The value of all final products and services produced in a nation over a specified time period is measured by the GDP (Gross Domestic Product). This is an indicator of a country’s prosperity.
The riches of its individual nations more than make up for Europe’s relatively modest size. Making it the world’s second smallest continent.
The developed economies of Europe have been able to display year-on-year growth despite the 2007–2010 financial crisis, thanks to the continent’s plentiful natural resources and robust trading links with the rest of the globe.
Let’s have a look at the list of Europe’s top 20 richest countries by GDP per capita.
Luxembourg – $110,870 GDP per capita
Luxembourg pays $114,234 In both Europe and the world, the country with the greatest per capita GDP is Luxembourg.
The prosperity of Luxembourg has been aided by decades of stability and sound policy making.
Its largest steelmaker, ArcelorMittal, is headquartered there, and the iron and steel industries account for 7 percent of the country’s GDP.
As a means of broadening its economy’s base of support, Luxembourg has been focusing on growing its technology and financial services sectors.
A large number of the state’s 155 banks are owned by banks based in other countries. With its numerous data centers and ultra-fast communications infrastructure, Luxembourg is able to offer unprecedented levels of worldwide connectivity.
The country’s economy is growing thanks to a number of things, such as government incentives, low taxes on corporations, a business-friendly environment, and a reliable work force.
Luxemburg is the richest country in the world as well.
Ireland – $79,925 GDP per capita
Using an export-driven economic model and having great success in attracting foreign direct investment (FDI), especially from large corporations, Ireland has risen through the ranks of the EU’s wealthiest countries in recent decades.
Ireland has a thriving economy because of its low taxes, educated and fluent English-speaking workforce, dependable government, and strong relations with the United States.
Ireland’s economy has grown at a solid clip, helped by a steady stream of immigrants and foreign investors.
Norway – $74,065 GDP per capita
Norway is among the five richest European countries because of its abundant natural resources (oil, gas, wood, and salmon) and its prudent use of those resources.
Also, the Kingdom’s tourist and service industries are flourishing. According to the most recent study from the Doing Business agency, Norway is the third easiest European country to launch a business, and it ranks seventh overall.
Unlike in many other developed nations, international students at Norwegian institutions do not have to pay tuition.
Switzerland – $63,380 GDP per capita
The Swiss economy has a strong foundation because of the country’s well-established institutions, favorable economic climate, and world-class educational system.
The country’s strong industrial foundation and central placement in Europe’s major national marketplaces are further advantages.
Switzerland fared quite well during the COVID-19 crisis as a result of the country’s liberal regulations and public aid.
While differences with the EU over the bilateral relationship and sensitivity to external shocks pose dangers, the economy is expected to return to a strong, if unspectacular, growth track in the near future
Netherland – $56,435 GDP per capita
Netherland is positioned between Germany and Belgium in western Europe, the Kingdom of the Netherlands enjoys a convenient and secure location. It’s a major economic powerhouse in the European Union, with thriving manufacturing and agricultural sectors.
The agricultural exports of the Netherlands, for instance, rank among the highest in the world. Dutch government officials spare no effort to ensure their citizens enjoy the fruits of the country’s economic success. However, if you are interested in Asian’s one of the richest countries’ residency then you can apply PR Singapore!
Iceland – $54,121 GDP per capita
The financial crisis of 2007–2010 had a devastating effect on Iceland’s small economy, prompting the country to seek emergency aid from the IMF in 2008.
It has, however, had a full recovery in the years since. The tourism industry has contributed significantly to Iceland’s recent economic growth, accounting for more than 10% of the country’s GDP.Both the software and biotech industries have grown rapidly in recent years.
The fishing industry continues to contribute 12% of GDP and 40% of export revenues.
Sweden – $53,077 GDP per capita
Sweden is Located in the very north of Europe, the Kingdom of Sweden is It’s estimated that almost 10 million people call this place home.
The country is wealthy as a result of its open and competitive economy, which relies heavily on the sale of technologically advanced manufactured goods abroad.
It features a social security system that is among the best in the world.
In addition to its wealth, Sweden is also a stunning country. It’s worth noting that trees cover roughly 69% of the land area.
In Sweden, the average monthly salary is around three thousand euros (net)
Germany – $52,801 GDP per capita
Generally speaking, nearly all German areas have developed first-rate infrastructure, making them ideal places to live, work, and play.
The country receives a large influx of tourists annually, and international students are pleased to attend the country’s universities due to the low cost of education there.
Germany is one of the wealthiest countries in Europe because its economy is diverse, stable, and the biggest in the continent.
There is also a ranking of the least prosperous European nations, where people have to make do with far less money and the economy is ten times less robust than in the richest nations. This is mostly made up of European and Balkan countries that used to be part of the Soviet Union.
