You may be curious to know the richest European countries, to start with, there are various rankings to rate the richest countries in Europe, but based on GDP per Capita, Monaco is the richest country in Europe and by the rate of GDP by nominal, Germany will be considered to be the richest country in Europe currently.
A trio of tiny but prosperous micronations rises to the top of this list, followed by a string of northern European republics. Several non-country territories, such as Bermuda ($117,098), the Cayman Islands ($91,393), and Greenland ($54,471), also fare well in this regard.
Many of these countries are (or were) international tax havens, which can artificially inflate GDP, and per-capita metrics are simpler to effect in countries with smaller populations, among other possible explanations.
Western and northern Europe is home to the continent’s most advanced economies, while eastern Europe’s less developed but rapidly expanding economies are on the opposite end of the spectrum.
Countries in Europe like Germany, the UK, France, Italy, Russia, and Spain are notable for their high levels of nominal GDP. However, some countries, such as Luxembourg, Switzerland, Ireland, and Norway rank higher in terms of GDP per capita.
Western Europe is home to the continent’s wealthiest nations, while Eastern Europe is home to some of its poorest.
The economies of the latter group suffered greatly after the breakup of Yugoslavia and the Soviet Union. Nevertheless, countries like Slovenia and Estonia have flourished in recent decades.
50 Richest Countries In Europe By GDP [2023 Update]
1. Monaco – $190,513
The principal industries of Monaco are the banking sector and tourism. Monaco, a French principality on the Mediterranean coast, is a well-liked vacation spot known for its casinos and mild temperature.
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The principality has been successful in its efforts to diversify its economy by focusing on services and niche, high-value-added, clean businesses. Individuals who have made the state their permanent home and multinational corporations that have established operations there benefit greatly from the state’s lack of an income tax and its low business taxes.
Several industries, like cigarette sales, the telephone system, and mail delivery, remain under governmental control.
In the latter half of the 19th century, the introduction of a rail connection to France and a casino stoked economic growth. Financial services, retail, and tourism make up the backbone of Monaco’s economy today.
Attracting numerous foreign enterprises thanks to its low tax rate, Monaco now has a thriving financial sector that brings in almost 75% of the country’s GDP of $5.748 billion each year (2011). Similarly, the Principality of Monaco is a major tourist hub ever since the world-famous Monte Carlo Casino opened in 1856, with tourism contributing close to 15% of annual revenue. The casino is mentioned in the ABBA song of the same name.
Monaco Is The Richest European Countries by GDP per Capita.
The principal economic activity of Monaco is the financial and insurance sectors, followed by the scientific and technical sectors. Consolidated banking assets in Monaco in 2015 were 8.42 times larger than the country’s GDP, indicating that the banking sector in Monaco is quite sizable. It is common practice for banks in Monaco to focus only on providing private banking, asset management, and wealth management services.
Monaco’s customs, postal service, telecommunications, and banking are all governed by France due to the principality’s economic and customs union with that country. Until the introduction of the euro in 1999, Monaco used its own currency, the Monegasque franc, which was linked to the French franc. In spite of being a non-EU member state that has adopted the euro, Monaco nevertheless has its own coin mint.
The total cost of living for every citizen is accounted for by a value-added tax of 19.6 percent. The Principality of Monaco has made quite a name for itself in the maritime research community. The Oceanographic Museum that Jacques-Yves Cousteau once ran is today considered to be among the best in the world.
Merchandise and services are brought into and out of Monaco from all over the globe. None of Monaco’s land is used for commercial farming, as the principality is entirely built up.
Taxes on personal income are not collected in the Principality of Monaco. Due to the lack of a personal income tax, Monaco has become home to many wealthy “tax refugees” from other European countries whose primary source of wealth is located elsewhere. While high-profile individuals, like Formula One drivers, tend to garner the most media attention, the vast majority of these “tax refugees” are actually less well-known businesspeople.
In a report published in 2000, Arnaud Montebourg and Vincent Peillon, two French lawmakers, claimed that the government of Monaco was exerting political pressure on the judicial system to prevent investigations into allegations of wrongdoing, including money laundering in the country’s world-famous casino.
