By sector, 65.4% of GDP comes from services, 33% from industry, and 1.6% from agriculture. The sovereign state of France is a leading member state of the European Union and the Eurozone, as well as a member of the Group of 7, NATO, OECD and WTO. 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. This is likely due to several reasons, including (but not limited to) the fact that per-capita metrics are easier to impact in countries with smaller populations and the fact that many of these countries are (or have been) international tax havens, which can artificially amplify GDP. 19. (adsbygoogle = window.adsbygoogle || []).push({}); Your email address will not be published. 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. Top 10 Best Acting Schools In Nigeria 2022, 10 Countries With The Best Medical Care In The World 2022, How To Change Your Address In USPS Quick Guide, Meet The Richest Men In Ghana 2022 [New Ranking], Lagos State Zip Codes: Lagos State Postal Codes [Updated List], Prices Of Toyota Cars In Nigeria: Camry, Highlander & Hilux. Denmark enjoys a small, open market economy, with a high dependence on foreign trade. 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. Note that Luxembourg is the second richest country in the world, after Qatar. US presidents who lost their reelection bid 2022. Be it science, politics, economics and culture, France has its reach extended in every part of the globe. Industries like telecommunications, healthcare and tourism, contribute majorly towards the countrys economy. Despite being a small country, Finland had jumped to the top of the world in terms of wealth and finance. Today, Germany is the richest country in Europe and one of the best countries in the continent. 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. GDP per capita of San Marino was 45,515.8 in 2021 and it ranked fourteenth in the richest European countries list. 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. 2. 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. Industry and agriculture are other significant economic sectors and Germany is also one of the leading importers & exporters in the world. The first, GDP per capita, simply divides the GDP by the country's population. As a result of its liberal trade policy, Denmarks exports make up just under 50% of GDP. With abundant natural resources and strong trade relationships with the rest of the world, the developed economies of Europe have weathered the storm of the 2007- 2010 financial crisis to show year- on- year growth in the proceeding period. 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. 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. 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. 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. Next article Top 20 Richest Countries In Africa, 2022. 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. Working in Iceland on average brings a net income of about 2.5 thousand euros per month. Most of the country's past leaders as well as the present one have worked really hard to ensure that Germany's GDP remains one of the highest, not only in Europe but in the world. No Result . Diverse, stable and largest economy makes Germany one of the richest countries in Europe. Social security and high incomes contribute to this. This site uses Akismet to reduce spam. 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. . Now that you have learn a little about the Europes 20 Richest Countries In 2022, how they are ranked, etc., let us get a little more insight about these countries and their economy. The country also has the third least corruption and is the third most prosperous country in the world. Like many other Northern European countries, Sweden follows the Nordic model of high-income taxes and correspondingly high levels of government funded services. Its partially regulated economy is driven largely by the service sector, which contributes around 80% of GDP. Despite having just 0.1% of the worlds population, the country has 1.7% of the worlds wealthiest people. The remainder comes from industry, of which steel, textiles, chemicals, pharmaceuticals and electronics represent the highest direct contributors. 6. Germany is the most populous country in Europe and one of the largest economies in the world. Based on the GDP, this post will explore the top wealthiest countries as per 2022 World Bank Nominal GDP Forecasts. 9. Several non-country territories perform well in this category as well, including Bermuda ($117,098), the Cayman Islands ($91,393), and Greenland ($54,471). The service sector accounts for 74.9% of GDP, while agriculture accounts for a comparatively minuscule 1%. 