A country is said to be rich because of many factors such as gross domestic product, number of people on permanent employment, secure internet servers and generally, how comfortable people are and how much they enjoy each and every day. Of course, all these factors depend on the economic stability, business environment, education, governance, freedom of the people, and the natural environment. All these factors contribute to a stable country and the general productivity of its citizens. Europe is an economic giant and it has some of the leading countries in gross domestic product in the whole world.
These countries have all the factors stated above, the people have access to good jobs and the environment that they live in is comfortable. The richest country in Europe has these and many more. First, we focus on one country that may be rural and heavily forested but has the most wealth in Europe, followed by 9 other rich countries on the continent.
Luxembourg is a country in Europe that has topped the charts as the current richest country in Europe. The country has a GDP per capita income of $110, 697. The country has a GDP of $59.9 billion. With a population of 582,972, this country has a stable economy. Luxembourg is a landlocked country in the northern parts of Europe that is surrounded by France, Germany and Belgium. The country is very small with an area of 2,586 square kilometres. As much as it is the richest country in Europe, it has also gone through a series of leadership to get there. It gained independence back in the 1800s.
Everyone has to vote as it's compulsory and since its founding, the citizens have enjoyed wealth and everyone has enjoyed high standards of living. The country’s wealth is mainly contributed to by the wide finance sector and the main contributors are the countries that surround it. Luxembourg is made of people of different races including Portuguese, Germans and Italians. However, the national language is Luxembourgish. In spite of this, the country has other languages such as German and French for administration purposes. The country has managed to accommodate foreigners and still maintain its identity. The country is home to most of the United Nations administrative offices and it is home to the European court of justice. That aside, people have challenged the fact that it gives higher taxes to multinational companies and basically that is how the country remains one of the wealthiest countries in the world. Every citizen has access to high-quality education, health care and a good job. The leaders also respect the rights of the citizens and it remains a single political unit.
List of richest countries in Europe
From this point, we will discuss the 9 other richest countries in Europe in descending order, that is, from bottom to top. Just like Luxembourg which is the richest country in Europe, each country listed below has an independent gross domestic product and other factors that contribute to its success.
Austria comes as number ten in ranking with a gross domestic product based on PPP at 48,005 dollars. The main contributor of Austria’s success is the service sector. It also has highly recognized and developed consulting and finance firms. Some of the banks found in Europe are located in Austria, including law firms. Another great pillar of Austria’s success is tourism. The region has winter ski resorts and many other great activities that attract tourists all over the world. Austria also trades with the European Union on textiles, foodstuffs and automobiles.
Since time immemorial, Germany has grown to become an economic giant. With a GDP of 48,111 dollars, Germans are very good business people. In 2016, Germany had exported well worth 1.33 trillion dollars. The country deals in a variety of goods including plastics, chemical goods, automobiles and electrical equipment. In addition to that, Germany is home to 53 of the 2000 best firms such as Volkswagen, BMW and Allianz. Germany has a very low unemployment rate of 5.6%. This means that most citizens have high standards of living. Germany is one of the most richest country in Europe per capita income. As high as Germany's population, the country is able to sustain its citizens by providing them with jobs and high-quality standards of living.
Iceland is one of the countries in Germany with a GDP of 49,136 dollars. Since its free market reforms, the country has been on the rise financially. There was a downfall back in 2007 that lasted through to 2010, but the country has gone back on its feet. It is equipped with hydroelectric power, geothermal power and fisheries which account to 20% of the country’s GDP.
Sweden ranks seventh with a GDP of 49,836 dollars. Sweden gets its high income from exports such as timber, automobiles, iron and steel. The Swedish economy has grown because of the neutralized taxes. It is home to some of the outstanding firms like Ericson and SKF. The other contributor to its rise is the private firms which own 90% of the total resources. This makes it a financial giant. During crisis, Sweden always remained neutral that why its economy has remained stable for long. This country has always set its standards in form of exports. The economy has continued to grow over the years and it continues to flourish through its high-quality goods.
5. The Netherlands
Netherlands has a GDP of 51,049 dollars. The Netherlands is home to the largest international criminal court and other firms in the European Union. The country mainly gets its income from the largest port Rotterdam. The ports help in the transport of goods from one country to another. The country is one of the top exporters in foodstuffs, cucumbers and pears. The imports are mainly cheap and it manufactures them with the advanced machinery and then they are exported. The Netherlands is indeed one of the richest countries in Europe.
4. San Marino
San Marino has a GDP of 59,058 dollars. The economy includes exports in wines and spirits, furniture, and banking. Cheese and wine are the main agricultural products of this country. The country has no national debt. Citizens have access to good education and jobs. San Marino is a small country but it has an extraordinary economy. The factors of production are well utilized and the people work to ensure that they deliver high-quality goods and services. The country has been able to export to other countries like Germany and France. The country also has political stability and citizens are in a good position to address their needs.
Switzerland ranks fourth with a GDP of 59,561 dollars. The main contributor of the Switzerland success is the watches and clocks that are exported worldwide. The watches that were exported in 2011 were estimated to go for 20 billion dollars. Switzerland is also not left behind in the agricultural sector. It is home to Nestle, a top food company that serves people worldwide. It also makes heavy trades with Italy, France, and the United States.
Ireland has a GDP of 69,231 dollars. The primary industry of Ireland is the beverage sector. Their contributors are the pharmaceuticals and medical technologies. It is also the main producer of lead and copper in the whole of Europe. Ireland is considered to be the best profitable nation for the United States corporations. The citizens of Ireland enjoy high-quality education, job opportunities and many physical attractions. Ireland also has an elaborate government and laws that govern the people. The unemployment rate in Iceland is also very low as compared to other countries.
Norway otherwise known as the kingdom of Norway is located in the western part of Europe. The capital city of Norway is Oslo and it follows second after Luxembourg. The currency used in Norway is the Norwegian Krone. One of the contributors of Norway’s stability is natural gas. With the use of advanced technology, Norway generates natural gas and exports it to other countries. Other major contributors to its success are the private sector in hydroelectric power and fish production. It has a total Gross domestic product of 100,818.50 US dollars and it continues to grow making it second among the richest countries in Europe.
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All countries in Europe are developed but the ones listed above are the first 10 richest countries. Generally, all the countries have industries and firms that keep them at the top. The other factor is the political stability in the countries. The leaders keep the interests of their citizens before their own; citizens also have freedoms and rights that are respected. All these countries have an operational economy that grows each day. You might have been wondering is the UK the richest country in Europe? Well I hope that all these questions have been answered completely. Luxembourg is the richest so far unless another country overtakes it.
Source: Yen Ghana