South Sudan (Africa) The economy of Italy is the not just one of the largest national economy in the European Union but in the world as well. GDP per capita: $51,643. It also has vibrant industries in banking and other financial services. Luxembourg Business. Read Also: The 35 Largest Countries in Europe [Area Based]. Its agricultural industry, meanwhile, contributes 2% percent to GDP, and positions France as the second largest exporter of agricultural products in the world. Society & Culture Uzonna Anele-November 5, 2022. The social security system is considered one of the best in the world. Despite being a small country, Finland had jumped to the top of the world in terms of wealth and finance. Thankfully, a steady stream of tourists, along with an influx of foreign investors keen to take advantage of the countrys lenient immigration policies, has done much to aid recovery in the proceeding years. Only the official minimum wage in this small state is 2,256.95 euros per month. Other economic dependencies include tourism (France is ranked as the most visited country in the world, with over 86 million tourists annually), transportation, science and technology. Its export-oriented economy took a major hit during the 2009 Eurozone crises, shrinking by 8% one of the biggest contractions across Europe. The country is the home to numerous billionaires and millionaires from around the world. In a particular order, here are the top 10 richest countries in Europe: 1. Kenya. Agriculture is the primary economic sector of the country followed by manufacturing and service. The average salary in Sweden (net) is about 3 thousand euros a month. As of March 2022, four of the top ten richest nations in the world are European nations. TOTAL NET WORTH: $165.7 billion vs. $182 billion in 2021. Since 1959, the sale of natural gas has been one of the Netherlands biggest money-spinners, and a major contributor to its large, open economy. Although the majority of Russian territory lies in Asia, 78% of the Russian people live in the country's European portion. Regarding the latter group, many were part of the formerYugoslaviaand theSoviet Union, and their economies suffered significant stagnation after both dissolutions. Just In. Thanks largely to vast natural resources (oil, gas, timber, fish) and their efficient use, Norway is one of the five richest countries in Europe. Monaco is not only the richest country in Europe but is also the richest country in the world in terms of GDP per capita. For example, Poland's population in 2020 was just under 38 million, roughly 25.9% of Russia's--however, its GDP was a full 40% of Russia's, which indicates that Poland's economy is actually the more productive of the two. Here is a list of Top 10 richest countries in Europe in 2022 having highest Per Capita Income GDP on the basis of Purchasing Power Parity (PPP). According to McKinsey & Co, the top richest countries in the world areChina, the United States, Germany, France, the United Kingdom, Canada, Australia, Japan, Mexico, and Sweden. No Result . As one of the worlds biggest free market economies, Switzerland has seen healthy growth in the last few years. . An example of data being processed may be a unique identifier stored in a cookie. Overall, services make up a healthy 73.7% of GDP. Note: The data has been collected by the World Bank in the previous year and it has been used as the criteria for ranking these countries in this year. On the list of the richest countries in the world, the European country comes in at number six. Based on the GDP, this post will explore the top wealthiest countries as per 2022 World Bank Nominal GDP Forecasts. In order to more clearly see scenarios such as this, economists often monitor two additional metrics: GDP per capita and GNI per capita. GNI also includes money that enters or leaves the country through international business transactions, which lessens the degree to which the metric is distorted by tax sheltering activity. As a result of its liberal trade policy, Denmarks exports make up just under 50% of GDP. Check out the top 10 richest people in Europe. Similar growth has been seen in the software and biotech industries. United Kingdom $45,565 GDP per capita, Why Startup PacketZoom Should be on Your Radar, 10 Things You Didnt Know About Keurig Dr. Pepper CEO Bob Gamgort, 10 Things You Didnt Know about Christine Crane, 20 Things You Didnt Know about Kakao Mobility, highest total tax revenue as percentage of GDP, Seven Reasons to Take an Antarctic Expedition Cruise on Vikings New Polaris, The 10 Best Selling Thriller Books of All-Time, The 10 Worst Neighborhoods in Philadelphia in 2022. While GDP measures the value of goods and services produced and "sent out" of the country's economy (though most are "sent out" to domestic customers), GNI measures the value of all the income "brought in" to the country by those products and services. High taxation contributes significantly to the countrys overall