Europe is a continent where most of the nations have found significant developments and have established stable economy because of the influence of European Union. It is a major centre for trade and business in the world. The climate, location have also favoured the countries to have agriculture and cultivation. Many European countries with low tax rates are chief centres of finance and banking. Here is a list of top 10 richest European countries in 2018 that have highest GDP in the continent in ascending order.
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Located in the Western Europe, Netherlands is a small, densely populated country. It is the world’s second largest exporter of food and agricultural products as a result of fertile soil and mild climate. It is the 17th largest economy in the world and ranks 10th in GDP per capita in the world. It has a market based economy with foodstuffs as chief industrial sector. The country’s other industries are chemicals, metallurgy, machinery, tourism and electrical goods. Some well-known international companies operating from Netherlands include Randstad, Unilever, DSM, Shell, Philips, TomTom. Port of Rotterdam being the largest port in Europe provides prime access to markets in the UK and Germany. The country has the thirteenth-highest per capita income in the world and has a high level economic freedom.
9. San Marino:
This is a small country situated on the Italian peninsula and is not a member of European Union. The country has highest of the GDP’s in the world and is considered to have highly stable economy. San Marino has a budget surplus, has no national debt and has one of the lowest unemployment rates in Europe. Its economy mainly relies on industry, finance, services and tourism. Chief industries include banking, ceramics and electronics. It imports staple goods from Italy as the main agricultural products in the country are wine and cheese. It is said to be the only country with more vehicles than people.
Sweden is a Scandinavian country in Northern Europe, divided into 21 counties and 290 municipalities. The country ranks highly in several metrics of national performance including education, protection, economic competitiveness, equality, human development etc. It is has eighth highest per capita income in the world. It has a high standard of living and has an export oriented mixed economy. It is the ninth highest arms exporter in the world. Sectors like telecommunications, automobiles, pharmaceuticals, engineering are of prime importance in country’s output and exports. The country takes fame for having one of the highest telephone and Internet access penetrations. Some of the world-renowned Swedish companies are Volvo, Ericsson, Sandvik, Scania, IKEA, Nordea, SKF, Atlas Copco, Electrolux and others. The country is said to have best creativity for having world’s most purposeful workers.
It is an island in the Western Europe, being the second most populated island in Europe. It has lush vegetation and climate is very moderate. It has a unique Irish music, Irish language and Gaelic Games as the part of its indigenous culture alongside western culture. It is one of the highest producers and consumers of wine and other alcoholic products. The rural areas in the country use peat as source of energy while sods of turf are used in urban areas. The entire island is a busy centre of trade and tourism which accounts for its income.
It is a Scandinavian country that consists of a peninsula, Jutland and an archipelago of 443 islands. The country offers a high standard of living and ranks highest in the world for social mobility. Denmark has a high-level of income equality, has one of the world’s highest personal income tax rates and is the least corrupt country in the world. It has a developed mixed-economy that is considered as one of the freest economies in the world. The country has a productive population that produces high GDP per hour worked value. It is also considered as the 8th most competitive economy in the world.
One of the powerful economies in the world, Switzerland is a small country, mostly dependant on Manufacturing. It is the twentieth largest exporter in the world with products like chemicals, watches, health and pharmaceutical goods, musical instruments etc. It is one of the most developed countries in the world and has placed itself in top spots in several metrics of national performance. It has a GDP of $59,150 and is considered to be a stable, high- tech economy that is a home for companies like Novartis, Nestle, ABB, UBS AG, Tetra Pak, Swatch and many more.
This European country ranks as the second richest country in the world in monetary value, with largest capital reserve per capita of any nation. Its sixth highest GDP in the world is the result of abundance of petroleum, natural gas, minerals, lumber, hydropower, sea food. It has a mixed economy featuring a combination of free market activity and a large state ownership in various sectors. It is the well-functioning and stable country in the world and has a higher standard of living than any other country in the world.
This is a mountainous microstate located in Central Europe governed by Prince of Liechtenstein. It has one of the lowest unemployment rates in the world. It has the third highest GDP in the world when adjusted by PPP. Although the country has small area, limited resources and limited manpower, it has a highly industrialised free enterprise economy that which has made the country so prosperous. The living standard is very high and the nation has more registered companies than citizens. The reason being very low business taxes, corporate taxes, thus it is a popular tax haven for enormously wealthy individuals and companies to evade taxes in their native countries. This accounts for about 30% of Liechtenstein’s revenue. It is the world’s largest producer of ceramics and false teeth and its other major industries are electronics, textiles, power tools, precision instruments, pharmaceuticals.
It is a sovereign city state governed by Prince Albert II, located on the French Rivera in West of Europe. It is a small and densely populated country and has the world’s highest Human Development Index in the world. The country has world’s highest GDP nominal per capita and records world’s lowest poverty rate. It is said to have world’s highest number of millionaires and billionaires per capita. The economy is very stable as the country holds monopoly in various sectors like tobacco, postal service, gambling etc. Tourists are only allowed to take part in the casinos in the country. It is also a major banking centre in Europe.
Officially called the Grand Duchy of Luxembourg, this nation is the world’s second largest investment fund centre and the most important private banking centre in the Eurozone. It has a GDP of $100,991 accounted by diversified industries including chemicals, rubber and other products. Banking and other financial services also account for major fraction of economic output and is the prominent centre for reinsurance companies.
Quality of life index is high in this country and unemployment rate is very low. It has a stable and high-income market economy featured by steady growth, low inflation and a high level of novelty. Luxembourg City is the one of the three capitals of European Union and is a seat for various institutions and agencies of the European Union, including European Court of Justice. Its culture is highly influenced by its neighbours, making it a combination of French and Germanic cultures.
All these countries are very prosperous with well-developed infrastructure and offer high living standard to their citizens. Tourism, industries banking are the main sectors that bring a lot of revenue to these richest European countries by 2018.