British News Agency

Haas, 60, is a lawyer and the CEO of the country's Chamber of Commerce and Industry.

The liberal-conservative party Ettjarðarbandalagið secured nearly 40% of the votes in yesterday's parliamentary elections, winning 10 out of 25 seats.

Haas will take office at the end of March. However, Prince Hans-Adam II remains the most powerful figure in Liechtenstein and can dismiss the government and veto laws if he wishes.

Liechtenstein, officially the Principality of Liechtenstein, is an independent constitutional monarchy with a population of 40,000, located in the Alps between Switzerland and Austria. It is one of Europe's microstates.