income; in 2017, for example, the total taxes paid amounted to 50.8% of GDP. With a population of 61 million and $39,499 GDP per capita, Italy occupies the position of 4th most populous EU member and 17th richest European country overall. Next article Top 20 Richest Countries In Africa, 2022. The country also has the third least corruption and is the third most prosperous country in the world. As a member of the EU, it has the option to join the EMU, but has thus far opted to maintain an independent currency. Cyprus has became a member of EU since May 2004. Local businessmen are focused on innovation and quality products. What are the richest countries in Europe? The company first launched in December of 2009 and has been going strong for more than a, Read More 20 Things You Didnt Know About VacasaContinue, PacketZoom is a start-up that specializes in helping its customers provide their apps to interested individuals in an effective and efficient manner. England, Scotland, Wales, and Northern Ireland make up the United Kingdom, an island nation in Europe. Three tiny-but-wealthy micronations leap to the top in this metric, followed by a parade of Northern European countries. Belgium is a rich country in terms of GDP per capita as well. China had in. Despite being the 2nd smallest continent in the world, Europe makes up for its diminutive size by the wealth of its nation states. While recent years have seen the introduction of more stringent tax laws, the economy is still set to grow in 2019, despite the currently uncertain impact of Brexit. Europe is considered as a fairly rich continents as compared to others, especially Africa and Asia. Robert Bob Gamgort has served as Chief Executive Officer of Keurig Green Mountain since 2016 and, Read More 10 Things You Didnt Know About Keurig Dr. Pepper CEO Bob GamgortContinue, Despite the pandemic, the last year has been a great one for the NFL, at least from a monetary perspective. The country has a GDP per capita of about $51,643, making it one of Europe's richest countries. 1. Additional information and clarifications. Its economy has been further bolstered in recent years thanks to a robust growth in the tourism and construction sectors. With one of the largest economy in the world and a GDP per capita of 67,803.0, Denmark has made its place among the top 10 richest European countries. Slovenia - $36,566 GDP per capita. With a mixed economy that includes both state and private enterprises, French companies such as AXA (the largest insurance company in the word), BNP Paribas, Crdit Agricole and the Socit Gnrale hold leading positions in the worlds financial and insurance industries. GK Questions and Answers Related to General Science, GK Quiz Related to Indian Art and Culture, Books and Authors GK Questions with Answers. Monarchs of Britain. Table of Contents show 20. However, this GDP per capita is very low as compared to richer countries in other continent but since Africa is a poor continent, here it is. In 2018, GDP saw growth on previous years and now sits at $51,936, By sector, this breaks down to 1.3% from agriculture, 28.4 % from industry and 70.3% from service. GERMANY - 46,268.64 USD Officially known as the Federal Republic of Germany, Germany is a federal parliamentary republic in Europe. It helps by combining two services. There might be come American countries richer than countries in Europe but while looking at a bigger picture, Europe has the largest number of countries with higher GDP per capita. The Seychelles The Seychelles is an archipelago of 115 islands and is currently the richest country in the continent of Africa. As such, Russia is typically considered a European country. Monaco is not only the richest country in Europe but is also the richest country in the world in terms of GDP per capita. Germany Germany has been one of the richest countries in Europe for several decades. Required fields are marked *. The country has a GDP per capita of 30,115.7 which might be lower than other European countries but is far higher that GDP per capita of many other countries in the world combined. Life expectancy exceeds 83 years. Social security and high incomes contribute to this. Switzerland is deservedly considered one of the richest countries in Europe. The Czech Republic (or Czechia, as its known to its inhabitants) is a landlocked country situated smack bang in the middle of Europe. Required fields are marked *. In addition, the Kingdom is well developed and other sectors of the economy, including tourism and services in general. As one of the 6 founding countries of the European Union, Belgium enjoys an advanced, high income economy. In terms of trade, vehicles, pharmaceuticals, chemicals, rubber, plastics and food products constitute the bulk of exports, while the countrys wealth of natural resources (timber, lignite, potash and salt as the most significant) are also in hot demand. While they used to have a highly centralized economy, it has started to become diversified in . It is an important producer of agricultural products. GDP per capita (PPP) 1. To see which countries have the most riches at their disposal, lets look at the rundown of Europes top 20 richest countries by GDP per capita. Austria is a flourished country in Europe with a GDP per capita of 53,267.9. 