An initial report on the effects of tax havens’ financial systems was published in 1998 by the Organisation for Economic Co-operation and Development (OECD). In 2004, the OECD got outraged about the situation in Monaco and criticized it in its previous report, along with Andorra, Liechtenstein, Liberia, and the Marshall Islands, highlighting their lack of cooperation in respect to financial information disclosure and availability.
The FATF (Financial Action Task Force on Money Laundering) issued the following statement in 2000: “While Monaco has a robust anti-money-laundering system in place, the Financial Intelligence Unit of Monaco (SICCFIN) is severely under-resourced and has been a stumbling block for international investigations into serious crimes with apparent links to tax matters.
The government of Monaco has promised to give SICCFIN more money “The 2005 FATF report no longer includes the Principality among the jurisdictions under suspicion. However, the IMF has labeled Monaco as a tax haven since 2003, along with another 36 territories.
The Council of Europe has also chosen to identify tax havens in its reports. Thus, a preliminary set of assessments took place between the years 1998 and 2000 for a total of twenty-two territories, including Monaco.
Only Monaco has refused to carry out the second stage, which was originally predicted to take place between 2001 and 2003; the other 21 territories are currently implementing the third and final wave, which is scheduled to take place between 2005 and 2007.
2. Liechtenstein – $180,367
The majority of Liechtenstein’s GDP comes from manufacturing, with important contributions from agriculture and services (especially general services, including tourism and information technology). The local currency is the Swiss franc due to the country’s customs union with Switzerland.
More than 85 percent of its energy needs are met by imports. There has been a Liechtenstein-EFTA membership since 1991. (previously its interests had been represented by Switzerland). In addition to being a member of the Schengen Area since May 1995, it is also a member of the European Economic Area (EEA).
In 1919, the two countries ended their long-standing customs union, which had previously connected Liechtenstein and Austria. Since 1924, when a contract formalizing a customs union between Liechtenstein and Switzerland went into effect, the two countries’ borders have been completely open to trade.
The Swiss customs area includes not just Switzerland, but also the German town of Büsingen am Hochrhein and the Italian town of Campione d’Italia, albeit only de facto.
The Swiss franc is the official currency of Liechtenstein. Both Swiss border police and customs officials work to keep Austria out of Switzerland. The border between Liechtenstein and Switzerland is now guarded by 21 Swiss and 20 Austrian border guards (as of 2011).
For access to the European Union’s internal market, Liechtenstein joined the European Economic Area (EEA) in 1995 and EFTA in 1999. Liechtenstein’s highly developed, internationally laid-out infrastructure and close ties to Switzerland contribute to the country’s reputation as a secure, trustworthy, and success-oriented location for private and business purposes, respectively.
The last half-century has seen unprecedented growth in the Principality of Liechtenstein’s economy and culture. After focusing on agriculture for the better part of a century, Liechtenstein has transformed into a leading industrial power.
The services industry is robust, while the manufacturing sector is highly effective. Nearly half of the labor force is comprised of service industry workers, with many of them being foreign nationals who live in surrounding countries such as Switzerland, Austria, and Germany.
The value of industrial exports increased from $1.21 billion (SFr 2.2 billion) in 1988 to $2.9 billion (SFr 4.6 billion) in 2008. Only about 15.7 percent of Liechtenstein’s exports go to Switzerland, while 62.6 percent go to the European Union and 21.1 percent go elsewhere in the world.  (Citation required)
In recent years, the United States has accounted for $561 million (SFr. 876 million) of Liechtenstein’s total exports; Germany ranks second with $479 million (SFr. 748 million) in imports, and Switzerland ranks third with $375 million (SFr (SFr. 587 million).
One of the main factors contributing to Liechtenstein’s thriving economy is the country’s investment of about 32% of its revenues on R&D. There was a 20.7% increase to almost $140 million in R&D investment in 2000. (213 million francs)
Because of its focus on serving the needs of foreign clients, the Principality of Liechtenstein has built a strong reputation as a major international financial hub. Liechtenstein’s financial intermediaries are very competitive internationally because of the country’s low tax rate, lax incorporation and company governance requirements, and longstanding traditions of rigorous bank secrecy. The same elements that made the country appealing also made it susceptible to money laundering. However, new laws passed at the end of 2009 have improved regulatory control of illegal money transfers.