Denmark – $51,643 GDP per capita
Denmark, the southernmost Scandinavian country, is often regarded as a top destination for expats and newcomers alike.
Numerous studies have shown that Danes and their workers are generally content with their lives. This is helped along by both high salaries and social security benefits.
The average monthly salary in Denmark is more than 3,000 euros after taxes and other deductions. Business start-ups in Denmark are easier than in any other European country, with Doing Business ranking it top overall out of 190 nations worldwide.
Belgium – $48,258 GDP per capita
Belgium has a prosperous, cutting-edge economy.
It is one of the world’s leading trading nations, particularly in the exportation of machinery and equipment, chemicals, diamonds, metals, and food goods, thanks to its highly skilled, multilingual work force and location at the heart of Europe’s most industrialized region.
The service industry contributes 75.1% to GDP, whereas agriculture only contributes 1.0%. The rest is made by businesses, with the metal and textile industries, chemical and pharmaceutical production, and the electronics sector making the most direct contributions
Finland – $46,342 GDP per capita
Finland is a country with stunning landscapes, high living standards, and a robust economy.
The government of Finland is making an effort to entice investors from abroad. Local entrepreneurs place a premium on cutting-edge ideas and top-notch goods.
Before taxes, the average monthly salary in Helsinki is €4,000, while the average salary in smaller cities is only €3,400.
France – $45,473 GDP per capita
France, a sovereign nation, is an influential participant in the European Union and the Eurozone, the Group of Seven, NATO, the Organization for Economic Cooperation and Development, and the World Trade Organization.
Financial and insurance powerhouses like AXA (the world’s largest insurance business), BNP Paribas, Crédit Agricole, and Société Générale are based in France, a country with a diversified economy that comprises both public and private sectors.
Meanwhile, France’s agricultural sector accounts for 2% of GDP, making the country the world’s second-largest exporter of food crops. The French economy also relies on transportation, science and technology, tourism (France is the world’s most visited country, with over 86 million visitors annually), and more.
Malta – $44,670 GDP per capita
Malta is both the tenth smallest and the fifth most populous country in the world.
It’s no surprise that tourism is so important to the country’s economy, given that the country enjoys a Mediterranean climate and is home to numerous significant historical and architectural treasures (including three UNESCO World Heritage Sites).
The rest of the economy is made up of foreign trade, the electronic and textile industries, financial services, and a thriving real estate market. Tourism is also a big part of the economy, contributing 27.1% to
Spain – $40,289 GDP per capita
When it comes to land area, Spain is fourth in Europe and first in the southern region.
Spain’s economy has grown significantly since the 1990s, with many companies becoming multinational (largely as a result of significant expansion in Latin America and Asia) and a tourist industry that now ranks as one of the biggest in the world.
In 2017, Spain was voted the second most popular tourist destination in the world. Even though the country has a high rate of unemployment, one of the worst education systems in the developed world, and a large informal economy, this is the case.
Italy – $39,499 GDP per capita
Italy is the 4th most populated EU member and the 17th richest European country, with a population of 61 million and a GDP per capita of $39,499.
Strong industries like agriculture, manufacturing, and the fashion industry contribute to Italy’s robust economy.
Tourism accounts for 13% of GDP and the country’s success as the fifth most visited in the world, bringing in more than 50 million visitors annually.
Cyprus – $38,980 GDP per capita
Cyprus had experienced a brief era of prosperity after its 2004 EU membership. As a result of the damage done to its economy, Finch, a credit rating agency, downgraded Cyprus to junk status in 2012.
In the years after the crisis, the country has gotten a lot of help from the tourists and foreign investors who came because the country’s immigrates rules were made easier.
Czech Republic – $37,546 GDP per capita
The Czech Republic, also known simply as Czechia, is a landlocked country in the exact geographical center of Europe.
Prague, the country’s capital and largest city, is home to 1.3 million people. Other important urban centers in the Czech Republic include Brno, Ostrava, and Pilsen, known as the “beer capital of Europe.”
Their advanced, export-driven economy is predicated on advances in service and manufacturing as well as novel ideas.
Some of the most profitable companies in the country are Skoda Auto, CEZ Group (a utility company), Agrofert (an international conglomerate), Energetick a prumyslovy holding, a.s. (an energy company), and Unipetrol (a chemical company).
Slovenia – $36,566 GDP per capita
Slovenia is the second-wealthiest Slavic country per capita. And is surround by four countries and the Adriatic Sea (the Czech Republic just pips it to the post at number one).
Its export-based economy shrank by 8% in 2009, making it one of Europe’s worst performers in terms of GDP shrinkage.
It was completely recover in 2014 thanks to an austerity program and greater privatization of public industries. Tourism and construction have grown a lot in recent years, which has helped the economy.