Europe is considered as a fairly rich continents as compared to others, especially Africa and Asia. There might be come American countries richer than countries in Europe but while looking at a bigger picture, Europe has the largest number of countries with higher GDP per capita. Here in this article, we have compiled and presented a list of 20 richest countries in Europe 2023-2024 as per their gross domestic product per capita (GDP per capita).
20 Richest Countries in Europe 2023
The table below presents the list of 20 richest countries in Europe 2023 ranked according to their gross domestic product per capita (GDP per capita).
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Note: The data has been collected by the World Bank in the previous year and it has been used as the criteria for ranking these countries in this year. The data for the current year will be calculated at the end of the year and will be used for listing richest countries in 2023.
Europe’s 20 Richest Countries in 2023
Now that you have learn a little about the Europe’s 20 Richest Countries In 2023, how they are ranked, etc., let us get a little more insight about these countries and their economy.
Monaco is not only the richest country in Europe but is also the richest country in the world in terms of GDP per capita. 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. The country is the home to numerous billionaires and millionaires from around the world.
With a GDP per capita of 135,682.8, Luxembourg is the second richest country in Europe. Despite being a very small country, it is also also one of the richest countries in the world 2023. Private banking and financial sector are very strong in the country allowing its people to enjoy a high standard of living.
Leaving many top countries behind in ranking, Ireland has gained third ranking in the 20 richest European countries in the world. The country had a GDP per capita of 99,152.1 in the year 2021. The economy of the Republic of Ireland comprises of high-tech services, life sciences, financial services and agribusiness.
Switzerland is known for its economic prosperity and its current GDP per capita stands at 93,457.4. In a country with population less than 9 million, there are are about 1 million millionaires. Despite having just 0.1% of the world’s population, the country has 1.7% of the world’s wealthiest people.
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In terms of richest countries, Norway ranks at fourth position in Europe and also has the largest Sovereign Wealth Fund in the world. When compared with other European countries, Norway has a very high standard of living and a strongly integrated welfare system.
Despite having a very small and volatile economy, Iceland has one of the highest GDP per capita of 68,383.8 with its people enjoying a wealthy lifestyle. 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.
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. People of the country enjoy their personal financial assets which are in millions but their debts are also among highest in the world.
Sweden is a country of high-tech capitalism and extensive welfare benefits and is among the richest countries of the world in 2023. Not only by GDP, but Sweden is a relatively wealthy country by all economic measures, Sweden. But not to forget the harsh reality of poverty in the country, seven percent of working people have income lower than the EU’s at-risk-of-poverty.
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. The high GDP of the country is the result of country’s ingenious innovations and investments that supports and boosts their economy.
Finland is a very small country on a global scale with its population making up just 0.07 per cent of the world’s population. Despite being a small country, Finland had jumped to the top of the world in terms of wealth and finance. The country also has the third least corruption and is the third most prosperous country in the world.
Austria is a flourished country in Europe with a GDP per capita of 53,267.9. The economy of the country is a developed social market economy and it is the eleventh richest country in Europe in terms of GDP per capita. The nation has a rich tradition of being a continental cultural center and Vienna, the nation’s capital, is Europe’s center for classical music innovation.
With an average Belgian having the third highest net financial assets in the world, Belgium is one of the wealthiest country in the world. As per the ‘Global Wealth Report’, published by German insurance company Allianz, only Switzerland and the United States rank higher. Belgium is a rich country in terms of GDP per capita as well.
Germany is the most populous country in Europe and one of the largest economies in the world. Industries like telecommunications, healthcare and tourism, contribute majorly towards the country’s economy. Industry and agriculture are other significant economic sectors and Germany is also one of the leading importers & exporters in the world.
14. United Kingdom
The United Kingdom is a highly developed nation that with considerable international economic, political, scientific and cultural influence. Although the country is among the richest in the world, a quarter of Britain’s wealth is held by the richest one per cent. United Kingdom includes the island of Great Britain which contains England, Scotland, Wales and the northern portion of the island of Ireland.
15. San Marino
San Marino is one of the smallest countries in the world but it didn’t stop it from becoming one of the wealthiest in Europe. GDP per capita of San Marino was 45,515.8 in 2021 and it ranked fourteenth in the richest European countries list. The economic output and standard of living of this small country is comparable with wealthy regions in Italy.
France is one of the oldest countries in the world and perhaps one of the most beautiful. Be it science, politics, economics and culture, France has its reach extended in every part of the globe. According to the World Bank, France is a wealthy, high-income nation with social services such as education, healthcare and pensions guaranteed by the federal government.
Also check Richest Countries in America
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. Tourism, retail sales and finance comprise more than three-quarters of gross domestic product of the country.
The economy of Italy is the not just one of the largest national economy in the European Union but in the world as well. Agriculture is the primary economic sector of the country followed by manufacturing and service. Italy has a GDP per capita of 35,551.3 in 2021.
The Republic of Cyprus has a market economy dominated by services sector and is under the control of the government. These sectors account for more than four-fifths of GDP of the country. Tourism, finance, shipping, and real estate are the other important services in the country. Cyprus has became a member of EU since May 2004.
The list of 20 richest countries in Europe 2023 concludes with Spain. The country has a GDP per capita of 30,115.7 which might be lower than other European countries but is far higher that GDP per capita of many other countries in the world combined. The country of Spain is also among the leading exporter/ importer of the world.