There are currently 71 publicly traded investment, insurance, and reinsurance firms based in Liechtenstein, in addition to 17 banks and 3 non-bank financial institutions. More than 73,000 entities (mostly corporations, institutions, or trusts) are nominated to or managed by the 270 licensed fiduciary companies and 81 lawyers in the Principality, some of whom are not even locals.
Roughly a third of these organizations have majority influence over other organizations that are not Liechtenstein-chartered. Corporations organized under its statutes may issue bearer shares to their shareholders.
New regulations call for stringent know-your-customer standards for all new accounts, but prior to this, banks in the Principality were allowed to offer numbered accounts.
The standard rate of value-added tax (Mehrwertsteuer) in Liechtenstein is 7.7%, matching the Swiss rate exactly because both countries are required to maintain equal rates. The discounted rate is 2.5%. As an industry, hotels benefit from a preferential rate of 3.7%.
Liechtenstein and Switzerland agreed on a new double taxation agreement in July 2015, which replaced their previous agreement from 1995 and took effect in December 2016.
As a result of these disagreements, Switzerland did not agree to require Liechtenstein residents working in Switzerland to begin withholding tax.
The principality’s parliament voted overwhelmingly in favor of implementing an automatic information exchange arrangement with 27 additional treaty partners in November 2016, among them Switzerland. In 2018, we will begin collecting data, and by 2019, we expect to have an effective interchange of account information.
3. Luxembourg – $115,874
Banking, the steel industry, and industry all play significant roles in Luxembourg’s economy. Luxembourg has the highest GDP per person in the world (CIA 2018 est.).
Tourists flock to Luxembourg because it’s been described as the “Green Heart of Europe,” yet the country’s rural areas are really located next to a heavily industrialized and export-focused zone. The Luxembourgish economy is very comparable to that of Germany. In comparison to other industrialized democracies, Luxembourg is experiencing an exceptionally high level of economic prosperity.
After the Great Recession, the government took steps to revive the economy, particularly the banking sector, which led to a 5% budget deficit in 2009. However, by 2010, this figure had dropped to 1.4%.
Here are some projected numbers for 2017: We expect growth of 4.6%, inflation of 1.0%, a budget deficit of 1.7% in 2019 and 2020, and a debt load of 20.4% with no further borrowing planned for the current fiscal year.
The services sector, which includes the financial sector, contributed $86.0 billion to the country’s gross domestic product in 2013. 36% of GDP came from finance, 13% from industry, and 3% from agriculture.
The banking industry dominates Luxembourg’s economy. Based on data from the 2019 Global Financial Centres Index, Luxembourg’s financial sector is the third most competitive in Europe, behind only London and Zürich.
As a result, the country is now a leader in the field of international fund administration. Given the tiny size of the domestic market in Luxembourg, the majority of the country’s financial activity takes place on the international stage. There were 152 financial institutions in Luxembourg as of the end of March 2009, employing over 27,000 people.
The growth of the financial sector can be attributed to a number of factors, including political stability, reliable communications, proximity to other European centers, a skilled and multilingual workforce, a longstanding commitment to banking secrecy, and a wealth of experience in international finance. In 2012, these elements helped the country achieve a Corruption Perceptions Index score of 8.3 and a DAW Index rating of 10, the highest in Europe.
Germany has the biggest concentration of banks, although there are also sizable contingents from Scandinavia, Japan, and the United States. In 2008, total assets topped €929 billion. Luxembourg is home to almost 9,000 separate holding companies. Financial EU institution European Investment Bank is headquartered there as well.
In April 2009, due to the G20’s concerns about Luxembourg’s financial secrecy regulations and its image as a tax haven, Luxembourg was added to a “grey list” of nations with problematic banking arrangements.
As a result of these worries, Luxembourg has revised its tax legislation in an effort to avoid disputes with the tax authorities of other European Union Member States. The European Commission declared the traditional tax-exempt 1929 Holding Company to be an illegal state aid on December 31, 2010, and so it was no longer permissible to form such a company.
The introduction of English metallurgy in 1876 was a watershed moment in Luxembourg’s economic history. The growth of Luxembourg’s steel industry and the establishment of the Arbed firm in 1911 may be traced back to the refinement process.
