Check out the Richest Countries In Europe by GDP per capita. Europe is one of the continents of the world and its small land area covers 10.18 million square kilometres. The world comprises over 190 countries and about 50 of these countries are situated on the European continent.
Europe is undoubtedly one of the leading continents in terms of economic development. In a consequence of this, many European countries live above the globally recognized poverty line. Year after year, European countries appear on various lists of the world’s wealthiest countries. Meanwhile, this makes it an interesting thing to discuss the Top 10 Richest Countries in Europe by GDP per Capita.
TOP 10 RICHEST COUNTRIES IN EUROPE 2020 BY GDP PER CAPITA
Luxembourg is a founding member of the European Union. It joined the pair of Netherlands and Belgium in creating the Benelux customs union in 1948. In addition to Luxembourgish, the languages spoken in Luxembourg are German and French. Considered one of the least populous European countries, Luxembourg has a low population estimated below 1 million inhabitants.
Luxembourg is a wonderful country located in the Western region of Europe. Officially regarded as the Grand Duchy of Luxembourg, Luxembourg covers the meager land area of 998 square miles and this outlines the fact that it is the European sovereign state with the smallest land area. Despite being a landlocked European country, Luxembourg enjoys robust economic opportunities, making it the richest European country. In addition to its small landmass, Luxembourg is one of the least populous countries both in Europe and the entire world. With less than a million inhabitants, Luxembourg takes the 8th position among the world’s least populous countries. Probably, Luxembourg has taken the advantage of beneficial economic policies and low population to achieve remarkable progress and boost the standards of living of its citizens.
In yearly rankings of richest European countries by GDP per capita, Luxembourg has constantly appeared in the first position. As contained in human development index charts, Luxembourg remains Europe’s richest country with an average income of $113,196.
Switzerland became an independent nation in 1499 and its territory stretches across the Alps and the Jura Mountains. Some of the official languages widely spoken in Switzerland are Italian, French and German.
Switzerland is one of the well-known European countries and it is officially regarded as the Swiss Confederation. Within the Central region of Europe, Switzerland is one of the luxuriant countries which attract tourists from across the globe. In landmass, Switzerland stretches across 15,940 square miles, making it a small country.
Switzerland has robust achievements in terms of economic growth and development. In this regard, it takes the 36th position among the global ranking of countries with the highest GDP (PPP) and in terms of nominal GDP, Switzerland sits in the 2nd position. Across the globe, Switzerland is best known for its snow-covered mountains and as the best destination for winter tourism. With its population estimated fairly above 8 million inhabitants, Switzerland has been able to maintain steady economic progress with a substantial per capita income of $83,716, making Swiz 2nd on our list of richest countries in Europe.
Norway is a kingdom in the North West of the European continent. Its land area stretches across the Western region of the Scandinavian Peninsula. Having been ruled by Denmark and Sweden for many years, Norway eventually attained independence in 1905. In the world, Norway possesses one of the largest merchant navies.
With the per capita income of $77,975, Norway happens to be the third richest country in Europe. Officially regarded as the Kingdom of Norway, Norway is a sovereign state under a monarchical system of government. It is a less populous country with a total of 5,258,317 inhabitants. Considered a small country, Norway’s land area covers 148,747 square miles.
Tourism happens to be one of the driving forces of the Norwegian economy. As a wonderful tourist destination, Norway’s landscape consists of glamorous museums and attractive natural features like forts, glaciers, and mountains. Norway’s per capita income of $77,975 gives it the sixth position in the world in terms of Purchasing Power Parity. Famously dubbed “City of Midnight Sun’’, Norway is one of the most beautiful tourist destinations in Europe.
Officially regarded as the Republic of Ireland, Ireland is a small-sized country located in the North Atlantic Ocean. Ireland is an island sitting in the 13th position among the world’s largest islands but in Europe, it is considered the third largest island. Through St George’s Channel, the Irish Sea and the North Channel, the territory of Ireland is separated from Britain. In addition to enormous tracts of peat bog and a number of large lakes, Ireland consists of high mountains rising above 3000ft. In the 16th century, England succeeded in the conquest of Ireland. As a consequence, Ireland remained a dependent State under the control of England until the early 18th century. During this time, Ireland was in alliance with Great Britain but it was eventually split into Northern Ireland and the Irish Free State in 1921.
Like several other European countries, Ireland is a congenial place for tourism. In fact, tourism is long considered the mainstay of its economy due to the massive returns generated from tourist attractions. People enjoy Ireland for its tranquil atmosphere and its beautiful environmental features add much fun to tourism. Ireland is a lowly populated country with a total of 6.5 million inhabitants. Precisely, this low population has kept the country within economic sustenance and raised the standards of living of Irish citizens. Based on GDP per capita, Ireland is the fourth richest country in Europe, with an average income of $77,771.
Iceland is a republic as well as an island nation in the North Atlantic Ocean. Its land area spans across 40,000 square miles and it is occupied by over 332,529 inhabitants. Meanwhile, its low population is one of the key factors contributing to the substantial average income of $67,037. From 1380 to 1918, Iceland remained under the colonial influence of Denmark. After the independence attained in 1918, Iceland eventually attained the status of a republic in 1944.
