Europe may be the second smallest continent worldwide, but it still makes up for the diminutive size by the wealth that all its countries possess. Europe is known to be a home of natural resources – a reason which adds to its strong trade relationship with the rest of the world. The economy of Europe has witnessed an incredible surge over the recent decades. Today, it is home to some of the financially powerful nations in the world.
10 Richest Countries in Europe
Many countries in the continent have been named the wealthiest nations. The history of Europe features many civilizations and innovations that continue to rule the areas like industrialization, exports, technology, engineering, and other services. Here are the top ten wealthiest countries on the continent.
This country is the largest and strongest economy on the continent. At the global level, Germany happens to be the fourth-largest economy in the whole world, with a total GDP of $4 trillion.
A lot of money in the country comes from the processing industries like metals, automotive, and harsh chemicals. Furthermore, the creation of high caliber equipment, optics, pharmaceuticals, clear plastic goods, etc. also contributes to the total income of the country.
Beautiful France is a hub of tourism. It is the most-visited country in the world and also the second-largest economy in the whole of Europe. The GDP of France extends up to $2.8 trillion. This country witnesses an impressive standard of living of all its people, and in recent years, the economic progress of France has stunned everyone.
There are many employment opportunities available for people of all ages. Currently, the country is also rebooting its technological sector for more income. The locals of France are said to be blessed with architecture, superior science, and computer prowess. Besides this, the academic infrastructure of France is also one of its biggest highlights.
Britain has a total of $2.8 trillion in GDP, making it one of the wealthiest countries on the continent. Compared to all the other countries, the GDP of the United Kingdom is relatively higher.
The quality of life of the country is considered excessive. The whole country encompasses technological innovation and copulates industries. Automotive happens to be one of the largest sectors. Besides this, the United Kingdom is also one of the biggest tourism hubs. The culture of the UK is worth exploring.
The nominal GDP of this country ranges over $2 trillion. In terms of gross domestic product, the economy is believed to be worth $2.45 trillion. Italy is a well-recognized member of the particular Eurozone.
It has varied sectors of income that together make it one of the wealthiest countries not only in Europe, but worldwide. A lot of money in Italy comes from its tourism and technological sector. The connoisseurs of art and culture often travel to Italy to learn about its history and admire its beautiful architecture.
Russian Federation is the largest country on the planet in terms of landmass. It also happens to be one of the wealthiest economies on the continent. According to the recent news, the nominal Gross Domestic Product of Russia is more than $1.5 trillion.
The nation generates its income from various sectors. Recently, Russia is expanding its business in oil and coal, mining, digesting precious metals and precious gems, aircraft development, aerospace generation, the military system, weapons, electric powered engineering, auto industry, highway, and cultivation.
The Spanish economy is considered the sixth-largest economy inside the Eurozone. In the past years, the country suffered from a massive recessionary period. However, it fought back and developed its economic system once again. Today, the GDP per capita of the country remains more than $30,000.
Spain generates money from varied sectors. Tourism is one of the fields from where Spain generates a lot of income. The remaining revenue comes from the manufacturing and industrial sector, energy sector, and agriculture.
It is the seventh-largest country in the financial system of Europe. The Netherlands also happens to be the 17th largest economy on the planet. The nominal GDP of the country goes up to $900 billion and a gross domestic product – PPP ranges up to 1 trillion respectively.
This country also happens to be the 13th highest nation concerning household income. The Netherlands allows its citizens a good quality of life. Besides this, the accessibility of healthcare, schools and colleges, industries, IT offices, and others make this country a liveable place for the locals and outsiders.
Norway boasts an impressive GDP per capita of $69,249; thus, among the top ten richest European countries. It is rich in minerals, oil, natural gas, fish, hydropower, and forests. The government of Norway has extensively regulated the petroleum resources of the country, adding more to its revenue.
Other sectors, too, contribute to the increasing economy of Norway. The most impressive thing about this country is that it has the lowest income inequalities as all its policies encourage innovation and education to reduce poverty. Thus, the quality of life for the poor section of society is satisfactory.
Switzerland is another wealthy European nation with a GDP per capita of $82,950. It is renowned for its food industry, agriculture, watches, roof coating chemicals, pharmaceuticals for construction and industrial use, and other industries.
The country trades majorly with France, Italy, Germany, and Austria within the continent and the United States of America outside it. The tourism of Switzerland is yet another department which brings the country a lot of wealth.
Last but not least, Luxembourg is another wealthy nation of Europe with one of the highest per capita GDP. It is also counted among the wealthiest countries in the world. The most impressive thing about this country is that its economy has remained stable for several decades now, and the country owes it to its steady government rule.
Luxembourg attracts ample money from the steel industry, banking and financial companies, the communication industry, etc. Besides, it also engages a stable labor force to sustain its economic prosperity.
Unlike the United States of America, the quality of life of the poor section of society in these countries is not very bad. The standard of living and quality of life in these countries remain adequate for all income groups.
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