4. Norway – $67,390
Norway ended its long-held policy of neutrality and joined NATO as one of its original charter members in 1949. Also, it became a member of the European Free Trade Association. A minority center-left alliance led by Labor Party leader Jonas Gahr Stoere and the agricultural Center Party gained office in October 2021.
The disagreement over the repatriation of ISIS militants damaged the old minority government that represented the center-right. Norway is a highly developed country with a thriving economy that relies heavily on oil and gas exports (20% of GDP).
The hydropower, seafood, forest, and mineral industries are also vital. The majority of the government’s oil money goes into the biggest sovereign wealth fund in the world. Though unemployment tends to be low, there are certain issues brought on by the population’s increasing median age.
The Norwegian economy is a highly developed mixed economy, with state control of strategic industries. In spite of its vulnerability to international economic fluctuations, Norway’s economy has grown steadily since the advent of the industrial age.
The Standard of living is high in comparison to the rest of Europe, and the welfare system is well-developed and cohesive. The exploitation of natural resources, especially North Sea oil, has provided Norway with a financial reserve that has supported the country’s modern industrial and welfare system.
5. Denmark – $61,063
In terms of its economic structure, Denmark is an example of a modern mixed economy, characterized by high levels of government services and transfers and heavy reliance on international trade to maintain high standards of living at home. At 80%, the service industry is the backbone of the economy, dwarfing the manufacturing (11% of jobs) and agricultural (2%) sectors.
In 2020, the country had the seventh-highest per-person nominal gross national income at $58,439. The income per capita was Int$57,781, ranking it 10th in the world after adjusting for buying power.
While income is fairly distributed, inequality has grown over the past few decades.
A wider gap in median salaries and other economic policy initiatives were cited as causes for the expansion. When comparing the 28 member states of the European Union in 2017, Denmark has the seventh-lowest Gini coefficient (a measure of economic inequality).
Denmark, with its 5,892,871 inhabitants as of 1 May 2022, is the world’s 51st largest economy when assessed by purchasing power parity but the world’s 36th largest when measured by nominal gross domestic product (PPP).
Denmark’s lengthy history of using a fixed exchange rate system continues to this day. The Danish krone, which is tied to the euro, is the only autonomous currency in the OECD.
Voters in Denmark rejected replacing the krone with the euro in a referendum held in 2000, despite the country’s eligibility to join the European Union’s Economic and Monetary Union (EMU).
The central bank of Denmark prioritizes exchange rate stability over inflation targeting, in contrast to its neighbors Norway, Sweden, Poland, and the United Kingdom. Therefore, the role of the central bank in domestic stabilization efforts is null and void. The central bank has kept the interest rate at a negative value since February 2015 to stem the rise in the currency exchange rate.
When compared to the rest of the world, the labor force participation rate in this country is exceptionally high, particularly among women. With 78.8% of the population between the ages of 15 and 64 participating in the labor force in 2017, Norway ranked sixth highest among OECD nations in this indicator in 2017.
In comparison to other European countries, unemployment is quite low. In contrast to the EU average of 6.7% unemployment in October 2018, 4.8% of the Danish labor force was unemployed in that month. In Denmark, there is no such thing as an established minimum wage. The presence of unions and the enforcement of collective bargaining agreements have long been defining features of the labor market.
The Danish government has long recognized the importance of the flexicurity notion and has invested considerably in active labor market measures. The Nordic model, of which Denmark is a representative member, is characterized by a high tax rate and a large share of the economy devoted to publicly funded services (e.g. health care, child care, and education services).
The elderly, the disabled, the unemployed, the students, etc., all receive income transfers for various reasons. In 2017, tax payments contributed 46.1% of GDP in total revenue. Economic experts agree that Denmark’s fiscal policy is sound.
Government net debt in 2017 was under 1.3% of the gross domestic product, close to nil. The Danish government has a long-term perspective and plans for anticipated fiscal needs. As the 2000s progressed, concerns were raised about the sustainability of government spending into the future.
Higher life expectancy in particular was a major factor in the threat that demographic change posed to fiscal sustainability. To address this issue, the government imposed new age requirements for receiving age-related transfers.
Since 2012, government and independent analysts have largely viewed Denmark’s fiscal policies as sustainable, based on calculations of future budgetary issues. In more recent times, it has been criticized for being excessively sustainable.