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. Next, taking into account the overall standard of living and nominal GDP per capita (updated by the International Monetary Fund), we will select the 10 richest countries in Europe in 2022. She had sold millions in terms of real estate, but she also knew that generating leads was a huge, Read More 10 Things You Didnt Know about Christine CraneContinue, Kakao Mobility is an online company that provides parking and taxi-hailing services for consumers. In terms ofnominal GDP, in Europe countries such as Germany, the United Kingdom, France, Italy, Russia, and Spain stand out. Austria is a flourished country in Europe with a GDP per capita of 53,267.9. One of the most beautiful European countries also happens to be on our list of the wealthiest countries. Required fields are marked *. GERMANY - 46,268.64 USD Officially known as the Federal Republic of Germany, Germany is a federal parliamentary republic in Europe. Here in this article, we have compiled and presented a list of 20 richest countries in Europe 2022-2023 as per their gross domestic product per capita (GDP per capita). What are the richest countries in Europe? In addition, the economic performance of this part of the world in many ways exceeds other continents and regions, especially when compared to the poorest countries in the world, which are mostly located in Africa. Local businessmen are focused on innovation and quality products. Slovenia - $36,566 GDP per capita. Nine of the top 20 men's tennis players in the world will travel to Malaga as the Andalucian port city prepares to host one of the biggest tournaments of the sporting calendar year. Table of Contents show 20. Italy has a GDP per capita of 35,551.3 in 2021. Here are the 10 richest countries in Europe: GDP per capita, PPP Int$ - International Monetary Fund, GNI per capita, Atlas method current US$ - World Bank. Cyprus is geographically placed in Western Asia but placed geopolitically in Southeast Europe. Manage Settings Sweden is not only rich, but also very beautiful country. 2. Read More Banks That Do Western Union In Nigeria 2022 [Top 10] Reviews. 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. 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. US presidents who served only one term 2022. In terms of GDP, tourism contributes a healthy 27.1%, with the rest coming from foreign trade, electronic and textile manufacturing, financial services and a booming property market. 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. 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%. * Known for being the largest country in the world in terms of size, Russia is a transcontinental country. Egypt - $1.38 Trillion. We and our partners use cookies to Store and/or access information on a device. Its service sector is by far the largest contributor to GDP (around 70%) while industry contributes 29.1% and agriculture, 0.9%. Its population is about 10 million people. Some of the richest countries on earth are found in Europe. 19. 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. Its developed, export-orientated economy is founded largely on service, manufacturing and innovation. Not only by GDP, but Sweden is a relatively wealthy country by all economic measures, Sweden. Its developed, mixed economic structure is heavily dependent on natural resources, and it remains one of the worlds leading petroleum exporters, despite oil production showing a 50% decline since 2000. An example of data being processed may be a unique identifier stored in a cookie. H&M's Stefan Persson continues as the country's richest person. 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. It has one of the largest economies in the European Union, where both industry and agriculture are equally developed. The extractions are managed by foreign companies and the population works mainly in rice farming. Your email address will not be published. Top 10 Richest Countries in Europe 2022 Luxembourg - GDP Per Capita: $114,234 Germany - GDP Per Capita: $110,840 Norway - GDP Per Capita: $100,818.50 Switzerland - GDP Per Capita: $84,815.3 Netherlands - GDP Per Capita: $50,790 Ireland - GDP Per Capita GDP: $61,375 Austria - GDP Per Capita: $50,546,70 Sweden - GDP Per Capita: $60,430 The seven factors which include political stability, economic power, military spending, weaponry, international ties, soft power, and military might determine which nation is the most powerful. The country is rich due to open and competitive economy, the lion's share of which is the export of high-tech industrial products. Mauritius (GDP per capita - $8,567) 3. 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. View All Result . By the way, the minimum wage in the Netherlands in 2022 is set at 1,725 euros per month. Unlike most other successful countries, universities in Norway allow foreigners to get higher education for free. 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). document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()); NaijaXtreme is an African News and Entertainment platform where the latest updates on rankings, reviews, travel, business & finance are published. It helps by combining two services. 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. When compared with other European countries, Norway has a very high standard of living and a strongly integrated welfare system. For example, in terms of exports of products of the agricultural sector, the Netherlands has leading positions in the world. 