Top 10 Richest Countries in Europe (2020)

Many countries in the continent of Europe are the colonial masters of African countries and the rest of the world.

Europe has been known to be the epicenter and hallmark of advancement in a civilization, technology, health, steady wealth and a strong economy.

From the reign of the Romans to the Nazis and then the Soviet Union, Europe has ever since been known for its power, influence, and wealth.

This is the compilation of the top ten richest countries in Europe.

10. Netherland (GDP per Capita $52,129)

The Netherlands comes at number 10 on our list of the top 10 richest countries in Europe.

Netherland’s wealth has majorly been from the distribution of its natural gas with dependence on its foreign trades.

One of the country’s biggest industries is the food industry, known to be a major exporter of agricultural product making her the second-largest exporter, second to the united states.

Netherland also generates wealth from her tourism sector with over 20million foreign tourists visiting the country this, in turn, contributing to about 5.4% GDP and 9.6% of the country’s employment rate.

Netherland has a policy called the “unemployment benefit” which ensures continual payment to its unemployed citizen due to work termination.

9. Austria (GDP per Capita $52.936)

Since joining the E.U (European Union) in 1995, Austria Trading routes have been expanded towards other members in the E.U, reducing its ties with Germany who has been it’s a major trading associate.

This has since attracted foreign investors to Austria for easy access to the European Market.

10% of the country’s GDP comes from its tourism sector.

The country’s service sector contributes to approximately 70.3% GDP with its financial firm and banks having ties with other European Union state for business accounting for about 66% of Austria import and export rate.

8. Germany (GDP per capita $52.801)

Germany comes at number 8 on our list of the wealthiest European countries. The European country has a highly developed social market with its service sector contributing to over 70% GDP.

In 2016 Germany had the highest trade surplus in the world with a turn over of $310 billion making it one of the largest exporter globally.

According to IMF in 2017 Germany accounted for 28% of the euro area economy.

Germany’s industry and construction sector has employed over 24.2% of the country workforce.

The country is also known for its exceptional production of Automobiles with over 5.2 million vehicles produced in 2009, making Germany the fourth-largest producer and largest exporter of Automobiles.

Her Tourism industry contributes to about 68.6% GDP which is about 43.2 billion euros and employs over 2 Millon of its citizens.

Germany happens to be the seventh most visited country in the world and Berlin Berlin the third most visited city.

7. Sweden (GDP Per Capita $53.077)

Sweden is one of the countries that focuses more on its export- economy which is geared toward foreign trade.

Sweden was ranked 4th most competitive nation by the World Economic forum 2012-2013 competitiveness index.

The country follows the idea of high taxes and high service funded by the government.

Sweden’s unemployment rate as of June 2013 was 9.1% in the general population and 29% of among the youth population.

Sweden’s main export is in timber, hydropower and iron ore.

6. Denmark (GDP per capita $58,856)

Denmark a country that fully depends on its foreign trade, its export income makes up to 50% of the country’s GDP.

Denmark has joined the EU has decided to have a self-reliant currency rate than that of the economic and monetary union(EMU) which is in euros, this helps to strengthen its currency exchange rate.

Due to its broad-minded trade policy, Denmark has acquired a “net international investment position” making up to over 60% of the country GDP in 2018.

Denmark has no official minimum wage as all the wages are been controlled by the European Union.

Over 325,000 citizen work in the manufacturing industry with the mainstream of income been 0.1% in mining and quarrying, 2.4% in agriculture, 10.7% in industry, 6.7% in utilities and construction with service sector having 79.9% and it employs over 75.2% of its citizens.

Denmark also accepts the policy of high tax level and high service provided by the government.

5. Iceland (GDP per capita $74,278)

The 2007-2010 financial crisis crippled the Iceland economy with a fall in its GDP.

However with its expanding tourism trade which accounts for more than 10% of its GDP has contributed to its recent growth, fishing also contributes a large quota to Iceland economy with over 12% GDP and export earning of 40%.

Iceland practices the mixed economy with free trade and was ranked number one as having one of the world’s highest levels of economic freedom as a country by the human development index in 2007.

Iceland number of employed citizens is approximately 186,900 out of a population of 341,243 with over 26,800 employed by the tourism sector.

4. Ireland (GDP per capita $76,098)

Notwithstanding the economic decline in 2018 which led to a reduction in domestic demand and a fall in construction investment, Ireland has been one of the strongest economies in Europe and the 4th on my list of top richest countries in Europe.

Her Alcoholic sector is one of her primary industries with its export sector been her strong focal point.

Ireland’s fair tax policy has Attracted a lot of international firms who seek to benefit from the low tax rate which has been of great help since 14 of the top 20 Irish firms belong to foreign investors.

Ireland’s engineering sector employs over 18,500 people with a contribution of 4.2 billion euro annually.

3. Norway (GDP per capita $81,695)

Next in line of the top richest European countries is Norway, it is a country blessed with natural gas, hydropower conditions, forest and fishes making it one of the countries with the highest standard of living.

Norway practices a mixed economy.

The export economy in Norway is of a high standard with the petroleum sector accounting for 37% of its export, it remains among the top world leading exporter, Norway ranks second after China as the largest exporter of seafood.

The majority of Norwegians are employed because it’s policy support and strengthens education and innovation.

2. Switzerland (GDP per capita $82,980)

Switzerland is the highest supplier of watches and clocks generating an income of over $20billion.

Nestle one of the biggest food companies in the world has its headquarter in Switzerland.

Switzerland Service sector is of a high standard and highly developed, which is home to one of the world’s most revelatory banking industries (The swiss banking industry).

Due to Switzerland’s neutrality band national sovereignty the bank of international settlement (an organization monitoring the co-operation among the world’s central banks.) Choose Basel a city in Switzerland as the location for its headquarter.

The service industry makes over 73.7% of GDP.

Her pharmaceutical industry is ranked as one of the strongest in the world.

In 2015 Switzerland’s economy was ranked first in the world by global innovation index. Her tourism provides over 144,828 full-time jobs and a gross income of 14.9 billion.

1. Luxembourg (GDP per capita $114,234)

Luxembourg has the highest GDP per capita, that makes it the richest country on the continent.

The largest sector in Luxembourg is the banking sector with over 155 foreign banking companies and employs over 27,000 personal which amounts to over 35% GDP.

Luxembourg’s Tourism sector has contributed to about 8.3% of GDP and employs over 11.7% of her working population.

The country has a low unemployment rate and the 2nd in the ranking of the world’s largest investment fund assets domicile.

Luxembourg has a very high -speed communication structure with various centers for data speed across the country, the country follows the idea of the low tax rate.

Luxembourg’s agricultural sector though small is very effective having produced over 15 million liters of dry white wine which are consumed in countries like Belgium, France, and Germany.

In summary here is the list of top 10 richest countries in Europe with their GDP per capita.

  • Luxembourg GDP per capita $114,234
  • Switzerland GDP per capita $82, 980
  • Norway GDP per capita $81.695
  • Ireland GDP per capita $76,098
  • Iceland GDP per capita $74,278
  • Denmark GDP per capita $58,856
  • Sweden GDP per capita $53,077
  • Germany GDP per capita $52,801
  • Austria GDP per capita $52,936
  • Netherland GDP per capita $52,129

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