Europe is home to some of the world’s most prosperous nations, with more than 50 countries and territories, many of which have a long history of worldwide significance. There is a huge disparity between Europe’s wealthiest and poorest nations, which may shock some readers.
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The most prosperous European nations’ combined GDP
Gross domestic product (GDP) is the most often used basic indicator of national wealth. It captures the total worth of all products and services produced in a country over a certain period (typically a year).
In 2020, the six most populous nations in Europe had a combined GDP of $13.833 trillion (US dollars), making them the most populous countries in Europe. Due to these achievements, the most economically successful countries in Europe now rank among the world’s most productive nations.
In terms of total 2020 GDP (current US dollars – World Bank), these are the 10 richest countries in Europe.
- Germany – $3.8 trillion
- United Kingdom – $2.7 trillion
- France – $2.6 trillion
- Italy – $1.9 trillion
- Russia* – $1.5 trillion
- Spain – $1.3 trillion
- Netherlands – $913.8 billion
- Switzerland – $752.2 billion
- Turkey – $720.1 billion
- Poland – $594.2 billion
A transcontinental nation, Russia is known for its size as the world’s biggest. Most Russian land is in Asia, yet 78% of the country’s population lives in European Russia. Since Russia is located in Europe, it is often regarded as such.
GDP and GDP per capita
As useful as it is, GDP advantages nations with a larger population since it does not consider the number of employees or firms that make up its overall worth.
When it comes to GDP per capita, Poland’s economy is more productive than Russia’s, with a population of just under 38 million in 2020, which is just 25.9% of Russia’s.
Economists use two additional variables, GDP per capita and GNI per capita, to better understand situations like these. A country’s GDP is divided by its population to arrive at its GDP per capita. However, this leads to a vastly different set of candidates.
GDP per capita (current US dollars – World Bank) of the top 10 richest countries in Europe in 2020:
- Monaco – $190,513
- Liechtenstein – $180,367
- Luxembourg – $115,874
- Switzerland – $87,097
- Ireland – $85,268
- Norway – $67,390
- Denmark – $61,063
- Iceland – $59,270
- Netherlands – $52,397
- Sweden – $52,259
Northern European countries follow three micronations to the top of the list in this measure. Many non-country territories, such as Bermuda, the Cayman Islands, and Greenland, fare highly in this area as well.
Per-capita measures are more easily influenced in nations with low populations, and many of these countries have been (or have been) international tax havens, which may artificially inflate GDP.
GNI is a type of mirror image of GDP. A country’s Gross National Revenue (GNI) assesses the total value of all the income that is “brought in” by its products and services.
At the same time, GDP focuses on the commodities and services created and “sent out” of the country’s economy. Tax sheltering activity has little effect on GNI since it comprises money entering or departing via foreign commercial transactions.
Global GNI per capita (World Bank, Atlas Method, current US dollars) of the 10 richest European countries by 2020:
- Liechtenstein – $117,740
- Switzerland – $84,310
- Norway – $78,180
- Luxembourg – $73,500
- Ireland – $64,150
- Denmark – $63,070
- Iceland – $62,420
- Sweden – $54,060
- Netherlands – $51,060
- Finland – $49,700
The GNI per capitalist is almost identical to the GDP per capita list, except for Monaco, which does not appear on this list since the GNI per capita was unavailable (if it were, Monaco would likely rank first).
Also See: Richest Countries in the World 2022
Europe’s richest countries are as follows:
- Germany ($3.48 Tn)
- United Kingdom ($2.65 Tn)
- France ($2.47 Tn)
- Italy ($1.86 Tn)
- Russia ($1.25 Tn)
- Spain ($1.24 Tn)
- Netherlands ($777.23 Bn)
- Switzerland ($668.85 Bn)
- Sweden ($514.48 Bn)
- Poland ($471.40 Bn)
|Country||GDP (IMF '19)||GDP (UN '16)||Per Capita|
|Bosnia and Herzegovina||20.1520||16909904149||16909904149|