Top 10 Richest Countries In Europe – Of the seven continents in the world, Europe is undoubtedly the most developed, and definitely the one with the highest number of richest countries. The continent has an area of 10,180,000 km and is surrounded on the north by the Arctic Ocean, the Atlantic Ocean to the west, and the Mediterranean Sea to the south. Europe has about 50 nations, with a total of about 741 million people. The continent has numerous global eye-catching structures and cities like Paris and London among others. So, what are the richest countries in Europe?
The majority of the European nations have enough Per capita GDP to keep the majority of their populace above the poverty line, but below are the top ten richest countries in the continent of Europe.
Top 10 Richest Countries In Europe 2020
Official Language: Luxembourgish, French, and German
The country is located in western Europe, with an area of 2,586 square kilometres, surrounded by Belgium, France, and Germany. it’s capital Luxembourg city is the location of the European court of justice. The nation’s official languages are Luxembourgish, French, and German. The country is one of the least populated with about six hundred thousand people. Luxembourg is one of the founding fathers of the European Union. With a reasonable part of its population being foreigners’ majorly from Portugal, Belgium France, Germany, and Italy, the country has integrated outsiders, yet still maintaining it’s national identity.
Luxembourg is extremely productive, with its government debt one of the lowest in the world. The average Luxembourg citizen standard of living is even higher than that of an average American. The country has a GDP per capita of $104,103. The countries economy is largely dependent on steel, banking and industrial and finance sectors. The country’s financial environment, is very favourable to investors, as they invest heavily to keep company taxes relatively low. Companies like Skype and eBay have their regional headquarters in Luxembourg City. Luxembourg has an unemployment rate of 5.5 percent, which is largely due to the fact that, With the reduced tax attracting several companies, the companies invariably offer employment to the Luxembourg small populace. The wealth of the nation is also fostered by their relatively small size, as the cost of infrastructures, the defense is low, for instance, Luxembourg has a standing army of about a thousand soldiers.
Official Language: German, French, Italian, and Romansh
Switzerland is located in Western-central Europe, the country is bordered by Italy to the south, Austria and Liechtenstein to the east, Germany to the north, and France to the west. The country’s official languages are German, French, Italian and Romansh. The country has a population of about 8 million, with a GDP Per capita of about $80.190. Towns such as Zurich and Geneva in the Netherlands have been ranked as best cities in the world in terms of quality of life.
Official Language: Irish and English
Ireland is a small country in North-western Europe, with its capital city being Dublin. The country is mostly surrounded by water, particularly the Atlantic ocean, the Celtic Sea on the south, and also the Irish sea to the east. The country has an area of 70,273 kilometres square, and a GDP Per capita of $77,450. Irish and English are their official language.
Ireland’s economy is predominantly a high technology industry and services one, the country largely depends on foreign investments, and several multinational corporations are located there. Ireland is also a large exporter.
Official Language: Norwegian, Sami, and Kven
Norway is located in the North-west of Europe, the country attained independence in 1905 having being ruled for many years by Denmark and Sweden. The country has a GDP Per capita of about $75,505, which undoubtedly makes it not only one of the richest countries in Europe but the world generally. The country also has a population of about 5 million.
Official Language: Icelandic
Iceland is located in the North Atlantic, its capital city is Reykjavik. The country is famous for its high level of volcanic activities. Iceland is a small and sparsely populated country, with a population of about 348,580, and it has a total area of 102, 775-kilometer square. The country has strong Scandinavian ties, and the official language is Icelandic.
Iceland economy is largely dependent on renewable energy, and the country taxes are relatively low. With a GDP per Capita of about $70,057. In 2008, Sweden was hit with the financial crisis which severely affected its economy, led to nationwide depression and crashing of the whole banking system, however, since then, the economy has made a speedy recovery.
Due to its work on renewable energy, Sweden is one of the world’s greenest economy. Historically, the Nation’s economy depended largely on fishing, though presently there are other sources, fishing still makes up a huge of Sweden’s export earnings. Tourism is also an important part of the nation’s revenue, there is also the heavy industry, and the growing high-tech sector, all which have contributed to the wealth of the country.
Official Language: Swedish
Sweden is located in Northern Europe, It is a Scandinavian country. It is flanked by Norway to the west, and north, Finland to the east and Denmark to the south-east side. Sweden has a total population of about 10 million. Swedish is the official language of Sweden, and the country has an area of 450,295 km square. Sweden is the largest country in Northern Europe and the 4th largest in Europe. Sweden has 25 provinces, and about 65 percent of its total land is covered with forests, while the urban areas contain more than 80 percent of the countries population. Sweden is much drier and warmer than in other places with similar weather. Sweden is well known for its coastal cities and attractive islands.
Sweden’s economy is largely an export-based one, and resources such as timber, Iron Ore and hydropower, are the major exported Swedish commodities. Other sectors such as Engineering Automotives and telecommunications, contributes hugely to the country’s economy. Alongside America, Russia, and others, Sweden is also one of the largest arms exporters in the world. Sweden is one of the European countries with the lowest national debt, it also has a very healthy banking system. Despite Stockholm being the centre of the country’s commercial activity, wealth in the country is still very evenly distributed. Sweden maintains a per capita income of $53,442.
Official Language: Dutch
The Netherlands is located in Western Europe, and its capital city is the famous Amsterdam. The country has a population of about 17 million people. The country is a vital part of Europe, and one of its cities, Hague is the home to the Headquarters of the international court of justice.
Netherlands – Among The Top 10 Richest Countries In Europe
Netherlands is one of the founding fathers of the EU, NATO, and several other international organizations. Netherlands has a GDP per capita of $48,223. The Netherlands is largely an exporting country, as a matter of fact, it is one of the world’s leading exporters.
Official Language: Austrian German
Austria is a German-speaking country in Central Europe with a population of close to 9 million. The country is bordered by a host of other countries which include, Czech Republic, Germany, Hungary, Slovakia, Slovenia, Italy, among others.
The country’s terrain is a highly mountainous one. With a GDP per capita of about $47,291, Austria has For a long time been ranked alongside the world richest countries. Most of the county is powered electrically by hydropower, and Tourism also serves as a reasonable part of the countries income. The country also has a highly developed social market economy.
Official Language: German
Germany is one of the most famous nations of the world. The country has a large population of about 82 million. Germany is well known for being a tourist attraction, and an active nation in terms of sporting activities. The country is largely a technologically based one, and it has a GDP Per capita of $44,470. Germany is also one of the world’s largest exporters.
Official Language: French, German, and Dutch
Belgium is located in Eastern Europe, it’s Capital city is Brussels, and the countries official language is French, German, and Dutch. Belgium has an area of 30, 528 square kilometres and a population of above 11 million. It is surrounded by the Netherlands, Germany, France, and Luxembourg. Belgium is also one of the nations that founded the European Union, and it’s capital Brussels is also the headquarters of NATO.
With a GDP Purchasing power parity (PPP) Per capita of $43,324, the citizens of the country maintain a very high standard of living. It is also one of the world’s most peaceful nations. Belgium’s economy depends largely on world trade.
We have been able to carefully discuss and unravel the list of the top richest countries in the world which includes their GDP and the population of each countries which as a matter of fact contributed to the country growth in terms of economy and technological development which invariable influence their output making them top the table of the richest countries in the world.
Other countries in respect to this list have once been in the listing hierarchy but due to unstable economy and output, a recent publication has only looked at the current countries with the highest GDP and highest productivity which are exported to other countries.
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