19. Mauritius (GDP per capita - $8,567) 3. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page. A country with an amazing nature, quality of life and strong economy. The legal employment in Ireland gives the minimum wage of not less than 10.50 euros per hour, and the average income is comparable with another participant of the ranking - Iceland, about 2.5 thousand euros per month after taxes. Read Also: The 15 Largest Countries in the European Union, Share :TwitterFacebookPin ItWhatsAppLinkedIn, Read More Top 10 Best Acting Schools In Nigeria 2022Continue, Read More 10 Countries With The Best Medical Care In The World 2022Continue, Read More How To Change Your Address In USPS Quick GuideContinue, Read More Meet The Richest Men In Ghana 2022 [New Ranking]Continue, Read More Lagos State Zip Codes: Lagos State Postal Codes [Updated List]Continue, Read More Prices Of Toyota Cars In Nigeria: Camry, Highlander & HiluxContinue, Your email address will not be published. The table below presents the list of 20 richest countries in Europe 2022 ranked according to their gross domestic product per capita (GDP per capita). The richest country in Europe in 2022 is the Grand Duchy of Luxembourg. The chart below reflects the average (mean) wage as reported by various data providers. $118,001. Industry makes up most of the remaining contribution (thanks largely to a pharmaceutical industry which ranks as one of the most competitive in the world), while agriculture makes up less than 1%. As we said before, as a general rule, the richest countries in Europe are in the western part of the continent, while the least economically developed are in Eastern Europe. Czech Republic - $37,546 GDP per capita The Czech Republic (or Czechia, as its known to its inhabitants) is a landlocked country situated smack bang in the middle of Europe. Rich in natural resources such as oil, gas, timber and fish, Norway has a strong export economy and is ranked as the worlds largest exporter of seafood after China. Its population is about 5 million people. The economy of the Republic of Ireland comprises of high-tech services, life sciences, financial services and agribusiness. In terms of revenue, it has the 4th highest total tax revenue as percentage of GDP in Europe, and 2nd in the Baltics (Denmark beats it by a 2% margin). Leaving many top countries behind in ranking, Ireland has gained third ranking in the 20 richest European countries in the world. With an average Belgian having the third highest net financial assets in the world, Belgium is one of the wealthiest country in the world. But not to forget the harsh reality of poverty in the country, seven percent of working people have income lower than the EUs at-risk-of-poverty. In 2016 Germany had the highest trade surplus in the world with a turnover of $310 billion making it one of the largest exporters globally. In terms of richest countries, Norway ranks at fourth position in Europe and also has the largest Sovereign Wealth Fund in the world. Despite a stumble in the final quarter of 2018 (triggered by a slowdown in domestic demands and a contraction in construction related investments), Irelands small, modern economy is still one of the strongest in Europe. Sweden GDP: $62,926 Top Economic Activities: Hydropower, Timber, and Iron Ore Sweden is a magnificent country located in Northern Europe. Subsequent years, however, have seen it enjoy a compete recovery. Norway boasts one of the highest standards of living of any European country, and a similarly prosperous economy. The economic output and standard of living of this small country is comparable with wealthy regions in Italy. 20202022 WageCentre.com. Denmark is a great country with an ancient history. 20. 2022-08 611 411 1,051 Austria: 2,633 . Since last year the data for Andorra has been added, currently the 16th with the highest GDP per capita in Europe. * Known for being the largest country in the world in terms of size, Russia is a transcontinental country. While the UK currently enjoys a relatively high ranking among Europes wealthiest countries, how it will fare after its planned withdrawal from the European Union in 2019 is still in question. Despite being a very small country, it is also also one of the richest countries in the world 2022. Luxembourg. Lenient tax residency requirements have historically made Ireland a target for international firms looking to benefit from a low tax rate. Richest European Countries 2022 Show Sources This is the map and list of European countries by monthly average wage (annual divided by 12 months) gross and net income (after taxes) average wages for full-time employees in