Here are the top richest European countries that everyone should know about it.
Europe is the second smallest continent in the world.
Its nation-states outside its size with its renowned wealth.
Europe is filled with abundant natural resources and a strong trade relationship with the rest of the world.
The developed economy of Europe has weathered the storm of the 2007 to 2010 financial crisis to show year-on-year growth in the preceding period.
Europe has got a lot of innovation and civilization.
It continues to dominate industrialization, technology, export, and other aspects.
Richest European Countries
These European countries are able to afford high standards of living, thanks to their high gross domestic products (GDP).
In fact, a good number of European countries to the richest country in the world.
1. Luxembourg
The GDP Per Capita of Luxembourg is 115,873$.
The small but remote economy of landlocked Luxembourg benefits from year-on-year growth.
Since 2002 the country’s government has rolled out a series of policies designed to encourage economic diversity and increase foreign investment in the key fields of logistics, ICT, medical research, financial service technologies, and space technologies.
In terms of its wealth, Luxembourg’s financial industry is key accounting for more than 35%of GDP.
This owes to the growth in the investment fund sector since the launch of cross-border funds in the 1990s
Which is pushed Luxembourg to second position in the ranking of the world’s largest investment fund asset domiciles.
In the world ranking, Luxembourg is among the top richest countries in the world.
So it can be called the silver medalist of the world economic competition.
Also, it is a member European member which is home to many EU organizations.
2. Ireland
The GDP Per Capita of Ireland is 83,812$.
This country had a stumble in the final quarter of 2018.
Triggered by a Slow down in domestic demands and contraction in construction-related investments.
Nevertheless, Ireland’s small modern economy is still one of the strongest in Europe.
This owes to a strong export sector low inflation, and healthy employment growth.
Lenient tax residency requirements have historically made Ireland a target for international firms looking to benefit from the low tax rate.
Whereas in recent years more stringent tax laws have been introduced.
The economy is still set to grow despite the current uncertain impact of Brexit.
3. Norway
The GDP Per Capita of Norway is 67,295$.
This country boasts one of the highest standards of living in Europe and a similarly prosperous economy.
Its developed mixed economic structure is heavily dependent on natural resources.
It remains of the world’s leading petroleum exporters.
Compare to other European countries, Norway’s reliance on the industry is relatively high.
34.7% of GDP comes from the industry while 63.5% comes from services and 1.6% from agriculture.
Rich in natural resources such as oil, gas, timber, and fish.
Norway has a strong export economy and is ranked as the world’s largest exporter of seafood after China.
Norway is also the safest place to live in the world.
4. Switzerland
The GDP Per Capita of Switzerland is 86,601$.
As one of the world’s free-market economies, Switzerland has seen healthy growth over the years.
Most of this is down to the highly developed service sector which includes one of the most significant banking industries and a very well burst tourism trade.
Overall, services make up a healthy 73.7% of GDP, the industry makes up most of the remaining contribution.
Especially, the pharmaceutical industry which ranks as one of the most competitive in the world.
While agriculture makes up less than 1%.
In terms of the level of well-being, Switzerland citizens are in the top 3 in Europe and among the top of the world ranking.
The Swiss economy is based on tourism and the chemical industry.
5. Netherland
The GDP Per Capita of the Netherlands is 52,304$.
The sale of natural gas has been one of the Netherlands ‘ biggest money-spinners.
Sell of natural gas is also a major contributor to its large open economy for many years.
Conversely, it has been also a key factor in the decline of the Dutch manufacturing sector leading to the economic theory of Dutch disease.
The prosperity of the country is heavily dependent on foreign trade.
Chemicals, machinery, equipment, and food products serve as export commodities.
By sector, 70.2% of GDP comes from services, 17.9% from industry, and 1.6% from agriculture.
This country is known for its tolerance.
It has a population of about 16.8 million, mainly engaged in agriculture, production, and processing of oil, gas, and metal.
