Richest Country in Europe – Top 10 List
We present in this article the name of the richest country in Europe for the year 2016. GDP and population of countries across Europe vary. Some of the countries are richest while some are only rich. On this page, we present the top 10 richest countries in Europe based on per capita. Per Capita Income (PCI) means the average income of a person in a country.
A common query which we often come across is: “Is Germany the richest country in Europe?”. The answer to this is a big “NO”. Though Germany has the highest GDP amongst all European countries but it is certainly not the richest based on GDP per capita.
Also Read: Richest Country in the World
#1) Luxembourg is the richest country in Europe
GDP (PPP): $79,649.49
With an average income per person almost $80,000/-, country of Luxembourg is the richest country in the continent of Europe. Also, in the world, it is second to only Qatar which is the richest country in the whole world. This nation is highly industrialized in its cities alongside green pastures of the land. Alongside Bahamas and Monaco, it is one of the most famous tax havens in the world and in Europe. This European nation is also called as “Green heart of Europe”.
#2) Norway – Europe’s Second Richest Country
GDP (PPP): $54,479.06
Capital City: Oslo
With per capita income lesser than only Luxembourg, Norway is the second richest country in Europe. It has a significant amount of oil reserves in North Sea, which falls under its jurisdiction. GDP of this European country is close to $500 Billion and it makes it one of the richest nations in the world. Norway’s economy is also dependent on forest and mineral resources for wealth.
GDP (PPP): $44,015.97
Capital City: Bern
Having one of the most skilled labor population in the world, Switzerland has a very high per capita GDP. This Europe’s rich country is home to some of the world’s biggest banks. It has one of the lowest corporate taxes in the world. Highly efficient services and financial sectors contribute much to its GDP.
GDP (PPP): $42,589.72
Also one of the wealthiest nations on Earth, Austria has a very high standard of living compared to other European nations. Its labor force is highly skilled and services sector is one of the most developed. Coupled with the latest technology, this rich European country has one of the most advanced agriculture sectors.
GDP (PPP): $42,319.57
The Netherlands has an open economy and it is the fifth richest country in Europe. It has a population of around 16 million and GDP of around $700 Billion. Industries in Netherlands are involved largely in petroleum refining, food processing, and chemicals.
GDP (PPP): $41,129.26
Capital City: Stockholm
Sweden has a higher tertiary economy and service sector contributes nearly 70% to its GDP. One of the developed countries in the world, Sweden is the sixth richest European nation. Agriculture and industries also generate revenues for Sweden. With best welfare schemes and high-tech industries, it has one of the best standards of living throughout the 20th century. On our top 10 richest countries in Europe list, it finds the sixth place.
GDP (PPP): $40,443.26
Officially, Republic of Ireland, it has a knowledge-based economy as high-tech industries dominate the economy. It has a small but trade-dependent economy. It has a population of around 4.5 million and this richest country in Europe has a GDP of around $185 Billion.
GDP (PPP): $39,082.93
Situated in the Atlantic ocean, Iceland has a very small population and very small Gross Domestic Produce. These two make it one of the richest countries in Europe. In the early 20th century, it was one of the poorest countries. It generates much of its wealth by exporting fish and fish-related products. The government is looking for diversification of its income sources by promoting aluminum and other green energy industries.
GDP (PPP): $38,695.94
Capital City: Berlin
Being the largest economy in Europe, Germany is one of the wealthiest European countries. It is a highly industrialized nation and has one of the best service sectors. It is home to many of the famous global car brands. Few names include Volkswagen, Daimler, Mercedes-Benz, BMW, and Audi.
GDP (PPP): $37,995.23
Capital: City of Brussels
Occupying the tenth spot on the list of richest countries in Europe is Belgium. Belgium has an industrialized economy. Agriculture sector contributes very less to its wealth. Also, Belgium has very few natural resources for trade. These limitations have made it develop into a highly skilled service center on planet Earth.