10 Richest Countries In Europe

Most continental European countries are considered to be one of the richest nations in the world. The history of Europe features many innovations and civilizations and continues to dominate in sectors such as technology, exports, industrialization, engineering and services. The inhabitants of rich European nations can afford a high standard of living thanks to the high GDP per capita.

The richest countries in Europe

10. Austria – $ 48.005

Austria has the 10th highest PPP-based GDP per capita in Europe with 48.005 international dollars. The service sector in Austria is the main contributor to its GDP. Austria has highly developed consulting and finance sectors where its banks and law firms are among the best companies in Europe. Tourism is another key pillar of the country’s economy, and winter ski resorts, including Kitzbühel, attract guests from the United States, Eastern Europe, and Russia. Austria trades heavily with EU states and its exports range from metal products, paper and cardboard, textiles, cars and parts, to food.

9. Germany – $ 48,111

Germany’s GDP per capita at PPP is Europe’s 9th largest in Europe with 48,111 international dollars. The country’s exports in 2016 were worth $ 1.33 trillion and included vehicles, base metals, plastics, chemicals, food, electrical and transportation equipment, and rubber. Germany boasts abundant deposits of copper, salt, potash, natural gas, timber and nickel. It houses the headquarters of 53 of the world’s 2,000 largest listed companies such as Bayer, Volkswagen, Munich Re, Allianz and BMW. The nation’s unemployment rate is estimated at 5.6%.

8. Iceland – $ 49,136

Iceland’s GDP per capita is estimated at 49,136. The country implemented widespread free market reforms in the 1990s which were initially successful. A financial crisis that lasted from 2007 to 2010 put the nation in economic uncertainty which had to acquire emergency funding from some European nations and the International Monetary Fund. The country is currently on course for full recovery. Iceland has harnessed its rich hydro and geothermal sources to power its industries, the most important of which is aluminum smelting. Fish stocks represent over 20% of the Icelandic economy.

7. Sweden – $ 49,836

Sweden’s GDP per capita on PPP is around 49,836 international dollars. The Swedish economy focuses on exports with iron ore, timber and hydroelectricity being its main resources. Precision equipment, automobiles, iron and steel, chemicals, industrial machinery and household appliances are among the main Swedish industries. Sweden is also home to world-renowned companies including Dyno Nobel, Ericsson, AGA and SKF. Private companies own about 90% of the companies and resources. Vast welfare benefits and fairly high income taxes facilitate income distribution. Since Sweden chose to remain neutral during World War II, its economy was not devastated like other European states.

6. Netherlands – $ 51,049

The Netherlands boasts a GDP per capita on PPP of 51,049 international dollars. The Netherlands participate in NATO, the euro area, the EU and the Schengen area. Of particular importance to the Dutch economy is the city of Rotterdam which is home to one of the busiest and largest ports in the world. The port serves not only the country but also the rest of Europe. Most of the raw materials en route to Germany pass through the port of Rotterdam. The technological advancement of the Dutch food industries makes it 2 and the largest exporter of agricultural products such as flowers, cheeses, pears, cucumbers and apples. Dutch imports include low-cost products that are funneled into its sophisticated industries to produce high-quality items for export.

5. San Marino – $ 59,058

The per capita GDP of San Marino based on the PPP is approximately 59,058 international dollars. Its economy includes sectors such as electronics, wines and spirits, clothing, furniture, banks and ceramics. The country also engages in the sale of collectible stamps to many philatelists. Cheese and wine are the primary agricultural products of San Marino. In 2011, San Marino’s exports were valued at $ 3.827 billion compared to $ 2.551 billion in imports. San Marino has no national debts and has a state budget surplus.

4. Switzerland – $ 59,561

Another rich European nation is Switzerland with a GDP per capita on PPP of 59,561 international dollars. Switzerland is renowned for its high-end watches and clocks exported to countries in the Americas, Oceania, Europe, Africa and Asia. His watches exported in 2011 were valued at over $ 20 billion. The country is home to Nestlé, ranked as one of the largest food companies in the world. Industries in the nation also produce roofing chemicals, pharmaceuticals, and chemicals for construction and industry. Switzerland trades heavily with Germany, the United States, Italy, France and Austria.

3. Ireland – $ 69,231

Ireland’s GDP per capita at PPP is estimated at 69,231 international dollars. The alcoholic beverages sector is one of Ireland’s primary industries with a workforce of around 92,000. Pharmaceuticals, financial services, software, medical technologies, and aircraft leasing are some of the other major sectors in the country. Ireland is among the top lead and zinc producers in Europe dominating its exports. More than 60 lenders are incorporated in the country. Ireland is recognized as one of the most profitable nations for US corporations in the world.

2. Norway – $ 69,249

Norway boasts a GDP per capita based on the PPP of international dollars 69,249. Norway is highly endowed with natural gas, minerals, oil, fish, hydroelectricity and forests. The Norwegian government largely regulates the nation’s oil resources, and the sector accounts for 37% of exports, 12% of GDP, 9% of the workforce and 13% of the country’s revenue. Norway has one of the lowest income disparities in the world, as its policies facilitate education and innovation, and has been able to reduce poverty and ensure that the majority of its inhabitants have jobs. The country also lays a portion of the state’s oil revenues into a $ 900 billion worth of sovereign wealth fund, making it the largest in the world.

1. Luxembourg – $ 104.003

Luxembourg has the highest GDP per capita of all the countries on the continent, making it the richest country in Europe. Luxembourg prides itself on having a per capita GDP based on purchasing power parity (PPP) of international dollars 104.003 in 2016, the largest of any European nation. Luxembourg has remained stable for decades and good governance has facilitated its economic development. The steel sector represents 7% of its economy and is home to ArcelorMittal, the largest steel producer in the world. Luxembourg wanted to develop its technology and financial services industries to diversify its economy. 155 banking companies are estimated to have operations in the state, many of which are foreign-owned. Luxembourg enjoys a ultra-high-speed communication infrastructure combined with numerous data centers, enabling the country to provide huge global connectivity to the international network. Government incentives, low corporate taxes, a favorable business environment, and a stable workforce all support the country’s economic prosperity.

High quality of life

Quality of life is defined as the general well-being of people which outlines the positive and negative aspects of life. Quality of life is not the same as Standard of Living, which is primarily based on income. Quality of life affects life satisfaction, which includes attributes such as physical health, education, religious beliefs, employment, wealth, the environment, and finance. Quality of life has a wider and wider range of contexts and is used in areas such as politics, health care, employment and international development. Most of the European nations mentioned above guarantee a high quality of life for their citizens.

The richest countries in Europe