their local currency and in euros. The Kingdom of the Netherlands is comfortably located in the western part of Europe between Germany and Belgium. This owes to a strong export sector, low inflation and healthy employment growth. And such differences can be observed even within such a powerful association as the European Union. In terms ofGDP per capita,however,the leaders are others such as Luxembourg, Switzerland, Ireland, or Norway. Note. It is noteworthy that all of the Nordic states are in the top 10 richest countries in Europe. In the latest Doing Business agency report, Norway ranks seventh in the world and third among European nations in terms of the ease of starting and doing business. Icelands small economy was heavily hit by the 2007-2010 financial crisis, to the point the country was forced to request emergency funding from the IMF in 2008. . Recent growth can be attributed to a booming tourism trade, which now accounts for more than 10% of Icelands GDP. 2. Richest Countries In Europe [Top 20 List], Top 10 Richest Musicians in the World 2022-2023 (Net Worth), Richest Women in the World 2022-2023: Top 20 List, Top 10 Fashion Designers in the World 2022-2023, Top 10 Richest Golfers in the World 2022-2023, Top 10 Richest Politicians in The World 2022-2023, Ron Desantis Net Worth 2022: Biography, Monthly & Annual Salary, Career, Beto ORourke Net Worth 2022: Biography, Investments, Real Estate Money, Career, Herschel Walker Net Worth 2022 (United States Senate Election): Biography, Salary, Income Per Month, Politics, Career, International Mathematics and Science Olympiads, 10 ( ). Save my name, email, and website in this browser for the next time I comment. Dwarf European states, in particular San Marino, were not taken into account in compiling the ranking. With the exception of Monaco, which does not appear on this list because its GNI per capita was unavailable (if it were, Monaco would likely rank first), the GNI per capita list is similar to the GDP per capita list, with nine of the same countries in an altered order. Historically, most of Austrias trade has been with Germany. Therefore, thousands of migrant workers from all over the world dream of working in Luxembourg. After deductions, the average wage in Denmark exceeds 3 thousand euros per month. Czech Republic $37,546 GDP per capita, 13. The small but mighty sovereign state of Slovenia creeps onto our list at 20th position. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. The extractions are managed by foreign companies and the population works mainly in rice farming. People of the country enjoy their personal financial assets which are in millions but their debts are also among highest in the world. Tourism, retail sales and finance comprise more than three-quarters of gross domestic product of the country. Monaco has a GDP per capita of 173,688.2 which means every person in the country on an average owns around 173,688.2 dollars. Singapore. Learn how your comment data is processed. The large, highly developed social market economy of Germany has shown significant growth in recent years, and with the 2nd biggest export trade (https://www.trendrr.net/8406/largest-exporters-countries-world-top-10-famous/) in the world, it seems in no danger of slowing down anytime soon. US presidents who served only one term 2022. Its developed, export-orientated economy is founded largely on service, manufacturing and innovation. According to Forbes, values across the franchises rose by an impressive 7 percent, with the, Read More The 10 Richest Teams in the NFLContinue, Christine Crane was already a successful real estate agent when she and her son created BoldLeads. Its service sector is by far the largest contributor to GDP (around 70%) while industry contributes 29.1% and agriculture, 0.9%. However, since joining the EU, the country has developed its trading links with other member states, and simultaneously drawn a growing number of foreign investors attracted to its access to the single European market and its close ties to other growing EU economies. Be it science, politics, economics and culture, France has its reach extended in every part of the globe. 2022 NAIJAXTREME | Designed and Managed by NaijaXtreme. Shortage occupations in the Czech Republic, Shortage occupations in the United States, Which country is easiest to obtain citizenship, The most expensive countries to live in the world, The richest and poorest countries in Asia, The most expensive and cheapest gasoline in the world, Unemployment rates in different countries, The best cities to live in the Netherlands, The best cities to live in the United States. In fact, in terms of Gross Domestic Product, countries such as Hungary, Estonia, Romania, Serbia or Moldova have experienced annual growth of over 4% in recent years. The Republic of Cyprus has a market economy dominated by services sector and is under the control of the government. Turkey is officially located geographically in Europe. 