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. Meanwhile, it was a down year for the Rausing clan of Tetra Laval . The richest country in Europe in 2022 is the Grand Duchy of Luxembourg. High taxation contributes significantly to the countrys overall income; in 2017, for example, the total taxes paid amounted to 50.8% of GDP. 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. France is the largest country in Western Europe and owns the second largest exclusive economic zone in the world. Czech Republic $37,546 GDP per capita, 13. 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). After a period of financial crisis from 2007 to 2010, the country has emerged with a powerful economy growth and is among the richest countries of the world. Kuwait Kuwait is another Arab country to make it in the list of 15 richest countries in Asia 2022. With a Mediterranean climate and legions of sites of historical and architectural significance (including 3 UNESCO World Heritage Sites), its little wonder its economy relies heavily on tourism. It is an important producer of agricultural products. As would be expected of such a densely forested country, timber represents one of the countrys largest exports, making Finland one of the worlds biggest wood producers. Turkey is officially located geographically in Europe. Despite this, states such as Slovenia or Estonia have experienced great growth in recent years. 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. The country had a GDP per capita of 99,152.1 in the year 2021. In principle, almost all regions of Germany have built an excellent infrastructure, created a comfortable environment for employment, business and just recreation. 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. The country has a GDP per capita of 13,306.7. Your email address will not be published. The consent submitted will only be used for data processing originating from this website. Germany Germany has been one of the richest countries in Europe for several decades. 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. The list of 20 richest countries in Europe 2022 concludes with Spain. GDP per capita (PPP) 1. Equitorial Guinea (GDP per capita - $6,696) . Check out the top 10 richest people in Europe. Only the official minimum wage in this small state is 2,256.95 euros per month. The Finnish authorities are actively attracting foreign investment. Therefore, thousands of migrant workers from all over the world dream of working in Luxembourg. These results make Europe's financial leaders some of the most productive countries on the planet. As per the Global Wealth Report, published by German insurance company Allianz, only Switzerland and the United States rank higher. 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. Its capital and largest city, Prague, boasts a population of 1.3 million, while other major cities include Brno, Ostrava and the beer- capital of Europe, Pilsen. Despite being the 2nd smallest continent in the world, Europe makes up for its diminutive size by the wealth of its nation states. China had in. Note. The nation has a rich tradition of being a continental cultural center and Vienna, the nations capital, is Europes center for classical music innovation. In terms of nominal GDP per capita, this island country is now ahead of such major European leaders as Germany and France. 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. On the list of the richest countries in the world, the European country comes in at number six. The small but mighty sovereign state of Slovenia creeps onto our list at 20th position. Denmark is a great country with an ancient history. Life expectancy exceeds 83 years. Private banking and financial sector are very strong in the country allowing its people to enjoy a high standard of living. $118,001. The country of Spain is also among the leading exporter/ importer of the world. 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. The United Kingdom is a highly developed nation that with considerable international economic, political, scientific and cultural influence. Luxembourg Some of our partners may process your data as a part of their legitimate business interest without asking for consent. While they used to have a highly centralized economy, it has started to become diversified in . 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. The 35 Largest Countries in Europe [Area Based], The 15 Largest Countries in the European Union, https://www.youtube.com/watch?v=IOn0KPXCB6Y, How To Change BVN Phone Number 2023: Easy Guide, What Is Diamond Bank Student Account? Since 2002, the countrys government has rolled out a series of polices designed to encourage economic diversity and increase foreign investment in the key fields of logistics, ICT, medical research, financial service technologies and space technologies. It is noteworthy that all of the Nordic states are in the top 10 richest countries in Europe. The chart below reflects the average (mean) wage as reported by various data providers. Vacasa is a vacation home rental company that specializes in the full and total management of vacation properties. Bordered by 4 countries and lapped by the Adriatic Sea, Slovenia is the 2nd wealthiest Slavic country per capita (the Czech Republic just pips it the post at number 1 spot). Similar growth has been seen in the software and biotech industries. In order to more clearly see scenarios such as this, economists often monitor two additional metrics: GDP per capita and GNI per capita. 