Iceland is widely recognized for its high levels of volcanic activities. Besides volcanoes, Iceland is best known for some notable features including lava fields, interesting landscapes, hot springs, and geysers. Based on various economic models, Iceland boasts of impressive positions that distinguish it as one of the most developed nations both in Europe and the world. In addition to the sumptuous GDP per capita of $67,037 which heightens the standard of living, Iceland occupies the fifth position in global rankings of GDP Purchasing Power Parity. Also in terms of the global productivity index, Iceland takes the seventh position.
GDP per capita of 59,795
Alternatively known as Holland, Netherlands is one of the countries in the Western region of Europe and it constitutes the major member states of the Kingdom of the Netherlands. In Europe, the Netherlands is considered one of the leading countries in terms of population density. Regarding this, there is a total of 412 inhabitants found per square kilometer of land in the Netherlands. Around its North West, Netherlands shares land borders with the North Sea. Also in the South and East, Netherlands is bordered by Belgium and Germany respectively. In terms of land area, the Netherlands covers a total of 41,526 square kilometers.
The Netherlands remained under Spanish colonialism until it attained independence in 1581 and during this time, it was regarded as the United Provinces. Around the 17th century, the Netherlands became a significant influence in terms of commercial and maritime services. In partnership with Luxembourg and Belgium, Netherlands founded the Benelux customs union in 1948. Also, it is noteworthy that the Netherlands was part of the member states that founded the European Union. Besides Amsterdam –the capital city of the Netherlands –Rotterdam is another major city in the Netherlands and it is considered the largest port on the European continent. With the substantial per capita GDP of $52,367, Netherlands maintains one of the best standards of living both in Europe and the entire world.
Sweden is one of the countries in the Northern region of Europe. Its territory stretches across the Eastern patch of the Scandinavian Peninsula. Nearly half of Sweden’s land area is occupied by forest while lakes occupy about 9 percent of the remaining land portion. Officially regarded as the Kingdom of Sweden, Sweden is said to be one of the countries of Scandinavian descents. In population, Sweden is fairly estimated above 10 million people and as a medium-sized country, its land area covers 173, 860 square miles. Sweden is famous for its coastal cities and its range of attractive islands. Sweden is one of the European countries that benefit massively from exportation. Meanwhile, it is best known for export products such as steel, timber, iron ore, paper, and pulp.
In terms of economic progress, Sweden maintains the per capita income of $51,241, making it the fifth richest country in Europe. In the world, Sweden sits in the eighth position among the countries with the highest GDP per capita. According to a number of surveying organizations, Sweden has consistently maintained a high level of national progress.
Austria is a German-speaking country situated in the Central region of Europe. Officially regarded as the Republic of Austria, Austria is considered one of the least populous European countries. From 1282 to 1918, Austria remained a colony of Hapsburgs. In the 18th century –precisely in 1867 –Austria joined Hungary and the pair established a dual monarchy. Widely known as a Member State of the European Union, Austria achieved the status of a republic in 1919.
Despite being a landlocked country, Austria has the seventh-highest per capita income in Europe. Under a federal system of government, Austria is occupied by more than 8 million inhabitants. The land area of Austria stretches across 32,386 square miles and as an attractive tourist destination, Austria has made tourism one of its vibrant sources of national income. Though Austria’s landscape is packed with many tourist attractions, the city of Vienna happens to be the most notable of all.
Under its adequate standard of living coupled with an operative financial market, Austria continuously appears among the richest European countries as per average income. In comparison with the other European countries on this list, Austria maintains the per capita income of $50, 022. Meanwhile, this is a substantial level of economic development which makes Austria 9th on our list of the top ten richest countries in Europe.
GDP per capita of 48,868
Germany is one of the federal republics on the continent of Europe. With a total of 82 million people, one of the most populous European countries – Germany covers more than 137,847 square miles of Europe’s entire land area. Widely recognized as one of the best places for tourism, Germany is a developed nation characterized by a mild seasonal climate. Across the world, German citizens are revered for their expertise especially in sports.
Technology is one of the key factors strengthening the economy of Germany. In this regard, Germany is well known for the possession of powerful automobile brands like Volkswagen. By and large, manufacturing is the most contributive sector to Germany’s wealth base. Above that, the German government focuses on the exportation of finished products, giving Germany the third position among the world’s largest exporters of goods. In the world, Germany maintains the fifth largest GDP Purchasing Power Parity and in terms of nominal GDP, it sits in the 4th position among all other countries in the world. With the per capita income of $46,563, Germany comfortably secures the tenth position among the richest European countries.
Belgium is one of the sovereign States located in the Western region of Europe. Officially regarded as the Kingdom of Belgium, Belgium shares land borders with the North Sea and a few European countries including France, Luxembourg, Germany, and the Netherlands. The land area of Belgium spans across 11,787 square miles and it is densely inhabited by over 10 million people.
Belgium is home to many beautiful ladies and as a matter of fact, the country is greatly admired for delicious chocolates and sumptuous beer. Currently, Belgium is estimated with an average income of $45,175 and this makes it the ninth richest European country.
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