6. Iceland – $59,270
As a small country, Iceland’s economy is highly unstable. After reaching a nominal GDP of $12 billion in 2011, the figure more than doubled to $27 billion in 2018. Using PPP figures, this equates to $55,000 for each of the world’s estimated 350,000 residents.
Following a precipitous drop in GDP and employment during the financial crisis of 2007-2010, the economy has recovered, helped in no small part by an uptick in tourism that began in 2010.
More than 10% of Iceland’s GDP in 2017 came from tourists. The economic projection for 2018–2020 provided by Arion Research in April 2018 indicates that after experiencing rapid expansion, Iceland’s economy is now showing signs of slowing down.
It is fair to say that free trade and government intervention are both strongly present in Iceland’s economy. But the government spends less than in other Nordic countries. Iceland relies heavily on hydropower for both domestic and commercial power.
Following major free-market reforms implemented in the 1990s, the Icelandic economy expanded rapidly at first. This means that Iceland has one of the greatest levels of economic freedom and civil freedom in the world. According to the Gini coefficient’s 2007 assessment, Iceland was among the most equitable countries in the world. Iceland ranked first on the Human Development Index ranking.
Issues with inflation and current account deficits escalated for the economy beginning in 2006. The financial sector grew swiftly in response, in part because of previous reforms, and then crashed and burned as a result of widespread economic uncertainty.
In November of 2008, the Icelandic government was forced to seek emergency finance from the IMF and other European countries. Since then, beginning in 2010, the economy has been on an upward trend.
7. Sweden – $52,259
Sweden has a well-developed export economy that benefits from its abundant resources of timber, hydropower, and iron ore. These are the backbone of a trading-based economy’s resources. Automobile manufacturing, telecommunications, pharmaceuticals, industrial machinery, precision equipment, chemical goods, home goods and appliances, forestry, iron, and steel production, and the manufacture of iron and steel are among the most important businesses.
Historically, Sweden’s contemporary agricultural sector supported the jobs of more than half the country’s population. Companies like Ericsson, ASEA/ABB, SKF, Alfa Laval, AGA, and Dyno Nobel are proof of Sweden’s current competitiveness in the engineering, mine, steel, and pulp industries.
Sweden’s open and diversified economy is very competitive. Most Swedish businesses are privately held and market-driven. Up to three-fifths of GDP is spent by the government, indicating a robust welfare state. With regard to the country’s wealth, the government held 24% of it in 2014.
As a result of remaining on the sidelines during World War II, Sweden avoided the destruction that befell many other European countries and thus avoided the need to reconstruct its economy, financial system, and government. Sweden’s high level of living is the result of a hybrid economic structure that includes both high-tech capitalism and generous welfare programs.
When measured as a percentage of GDP, Sweden’s overall tax revenue is second only to that of Denmark. The share of GDP covered by taxation fell from 48.3 percent in 2006 to 44.2 percent in 2012.
The National Bureau of Economic Research projected GDP growth of 1.8% for 2014, 3.1% for 2015, and 3.4% for 2016. The Baltic nations, Poland, and Slovakia are the only EU members predicted to maintain comparable or higher economic growth rates in the future than they have in the past.
8. Ireland – $85,268
The Republic of Ireland has a highly developed knowledge economy that is centered on sectors like high technology, life sciences, finance, and agribusiness (including agrifood).
In terms of high-value FDI flows, Ireland is the most successful open economy in the world, and it ranks fifth on the Index of Economic Freedom. Ireland has the fourth highest GDP per capita in the world, according to the IMF, and the fourth highest in the World Bank’s rating, out of a total of 187 countries.
After a decade of annual growth from 1984 to 2007, when the Irish financial crisis hit, it had a devastating effect on the country’s economy and exacerbated the fallout from the bursting of the Irish real estate bubble. Shortly after the second quarter of 2007, Ireland entered a technical recession, followed by a full-blown economic downturn in the first quarter of 2008.
Real gross domestic product in Ireland increased by 2.2% in 2011 and by 0.2% in 2012, following a year of economic stagnation in 2010. The export market was the primary engine of this expansion. An economic downturn in Ireland that began in the third quarter of 2012 was triggered by the European sovereign debt crisis and was still continuing strong in the second quarter of 2013.