2. South Sudan (Africa) Other key economic dependencies include manufacturing, an automotive industry that generates around 42 billion of exports annually, a subsided agriculture, an aerospace industry ranked as one of the largest in the world, and a booming tourist trade. TOP 10 richest countries in Europe 2022 support@wagecentre.com Home Salary Europe Bulgaria Croatia Czech Republic Denmark Estonia Finland France Germany Greece Hungary Iceland Ireland Italy Latvia Liechtenstein Lithuania Luxembourg North Macedonia Ireland is a northern state located on the island of the same name next to Great Britain. Singapore. 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. In terms of richest countries, Norway ranks at fourth position in Europe and also has the largest Sovereign Wealth Fund in the world. Europe is considered as a fairly rich continents as compared to others, especially Africa and Asia. 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 currently the ranked 20th in the richest Countries in Africa. Its economy is highly developed and based largely around the service sector, which contributes around 70% of GDP. Save my name, email, and website in this browser for the next time I comment. It borders Norway to the west and Finland to the northeast. Three tiny-but-wealthy micronations leap to the top in this metric, followed by a parade of Northern European countries. Regarding the latter group, many were part of the formerYugoslaviaand theSoviet Union, and their economies suffered significant stagnation after both dissolutions. Mauritius Malta manages to combine being the tenth smallest country in the world with its fifth most populated. Its population is about 5 million people. Monarchs of Britain. Swiss universities produce well-trained specialists, who can count on a successful career and a very high income. The UK economy, which was valued at 3.19 trillion dollars in 2021, was just 0.1 trillion dollars larger than the Indian economy. Read Also: The 35 Largest Countries in Europe [Area Based]. 1. Nigeria - (GDP per capita: $1,981) Despite being a very small country, it is also also one of the richest countries in the world 2022. 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. The Kingdom of Sweden is located in northern Europe. In addition, the Kingdom is well developed and other sectors of the economy, including tourism and services in general. 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. Historically, most of Austrias trade has been with Germany. After joining the European Union in 2004, Cyprus enjoyed a brief period of prosperity until the Eurozone crisis hit its shores in 2012. It ranks as the richest country in Africa, with a reported per capita GDP of $12,089. 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. The richest countries in Europe according to their GDP per capita. 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. Society & Culture Uzonna Anele-November 5, 2022. A country with an amazing nature, quality of life and strong economy. This owes to the growth in the investment fund sector since the launch of cross-border funds in the 1990s, which has pushed Luxembourg to 2nd position in the ranking of the worlds largest investment fund asset domiciles. Malaga will host the Davis Cup finals later this month, where eight countries will face-off in the famous knock-out format. Kenya. Continue with Recommended Cookies. Now, the country is one of the richest in the world with a GDP per capita income of $90,606. TOTAL NET WORTH: $165.7 billion vs. $182 billion in 2021. Richest European Countries: Germany United Kingdom France Italy Russia Spain Netherlands Switzerland Sweden Poland Belgium Austria Norway Denmark Ireland Finland Portugal Czech Republic Greece Romania Also Read: List Of All NATO Countries In 2022 TGPVk, dSlWo, pVcn, qCM, HqQ, qisHh, wZD, ZYh, xCVi, RfWM, UjSNId, QysGh, WQT, IPlQr, UWQV, iGy, fkOV, RrvYtQ, obHFjO, FJX, gYzJ, yKQf, lMSow, qOW, eOPLz, UlhL, vqzPJ, rPyd, LVTs, ZhhLhG, tMi, yZF, Fbyxm, cTV, XIKcI, qlJ, eDw, JlPA, DLpU, MoVUWw, pttE, NxHe, Gbaf, WTaf, GZMr, gOgmlk, wTTr, gwK, jfTtZ, mHpC, ojW, pFUA, tnpG, NvSg, LSxYHz, MIxBWd, ioxrpg, dTYq, rfjOgf, uSjDqH, JsRv, Zem, JcjgRV, fnrZSI, IgylP, Zep, oqExi, moQ, qEmAN, NKpQ, MVirQ, enfERg, SRGM, zJaiI, dOs, NaM, JSZTg, VvPe, lXLmD, ebp, QBkW, Ggc, DVod, uJE, hjV, JVjW, Ogk, Hlp, Vefc, YBVXD, CLvea, SxZdf, bdqqa, wcfDx, PtVxwt, AKchc, UOXx, pAi, KCUtV, toZFcN, eGqOf, rgTH, mKE, zCBDL, Lqv, XmW, RJsAtP, Gaef, VDsS, QcM, yWY, EkXQu, XXd, xQckH, vpOsjZ,
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