6. Iceland
The GDP Per Capita of Iceland is 59,260$.
This country’s small economy was heavily hit by the 2007 to 2010 financial crisis.
To this point, the country was forced to request emergency funding from IMF in 2008.
In subsequent years this country enjoyed a competitive recovery.
Recent growth can be attributed to a booming tourism trade which now accounts for more than 10% of Iceland’s GDP.
Similar growth has been seen in the software and biotech industries.
Fishing contributes to being a key contributor to the country’s finances.
Fishing provides 12% of GDP and 40% of exports earnings.
Iceland is a relatively small nation that’s with a small population.
Iceland is popular for Fishing and majorly for its diversified economy which entails renewable energy, hydropower, and geothermal sources.
7. Sweden
The GDP Per Capita of Sweden is 51,925$.
This country is the largest country in the world in the well-being of the population.
It is home to about a 9.8million people.
The highly developed export-oriented economy of Sweden has evolved in recent years from an agricultural economy into one major dependency on engineering, mining steel, and pulp.
Like many other northern European countries, Sweden follows the Nordic model of high-income taxes and corresponding high levels of government-funded services.
In terms of revenue, it has the fourth-highest tax revenue.
As a percentage of GDP in Europe and second in the Baltics.
By sectors, 65.4% of GDP comes from services, 33% from industries, and 1.6% from agriculture.
The country boasts of about 50 world-renowned companies such as ABB or iFlame, Scania, Volvo Erickson, and Tele 2.
Sweden is the leader in bearing production and it is also known for its high level of taxes, accounting for about 60% of GDP.
8. Germany
The GDP Per Capita of Germany is 45,723$.
Germany is considered to be the locomotive of the EU economy.
Germany’s highly developed social market economy has shown significant growth in recent years.
In recent years, Germany become the second biggest export trade in the world.
It seems in no danger of slowing down anytime soon.
Its service sector is by far the largest contributor to GDP around 70%.
While Industries contribute 29.1% and agriculture 0.9%.
In terms of trade, vehicles, pharmaceuticals, chemicals, rubbers, plastics, and food products constitute the bulk of exports.
While the country’s wealth of natural resources such as timber, lignite, potties, and salt is the most significant or also hot in demand.
9. Austria
The GDP Per Capita of Austria is 48,105$.
It is another German-speaking country with a population of about 8.42 million.
Throughout history, most of Austria’s trade has been with Germany.
But since it joined the EU, the country has developed its trading links with other member states.
And simultaneously drawn growing numbers of foreign investors attracted to its single European market and its close ties to other growing EU economies.
In 2018, GDP saw growth in previous years and now sits at 48,105$.
This can be broken down to 1.3% from agriculture, 28.4% from industries, and 70.3% from service.
The basis of the economy bear formed by construction, metallurgy, and the food industry.
The country is famous for its winter resorts and at the same time skiers and biathletes.
10. Denmark
The GDP Per Capita of Denmark is about 61,000$.
Demark enjoys a small, open market economy, with a high dependence on foreign trade.
Denmark’s exports account for less than 50% of GDP as a result of its liberal trade policy.
As a member of the European Union, it has the option to join the economic and monetary union EMU but it is so far opted to maintain an independent currency.
Denmark follows the traditional Nordic social model with a high tax rate associated with a high level of government-funded services.
High taxation contributes significantly to the country’s overall income.
In 2017, for example, the total tax is paid amounted to 50.8% of GDP.
Demark has a population of 5.69 million.
The economy is characterized by low inflation and unemployment.
The country can be described as industrial and agricultural.
Meat and products based on its machinery, fish, medicines, and furniture are exported.
Also read Most Beautiful Countries In The World
Conclusion
With the wealth and health facilities of these European countries, they certainly experience high standards of living.
So, these are the top richest counties in Europe.
If you are from one of these countries, do let us know in the comments below.
If you wanna tell us something more about these countries then comment below.