Ireland’s GDP growth rates were anticipated to increase to 1.1% in 2013 and 2.2% in 2014 by the European Commission’s mid-2013 economic estimate.
The official explanation for the exaggerated GDP growth of 26.3% (GNP growth of 18.7%) in 2015 is tax inversion techniques by multinational corporations transferring domiciles.
Apple Inc.’s restructuring of its Irish business in January 2015 was revealed to be the primary driver of this GDP rise, which was called “leprechaun economics” by American economist Paul Krugman.
From that year forward, the Central Bank of Ireland proposed an alternative metric (modified GNI or GNI*) to more properly reflect the true status of the economy due to the distortion of economic data (including GNI, GNP, and GDP) caused by the tax tactics of some corporations.
14 of the top 20 Irish enterprises (by turnover), 23% of the private sector workforce, and 80% of the collected corporation tax are all controlled by multinational corporations based outside of Ireland. Midway through 2019, it was anticipated that Ireland’s economic growth would slow, particularly in the event of a chaotic Brexit.
9. Germany – $3.8 trillion
Germany’s economy, a social market economy, is among the most advanced in the world. It is home to the world’s fifth-largest economy and the fourth-largest by nominal GDP (PPP). According to the International Monetary Fund, in 2017, the country was responsible for 28% of the economy in the Euro Area (IMF). Germany has been an integral part of both the EU and the Eurozone since their inception.
Germany has the largest trade surplus in the world in 2016, totaling $310 billion. This economic outcome made it the world’s leading capital exporter. In 2019, Germany exported a whopping $1810.93 billion worth of goods and services, making it one of the world’s top exporters.
Roughly 70% of GDP comes from services, while 29.1% comes from manufacturing, and 0.9% comes from agriculture. In 2016, exports made up over 41% of total economic production. Germany’s top 10 exports are cars, machines, chemicals, electronics, electricity, pharmaceuticals, transportation gear, metals, foodstuffs, and rubber and plastics.
If there were to be a financial crisis, it would be less likely to have a significant impact on Germany’s economy, which is Europe’s largest manufacturing economy. In order to bridge the gap between cutting-edge academic research and sector-specific product and process innovations, Germany engages in applied research with real-world industrial relevance. It produces a wealth of information from its own research facilities.
Resources such as lumber, lignite, potash, and salt abound in Germany. Some little natural gas reserves are being tapped into in Lower Saxony. It was in the Ore Mountains that the German Democratic Republic mined uranium up until the reunification of Germany.
In Germany, fossil fuels account for 30% of the country’s energy needs, followed by wind power, nuclear power, gas, solar, biomass (wood and biofuels), and hydro. Germany’s commitment to Energiewende, the move to renewable energy sources, is groundbreaking among major developed nations. The majority of the world’s wind turbines are manufactured in Germany.
In Germany, 46% of the electricity was generated by renewable sources (as of 2019). German “Mittelstand” refers to the SME sector, which accounts for 99 percent of all businesses in Germany and is dominated by family-owned businesses. 53 of the Fortune Global 2000, the world’s largest publicly traded firms as defined by revenue, are headquartered in Germany, with Allianz, Daimler, Volkswagen, Siemens, BMW, Deutsche Telekom, Bayer, BASF, Munich Re, and SAP among the top 10.
A majority of international trade fairs are held in Germany. About two-thirds of the world’s most important trade shows are held in Germany. A number of German towns, including Hanover, Frankfurt, Cologne, Leipzig, and Düsseldorf, host the world’s largest yearly trade fairs and congresses.
10. United Kingdom – $2.7 trillion
In terms of both social market and market orientation, the British economy is advanced. By nominal GDP, it is sixth; by PPP, it ranks ninth; and by GDP per capita, it ranks twenty-fifth; it accounts for 3.3% of global nominal GDP. The GDP of the United Kingdom accounts for 2.34 percent of the global total when adjusted for buying power.
The United Kingdom, which consists of England, Scotland, Wales, and Northern Ireland, has one of the most globalized economies in the world. The United Kingdom ranked seventh in both global exports and imports in 2020. It also ranked third for FDI (Foreign Direct Investment) coming in and fifth for FDI going out. In 2020, the 27 countries that made up the European Union accounted for 50% of Britain’s exports and 52% of its imports.
