the collaboration and the outcome: “The efforts made by the country to establish optimal conditions for philanthropic activity have paid off,” he stated.

The study is available on the Indiana University website at:
https://globalindices.indianapolis.iu.edu/environment-index/downloads/index.html

The University of Liechtenstein would like to congratulate Marius Gramlich on the successful defense of his dissertation with the highest distinction. The thesis entitled “Tokenomics on Crypto Exchanges and Experimental Asset Markets” was supervised by Prof. Dr. Martin Angerer and Prof. Dr. Fabian Schär from the University of Basel. They collaborated with Spiridon Penev (University of Sydney) and Yilong Xu (Utrecht University) – a successful example of the University of Liechtenstein's international research cooperation with leading partner institutions and researchers.

Marius Gramlich's dissertation is dedicated to the financial and economic facets of the token economy on crypto exchanges and experimental capital markets. The studies focus on trader behavior, market design and the efficiency of the markets, particularly with regard to their liquidity.

The dissertation includes innovative methodologies to measure the unit of account (as a function of money) and liquidity in crypto markets as well as the impact of fractionalization of assets through tokenization. The results provide new insights into the token economy with relevance for traders, market operators and regulators.

The research has already been presented at numerous international conferences and has been well received by the scientific community. The first of the three studies was published in the "Journal of Risk and Financial Management” at the beginning of the year.

We would like to congratulate Marius Gramlich on this outstanding success and wish him all the best for his professional and personal future!

Wir gratulieren Marius Gramlich herzlich zu diesem herausragenden Erfolg und wünschen ihm für seine berufliche und persönliche Zukunft alles Gute!

Bank Frick has once again awarded a scholarship for participation in the CAS Blockchain and FinTech programme at the University of Liechtenstein. This year, the scholarship goes to Sabrina Zimmermann from Bad Ragaz. She prevailed over seven other applicants and will participate in the programme free of charge.

As part of its cooperation with the University of Liechtenstein, Bank Frick provides a scholarship worth CHF 10,900, covering full tuition for the CAS Blockchain and FinTech. The programme is particularly distinguished by its practical focus and the application-oriented teaching of knowledge on the technological transformation of existing financial systems. Participants gain in-depth understanding of interconnected systems and their impact on business models and value creation networks.

Sabrina Zimmermann’s Application Stood Out

This year’s Bank Frick scholarship is awarded to Sabrina Zimmermann from Bad Ragaz. Her application stood out due to her strong interest in further developing her knowledge in the fields of blockchain and fintech following her bachelor’s degree in business administration. Already during her undergraduate studies, Zimmermann developed a deep interest in technological innovations that are transforming the financial sector. In the application process, she clearly demonstrated her strong motivation to deepen her understanding of the potential of blockchain technology and to expand her practical knowledge by drawing on the expertise of the programme’s distinguished faculty.

Fostering Know-How for Liechtenstein and the Greater Rhine Valley Region

Bank Frick has once again awarded a scholarship for participation in the CAS Blockchain and FinTech at the University of Liechtenstein. This year, the scholarship goes to Sabrina Zimmermann from Bad Ragaz. She was selected from among eight applicants and will participate in the programme free of charge.

The University of Liechtenstein warmly congratulates Merlin Bartel on the successful defense of his dissertation, which he completed with the highest distinction. His thesis, entitled “Machine Learning in Financial Economics: An Investment Perspective”, was supervised by Assoc. Prof. Dr. Sebastian Stöckl and Dr. Pedro Barroso of the Católica Lisbon School of Business and Economics – a prime example of the University of Liechtenstein’s international research collaboration with leading partner institutions.

In his dissertation, Merlin Bartel explores how machine learning methods can enhance predictive accuracy in financial economics, particularly in the context of factor premia and capital market anomalies. His work focuses on the development of robust, economically interpretable models that remain effective under realistic investment conditions.

The dissertation includes several innovative contributions, such as three novel predictive signals, an integrated ML-based single-factor model, and the application of autoencoders for compressing complex financial signals.

His research has already been presented at numerous international academic conferences and received considerable attention from the scholarly community.

We sincerely congratulate Merlin Bartel on this outstanding achievement and wish him continued success in his professional and academic journey!