As a result of its value creation, the high number of people it employs and its contributions through tax revenues, the financial sector is an important pillar of the Swiss economy and fulfills an essential function in the domestic economy. Switzerland is a preferred international financial center, providing long-term stability and an efficient infrastructure. Labor costs are comparatively low due to high worker productivity. By European standards, taxation in Switzerland is investor-friendly. This constellation has resulted in the establishment of numerous prominent headquarters and R&D facilities. Numerous international organizations including the European headquarters of the United Nations and the International Committee of the Red Cross are based in Geneva.