Eighty-one percent of GDP comes from the service sector, with the financial services industry playing a pivotal role and London being the world’s second-largest financial center. In 2021, Edinburgh’s financial services sector was ranked #17 globally and #6 in Europe.
The United Kingdom’s tech industry is worth a total of $1 trillion, making it third in the world after China and the United States. Among countries, Britain has the world’s second-largest aerospace industry.
The country’s pharmaceutical business is significant because it is the tenth largest in the world. The United Kingdom is home to 26 of the 500 largest firms in the world. North Sea oil and gas production is a boon to the economy; in 2016, reserves were estimated at 2.8 billion barrels, despite the fact that the country has been a net importer of oil since 2005.
South East England and North East Scotland have the highest per capita incomes in the United Kingdom, but there are large differences between the regions. London has the highest GDP per capita of any European city due to its thriving economy.
Britain pioneered the industrial revolution in the 18th century.
Due to its vast colonial empire and technological prowess, Britain played a pivotal role in the global economy throughout the 19th century, contributing 9.1 percent of global GDP in 1870. The United States and the German Empire were both undergoing a rapid Second Industrial Revolution, which posed a growing economic challenge to the United Kingdom as the twentieth century drew near.
The Great and Second World Wars were extremely expensive for the United Kingdom, significantly diminishing its standing in the international community. The United Kingdom’s ability to exert worldwide power and influence has not diminished in the twenty-first century, notwithstanding a reduction in its relative supremacy.
The Chancellor of the Exchequer, who presides over His Majesty’s Treasury, and the Secretary of State for Business, Energy, and Industrial Strategy are the primary government actors. Management of the economy has been characterized by a general policy of deregulation since 1979.
Interest rates, quantitative easing, and forward guidance are all functions of the Bank of England, the central bank of the United Kingdom, which has been overseen by the Monetary Policy Committee since 1997.
The British pound is the world’s fourth-largest reserve currency, behind the US dollar, the Euro, and the Japanese yen. Additionally, it is among the top 10 most valuable currencies worldwide.
The United Kingdom is a founding member of the Commonwealth, G7, G20, IMF, OSCE, NATO, the United Nations Security Council, the World Bank, WTO, Asian Infrastructure Investment Bank, and the United Nations.
11. France – $2.6 trillion
12. Italy – $1.9 trillion
13. Russia – $1.5 trillion
14. Spain – $1.3 trillion
15. Netherlands – $913.8 billion
16. Switzerland – $752.2 billion
17. Turkey – $720.1 billion
18. Poland – $594.2 billion
Richest European Countries By GDP per Capita
|Rank||Country||GDP Per Capita (IN US$)||Estimated By||Year|
Richest Countries In Europe 2022 by GDP (nominal):
|Rank||Country||GDP (In Billion US$)||Year|
What Is The Top 10 Richest Country In Europe?
Following are the top 10 richest European countries
1. Germany – $3.8 trillion
2. United Kingdom – $2.7 trillion
3. France – $2.47 Tn.
4. Italy – $1.86 Tn.
5. Russia – $1.25 Tn.
6. Spain – $1.24 Tn.
7. Netherlands – $777.23 Bn.
8. Switzerland – $668.85 Bn.
9. Sweden – $514.48 Bn.
10. Poland – $471.40 Bn.
Which Is The Wealthiest Country In Europe?
Based on recent statistics, the wealthiest European country is Monaco.
Which Country Has The Strongest Economy In Europe in 2022?
Currently, the European country with the strongest economy is Germany.
There are numerous advanced nations in Europe. With a total land area of 6.8 percent of Earth’s total, it is the sixth-largest continent. It is also home to 47 different countries. The continent of Europe has made significant advances in invention, technology, and architecture.
The most advanced continent on Earth is the consequence of over 500 years of advancements in engineering, science, literature, and medicine. The European Union’s Human Development Index is average (HDI).
Gross Domestic Product (GDP) is the standard primary indicator of a country’s economic well-being, as it reflects the total market value of all final goods and services produced inside the country over a specified time period (typically a year). There were six major European economies in 2020, and all of them had a GDP of more than $1 trillion (US), for a total of $13.833 trillion (US). Based on these metrics, Europe’s top economies are among the most productive on the globe.