2. All Rights Reserved. Monaco has a GDP per capita of 173,688.2 which means every person in the country on an average owns around 173,688.2 dollars. Mauritius What You Should Know, How To Block GT Bank ATM Card In Nigeria 2023 [Quick Guide], How To Block Zenith Bank ATM Card 2023 [Quick Guide], The 10 Best Colleges In New York 2023 [Updated Ranking], Top 10 Best Colleges In The United States 2023 [Ranking Data], The 10 Ugliest People On Earth 2023 [Guinness Records], The 10 Best Colleges In California 2023 [New Ranking]. The highly developed export-oriented economy of Sweden has evolved in recent years from an agricultural economy into one with major dependencies on engineering, mining, steep and pulp. Despite an unemployment rate that ranks among the highest in the Eurozone, an education system thats one of the poorest across the developed world and a large, informal economy, the Spanish economy has seen substantial growth since the 90s, with many companies achieving multinational status (largely as a result of significant expansion in Latin America and Asia) and a tourist industry that now ranks as one of the biggest in the world: in 2017, Spain polled as the 2nd most visited country in the world, with the proceeds contributing a generous 11.7% to GDP. Best Tourist Destinations In Nigeria and Their . France is one of the oldest countries in the world and perhaps one of the most beautiful. With more than 50 countries and non-country territories, many of which boast millennia of global influence, it's no surprise that Europe includes some of the most affluent countries on Earth. Andorra has a developed economy and a free market with GDP per capita of 43,047.7. the GDP per capita here is higher than that of European average and above its neighboring countries of Spain and Italy. The small, robust economy of landlocked Luxembourg benefits from year on year growth, low inflation and an equally low unemployment rate. Bordered by 4 countries and lapped by the Adriatic Sea, Slovenia is . An austerity policy, combined with increased privatization of state industries, resulted in a complete recovery in 2014. Work in Helsinki provides an average income of about 4 thousand euros a month (before tax), and in smaller cities you can count on 3-3,4 thousand. One of the most beautiful European countries also happens to be on our list of the wealthiest countries. Continue with Recommended Cookies. Slovenia: 31,030: 21. The service sector accounts for 74.9% of GDP, while agriculture accounts for a comparatively minuscule 1%. It can also thank its wealth on its position as fifth most visited country in the world: with over 50 million tourists flocking to the country on an annual basis, tourism contributes a healthy 13% to GDP. Your email address will not be published. Now, the country is one of the richest in the world with a GDP per capita income of $90,606. The data for the current year will be calculated at the end of the year and will be used for listing richest countries in 2023. Macau which was formerly a sparsely populated territory has become a major city. Despite having just 0.1% of the worlds population, the country has 1.7% of the worlds wealthiest people. In terms of nominal GDP per capita, this island country is now ahead of such major European leaders as Germany and France. In a country with population less than 9 million, there are are about 1 million millionaires. Here are the 10 richest countries in Europe: GDP per capita, PPP Int$ - International Monetary Fund, GNI per capita, Atlas method current US$ - World Bank. Save my name, email, and website in this browser for the next time I comment. The startup has received attention in business news recently for its most recent round of corporate fundraising that has pushed it, Read More 20 Things You Didnt Know about Kakao MobilityContinue. According to the agency Doing Business, out of 190 countries of the world, Denmark ranks first in Europe in terms of accessibility of starting a business. View All Result . It is important to remember that nominal GDP represents the monetary value of the goods and services that are produced in a country during a given period of time. US presidents who lost their reelection bid 2022. Spain enjoys the position of Southern Europes largest country, and the fourth largest across Europe as a whole. Diverse, stable and largest economy makes Germany one of the richest countries in Europe. The consent submitted will only be used for data processing originating from this website. Therefore, this metric provides us with a wealth of the country as a whole, that is, in a more generalized way than, for example, GDP per capita. Its partially regulated economy is driven largely by the service sector, which contributes around 80% of GDP. The Netherlands is a small country with a long and interesting history and it has developed itself into a rich and wealthy country over the centuries.
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