Counting Down Wealth: The 20 Richest Countries in Europe

It comes as no surprise to hear that Europe has some of the richest nations on Earth given its more than 50 countries and non-country territories, many of which boast centuries of worldwide influence. 

What’s surprising however is how much wealth and poverty varies in these different European nations. Find out which countries in Europe top the list of the wealthiest right here in our article.

We have gathered and presented a list of the top richest nations in Europe for the years 2023–2024 based on their GDP per capita.

Monaco, 173,688.2

Monaco is one of the world’s smallest and richest nations and was called a “sunny place for shady people” by English author W. Somerset Maugham.

In terms of GDP per capita, Monaco is not only the wealthiest nation in Europe but also the world. Monaco has a GDP per capita of 173,688.2. From these estimates, we can assume that each citizen possesses, on average, 173,688.2 dollars.

The principality, which is near Nice, France, and a few kilometres from the Italian border, has a population of about 38,000 people, and slightly about seven in ten of them are billionaires. Some of the richest people in Monaco include The Grimaldi royal family, led by Prince Albert II, the son of Prince Rainier and Hollywood star Grace Kelly.

Luxembourg, 135,682.8

The second-richest nation in Europe and the world, Luxembourg is supported by its financial competence, central European location, and diverse economy. Luxembourg is a global banking powerhouse with more than 100 banks and significant capital production. It also manages approximately €4.6 trillion in assets, making it the second-largest investment fund domicile in the world.

The nation cleverly branched out beyond banking, especially into the technology, data-driven, and investment fund management industries, garnering significant investments. 

Ireland, 99,152.1

Ireland is presently regarded as one of the richest nations in the world per capita and the second-richest nation in Europe after Luxemburg.

Ireland has a highly developed knowledge-based economy that is centred on high-tech, life sciences, finance, and agribusiness, including agrifood, and services. Ireland’s economy is open, ranking third on the Index of Economic Freedom[28], and it tops the list of countries receiving high-value foreign direct investment (FDI) flows.

Switzerland, 93,457.4

The contentment of its citizens has elevated Switzerland, a wealthy nation, to the top of the list of nations in terms of quality of life. Many people may find the greater cost of living to be exorbitant, yet advantageous tax rates have helped draw foreign investment from other regions of the world. The GDP of Switzerland, which greatly depends on exports, reflects this influx of foreign capital. 

The diligent Swiss are also well known for their high-quality goods and crafts, like cheese, chocolate, jewellery, furniture, and much more, which are expertly created from materials found in their own country.

Norway, 89,202.8

With a projected GDP per capita (PPP) of $89,202 Norway is among the richest nations in the world. The wealth of Norway’s natural resources, its exports of crude oil and gas, its distinctive social security system, and its availability of universal health care are the main contributors to this high level of life. Since the 1970s, it has been mining its abundant petroleum reserves and supplying them with additional resources such as freshwater, fish, hydropower, timber, minerals, and minerals.

The main fields in Norway’s highly productive society are the telecommunications and technology fields, which contribute to the country’s low unemployment rate of 5% and an even lower poverty rate of 0.3%. This is in addition to the country’s enormous natural resources. Despite rising living expenses, wages are also still high. Norway currently has one of the best standards of living in the world because of all of these characteristics.

Iceland, 68,383.8

Iceland’s success was determined by its ability to make the switch from an economy dependent on natural resources to one powered by innovation and technology.

Access to money, education spending, and the rise of high-tech sectors including biotechnology, healthcare, renewable energy, and software development played a major role in this change. 

The nation also gains from having an abundance of natural resources, including hydropower, marine resources, and geothermal energy. Iceland has also established strong commercial ties with other European nations, a solid reputation for open government, and a skilled labour force. These elements have elevated Iceland to the rank of one of the richest nations on the planet.

Denmark, 67,803.0

Northern Europe is home to the modest but wealthy nation of Denmark. Its high-tech industrial sector and service sector, which make up the majority of the GDP, are the main drivers of its robust economy. The nation also benefits from a strong infrastructure, including reliable, economical, and highly effective transportation systems.

Denmark’s prudent fiscal policies, which have allowed the nation to sustain low unemployment rates and strong levels of growth, are responsible for the high quality of living that exists today.

Sweden, 60,239.0

With the help of timber, hydropower, and iron ore, Sweden’s economy is highly developed and export-oriented. These make up an economy’s resource base that is focused on international trade.

The main industries in the country of Sweden are forestry telecommunications, iron and steel, pharmaceuticals, industrial machinery, precision equipment, and chemical goods. They also have a variety of industries dealing in home goods and appliances.

As proven by firms like Ericsson, ASEA/ABB, SKF, Alfa Laval, AGA, and Dyno Nobel, Sweden is currently developing engineering, mine, steel, and pulp sectors that are competitive internationally.

Netherlands, 58,061.0

A wealthy nation, the Netherlands has one of the greatest standards of living in the world for its residents. The success of the nation has mostly been credited to its dynamic economy, which is heavily dependent on trade, notably in services and technology.

It also boasts an effective infrastructure and tax regulations that have encouraged both domestic and foreign investment. Furthermore, while funding public services like healthcare and education, the Dutch government is deliberate in its budget management. 

The Netherlands continues to be at the top of the list of wealthy European nations as a result of its dedication to sound budgetary management.

Finland, 53,982.6

Finland has a highly industrialized, primarily free-market economy with a per capita GDP that is somewhat higher than that of Germany and Belgium and almost as high as that of Austria and the Netherlands. In recent years, exports have accounted for more than one-third of the GDP.

