Many countries in continental Europe are ranked as some of the world's richest nations. Europe's history features many innovations and civilizations, and it continues to dominate in areas such as technology, exports, industrialization, engineering, and services. The inhabitants of the rich European nations can afford a high standard of living thanks to the high GDP per capita.
The Richest Countries In Europe
5. Iceland - $74,278
Iceland's GDP per capita is estimated at $74,278. The country enacted widespread free market reforms in the 1990s which initially proved successful. A financial crisis that lasted from 2007 to 2010 placed the nation in economic uncertainty that it had to acquire emergency funding from some European nations and the IMF. The country is currently on course to full recovery. Iceland has exploited its rich hydroelectric and geothermal energy sources to power its industries with the most important of these being aluminum smelting. Fisheries account for over 20% of Iceland's economy.
4. Ireland - $76,098
Ireland's GDP per capita is estimated at 76,098 international dollars. The alcoholic beverage sector is one of Ireland's primary industries with a workforce of about 92,000. The pharmaceuticals, financial services, software, medical technologies, and aircraft leasing are some of the country's other major sectors. Ireland is among the top producers of lead and zinc in Europe which dominate its exports. More than 60 credit institutions are incorporated in the country. Ireland is recognized as one of the most profitable nations for US corporations in the world.
3. Norway - $81,695
Norway boasts a GDP per capita of 69,249 international dollars. Norway is highly endowed with natural gas, minerals, oil, fish, hydropower, and forests. The Norwegian government extensively regulates the nation's petroleum resources, and the sector accounts for 37% of the exports, 12% of GDP, 9% of the labor force, and 13% of the country's revenue. Norway has one of the world's lowest-income inequalities as its policies facilitate education and innovation, and it has been able to reduce poverty and ensure that the majority of the inhabitants have jobs. The country further sets aside a portion of petroleum state revenue in a sovereign wealth fund worth $900 billion making it the world's largest.
2. Switzerland - $82,950
Another wealthy European nation is Switzerland with a GDP per capita of 82,950 international dollars. Switzerland is renowned for its high-end watches and clocks which are exported to countries in the Americas, Oceania, Europe, Africa, and Asia. Its exported watches in 2011 were valued at more than $20 billion. The country is home to Nestlé which is ranked as one of the biggest food companies in the world. Industries in the nation also produce roof coating chemicals, pharmaceuticals, and chemicals for construction and industrial use. Switzerland trades heavily with Germany, the US, Italy, France, and Austria.
1. Luxembourg - $114,234
Luxembourg has the highest per capita GDP of all countries on the continent, which makes it the richest country in Europe as well as the richest country in the world. Luxembourg has been stable for decades, and good governance has facilitated its economic development. Its iron and steel sector represents 7% of its economy, and it is home to ArcelorMittal which is the world's largest steelmaker. Luxembourg has been keen on developing its technology and financial services industries in a move to diversify its economy. An estimated 155 banking companies have operations in the State, many of which are foreign-owned. Luxembourg enjoys an extremely high-speed communication infrastructure coupled with many data centers, which enables the country to provide enormous global connectivity to the international network. Government incentives, low corporate taxes, a favorable business environment, and a stable labor force all sustain the country's economic prosperity.
High Quality of Life
Quality of Life is defined as the general well-being of people that outlines the positive and negative aspects of life. Quality of Life is not the same as Standard of Living which is primarily based on income. Quality of Life touches upon life satisfaction, which includes attributes such as physical health, education, religious belief, employment, wealth, environment, and finance. Quality of Life has a wider and broad range of contexts and are used in fields such as politics, healthcare, employment, and international development. Most of the European nations mentioned above ensure a high Quality of Life for their citizens.