Which country is the richest country in Europe?
From London financial hubs, state-of-the-art German machines, Ibiza’s nightlife to the Boo’d up Paris streets, Europe packs variety within its complex boundaries.
Since time immemorial, Europe has played a role in Global affairs. It’s after all the place where the western civilization was birthed. And no wonder it’s home to some of the top richest countries in the world.
European Philosophers, Artists and other intellectuals brought about the Renaissance, science, art and eventual exploration that saw Europe scramble, partition and control large parts of the world (Africa, America, Asia) – amercing great wealth and resources.
The Top 10 Richest Country In Europe
Here’s a list of the ten richest countries in Europe.
Known for magnificent castles and serene countryside filled with warm cultural festivals, Luxembourg is a place of immense beauty.
It’s a sparsely populated country in the middle of Europe with a booming financial and tourism industry.
The economy is diversified with agricultural, technological and manufacturing enterprises. Here’s why it’s the richest country in Europe.
Luxembourg has sophisticated financial sector with around 140 banks. It’s the 3rd financial centre of Europe.
The banking sector has the secrecy level that attracts reclusive billionaires to deposit and make investments here.
- Assets in Luxembourg range from Islamic to Chinese bonds among other assets.
- A small population of about 600, 000 thousand people.
- GNI of $72,690
- A life expectancy of 82.3 years.
- It is strategically located in the centre of Europe, which makes trade with other big countries easy.
From its Aurora lights to its oil and fisheries resources, Norway is an economic giant with the following:
High wages and the lowest income inequality in the world – the salaries in Norway are 50 per cent more than anywhere in Europe
- Annual revenues from oil are about $ 40 billion
- The small population in a vast country: money earned from its lands and oceans is enough to cover the 5.3 million people
- Big fishing industry because of its cold waters
- A life expectancy of 82.5 years
- GNI per capita of stands at $63, 980.
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Switzerland is a country with the world’s highest living standards thanks to its overall innovation.
Here, the government influence on local business and the economy is small. Cantons (states) can pursue economic policies such as favorable tax regimes.
Switzerland is, therefore, the third richest country in Europe.
- With a $65,610 GNI per capital.
- Great work morals and high wages for workers: most people are industrious and hardworking – honesty is valued and practiced, while corruption is eschewed.
- Attractive taxation policy with confidentiality rules that bring in foreign millionaires to stash away funds
- Exports include gems, pharmaceuticals, machinery.
- A high life expectancy of 82.9 years
Ireland too has a small population and favorable corporate tax system, making it a go-to investment destination for a bunch of big companies in the world.
It has also enjoyed decades of peace long after the 1994 IRA peace deal. Here’s why it’s a $385 billion economy below:
- It has a small population of just 5 million people with 81.6 years life expectancy.
- It makes some of the best alcohols and beverage in the world.
- It’s a top exporter of lead and zinc
- $ 61,910 GNI per capita that places it among the richest countries in Europe.
5. San Marino
This small country in the Italian peninsula has a diversified financial, tourism, manufacturing and services economy.
It’s a small population with a stable economy which makes it one of the richest countries in Europe. Here’re some facts about San Marino:
- The number of vehicles here even exceed the number of people.
- There’s no national debt
- A 34,000 people population
- It’s a top producer of cheese and wine
- A GNI of $ 59, 058
So far so good, out of 50 recognized European countries, we’ve see the top 5 richest countries in the European continent. Let’s check out the next 5.
As per Oxfam report, the Netherlands has the most nutritious and healthiest diet, but that’s not all this country with the tallest people on earth is known for, the Netherlands is rich because:
- It’s a top flower exporter; of the world’s flower industry Netherlands’ makes 80% of it
- It’s a top tourist destination as people flock here to walk and smell the tulips
- It’s the second biggest exporter of beer
- It’s home to technology companies such as Philips and Spyker Cars
- Home to one of the busiest harbors in Rotterdam which serves the whole of Europe
- A $ 51,049 GNI per capita
From begging for trash to naming a political party after a Disney Cartoon – Donald Duck, Sweden is a fun-packed with a booming economy supported by:
- A 10 million population with low infant mortality rate and 81.6 years life expectancy
- Low corporate taxes
- Government neutralism – Sweden did not take [part in both world wars, so no cash was channelled to heavy military budgets•Iron, timbre and hydropower exports
- Companies such as Ericcson, Volvo, Dyno Nobel and more
- A $49,836 GNI per capita
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The eco-friendliest country in the world makes to the list after all. Iceland is among the richest countries in Europe as evidenced by:
- A $ 49,136 GNI per capita
- Large fisheries resources making up 20% of the economy
- Low crime rates that police don’t even have to carry guns
- Vast geothermal and hydroelectric energy resources
- Booming tourism industry as people are attracted to the Aurora lights, waterfalls, volcano-shaped terrain, whale-watching activities, geysers and more.
Everyone knows of German football, German machines – BMW, Porsche, Audi and more.
But the German is more than that; it includes the booming pharmaceutical industry, tourism and culture. German is on the list of the richest countries in Europe because:
- It’s a leading manufacturer and exporter of automobiles, electronics and chemicals.
- A skilled population thanks to vocational training and apprenticeship culture
- Flexible labor market with easier labor mobility, fewer working hours and better wages
- Copper-nickel, timbre and natural gas exports
- A $ 48,005 GNI per capita
The country of breath-taking Alps and classical music close our list of the richest countries in Europe. Austria is a diverse developed economy with:
Industrious population and the best working environment based on social partnerships, employee-employer compromises and work-life balance of guaranteed 5-week paid vacation per year.
- Booming tourism economy as people flock to its winter ski resorts and Vienna operas
- Metal, chemical and food exports – steel, iron, beef, pork are among the top exports
- Booming financial and legal services sectors such as the best banks and law firms in Europe.
- A $48,005 GNI per capita
European countries are not known for high mountains of the world, but for tech and machines, Philosophers, Artists and other intellectuals.
Richest Country In Europe (Summary)
The 21st century Europe is thus home to some of the developed economies on earth with great infrastructure, stable governments, working social welfare policies, high life expectancy and literacy levels.
Now you have the list of the top 10 richest country in Europe, what did you think? Let’s have t=your comments in the box provided below.