Austria, 53,267.9

Austria has a robust economy backed by a wide range of businesses, including tourism, banking, insurance, and medical technology, which contributes to the country’s wealth. Aside from having access to the EU single market, the nation’s high-tech companies also enjoy advantageous corporate tax rates.

A strong social safety net has also contributed to Austria’s ability to maintain low unemployment rates and support economic growth.

Due to its proximity to other significant European economic powers, the nation has been able to reap the advantages of expanding export markets. Businesses have been able to create jobs and greatly increase Austria’s wealth thanks to this degree of involvement.

Austria also has several renowned universities and research institutions that have emerged as centres for knowledge-intensive business activity. Austria’s progress in becoming one of the richest nations in Europe has been greatly influenced by all of these elements.

Belgium, 51,767.8

The average income in Belgium is 21% more than the average in Europe. The strategic lowlands location of Belgium, international trade, the pharmaceutical and chemical industries, and its geopolitical relevance all considerably contribute to the country’s economy.

Industries that are dominating include metallurgy, steel, textiles, chemicals, glass, paper, and food industry. One of the top countries in the world for processing cobalt, radium, copper, zinc, and lead is Belgium. 

Germany, 50,801.8

There are 83,2 million individuals living in Germany, 2.900 of them are classified as super-rich, defined as having assets worth more than 100 million US dollars, or roughly 91 million euros.

These rich persons fall into the ultra-rich category, and they collectively control 21% of the nation’s total financial assets, which is much more than the percentages for all of Western Europe combined (which is at 17%) and the remaining 97 nations examined globally (which is at 13%).

United Kingdom, 47,334.4

The UK Office for National Statistics (ONS) reports that the services sector is the largest industry in the country, making up 80% of gross value added (GVA), a metric of economic production comparable to GDP.

In the United Kingdom, the service sector includes a wide range of sectors, such as retail, food and beverage, entertainment, and business and financial services. Construction and manufacturing, which together account for 10% and 6% of the U.K.’s overall economic output, are the other two significant contributors. A little over 0.67% goes to agriculture.

San Marino, 45,515.8

San Marino has one of the lowest rates of poverty in Europe and on the globe, which has contributed to part of its success in the international market. In addition, San Marino’s beautiful scenery and pleasant Mediterranean climate contribute to more than half of its GDP, which is derived from tourism.

As a result, it serves as both a tribute to the quality of Italian craftsmanship and a model of gracious hospitality, demonstrating how harmony and balance may lead to financial success.

France 43,518.5

France has had a huge impact on Europe and the world over the years and currently. The country is one of the oldest nations in the world and a member of Western Europe. It has been very influential in politics, economy, science, and maybe most importantly, culture, around the world.

France is categorized by the World Bank as a prosperous, high-income country. The French people rely on the federal government to provide social services including retirement pensions, health care, and education.

France also consistently ranks first on lists of most visited countries, and tourism is a significant contributor to the economy. Defence, agriculture, industry, and the energy sector are further important economic sectors. One of the leading exporters of firearms in the world is this nation.

Andorra, 43,047.7

One of the richest nations in Europe and also the world, Andorra has a thriving economy. The tiny nation, which is located in Europe between France and Spain, conceals the vast array of priceless advantages it provides. In addition to being in a customs union with the EU, which permits borderless trade, Andorra has no income tax. For companies investing there, it also provides cheap corporate taxes and financial advantages.

Additionally, because of its beautiful scenery, pleasant climate, and fantastic winter skiing prospects, the nation turns into an appealing real estate investment. Because there is no sales tax or VAT in Andorra, prices can be cut by up to 17%. Because of this consumer-friendly climate, both locals and visitors can afford the goods.

Italy, 35,551.3

In 2022, there were roughly 12,607 USD per person in the world. The GDP of Italy, on the other hand, totalled 2.010 trillion USD, or $34,158 per person. Italy, which presently occupies position 18, has one of Europe’s major economies.

In terms of market share for exports, Italy’s top trading partners are Germany (12.5%), France (10.3%), the United States (9%), Spain (5.2%), the United Kingdom (5.2%), and Switzerland (4.6%).

Cyprus, 30,798.5

The World Bank classifies Cyprus’ economy as having a high level of income, while the IMF included Cyprus in its list of advanced economies in 2001. Additionally, Cyprus switched from the Cypriot pound to the euro on January 1^st, 2008, at a fixed exchange rate of CYP 0.585274 for every euro.

Cyprus has a service-based, open, free-market economy with a small amount of light industry. Cyprus advertises its geographic location as a “bridge” between the East and the West, as well as its educated English-speaking populace, reasonable local costs, excellent aircraft connections, and telecommunications infrastructure, internationally.

Cyprus comes in at number 23 in the world for quality of life, and its “very high” Human Development Index reflects the excellent standard of living there.

Spain, 30,115.7

Spain ranked sixteenth in terms of imports and twenty in terms of exports in 2021. The World Bank ranks Spain 37^th in terms of GDP per capita and 27^th in terms of the UN’s Human Development Index. Spain ranked 10^th in the world for life quality in 2005, according to The Economist. 

Vehicles, health care, chemicals, shipbuilding, tourism, and textiles are a few of the major sectors of the economy.

Conclusion

One of the richest continents in the world is Europe. Using GDP per capita as our metric, we’ve ranked the top 20 wealthiest nations in Europe. It’s Monaco, Luxembourg, Ireland, Switzerland, Norway, Iceland, Denmark, Sweden, Netherlands, Austria, and Finland. 

High living standards, robust economies, and social welfare programs are all features of these nations.