THE RICHEST COUNTRIES IN EUROPE
Most European states are actively developing democratic institutions, respecting civil rights, and increasing their standard of living every year. 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.
Despite the fact that there is practically no poverty in Europe and in general people in all 50 countries have the necessary conditions for a normal existence, some states can boast much higher social standards and per capita income. And such differences can be observed even within such a powerful association as the European Union.
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 2024.
Note. Dwarf European states, in particular San Marino, were not taken into account in compiling the ranking.
| № | COUNTRY | GDP PER CAPITA ($) |
| 1. | Luxemburg | 135,605 |
| 2. | Ireland | 112,248 |
| 3. | Switzerland | 102,865 |
| 4. | Norway | 99,266 |
| 5. | Iceland | 78,837 |
| 6. | Denmark | 71,402 |
| 7. | Netherlands | 61,770 |
| 8. | Austria | 58,013 |
| 9. | Sweden | 55,216 |
| 10. | Finland | 54,507 |
TOP 10 RICHEST COUNTRIES IN EUROPE
1.LUXEMBOURG
The richest country in Europe in 2024 is the Grand Duchy of Luxembourg. The state is landlocked and is located next to Belgium, Germany and France. Its population is only about 659 thousand people. Note that Luxembourg is the second richest country in the world, after Qatar. Only the official minimum wage in this small state is 2,570.93 euros per month. Therefore, thousands of migrant workers from all over the world dream of working in Luxembourg.
2.IRELAND
Ireland is a northern state located on the island of the same name next to Great Britain. Its population is about 5 million people. The economy is based on IT, tourism and trade. The legal employment in Ireland gives the minimum wage of not less than 12.70 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.
3.SWITZERLAND
Switzerland is deservedly considered one of the richest countries in Europe. It is a country with an amazingly beautiful nature, educated inhabitants and a stable economy focused on high technology, the financial sector and tourism services. Swiss universities produce well-trained specialists, who can count on a successful career and a very high income. The average salary in Switzerland in 2023 exceeds 6,000 euros a month (before taxes).
4.NORWAY
Thanks largely to vast natural resources (oil, gas, timber, fish) and their efficient use, Norway is one of the five richest countries in Europe. In addition, the Kingdom is well developed and other sectors of the economy, including tourism and services in general. In the latest Doing Business agency report, Norway ranks seventh in the world and third among European nations in terms of the ease of starting and doing business. Unlike most other successful countries, universities in Norway allow foreigners to get higher education for free.
5.ICELAND
Iceland is at the bottom of the top-5 richest countries in Europe. A small state in the north of Europe, which provides its own residents with a very decent standard of living. In terms of nominal GDP per capita, this island country is now ahead of such major European leaders as Germany and France. Iceland has an excellent combination of a strong market economy and an efficient social security system. Life expectancy exceeds 83 years. Working in Iceland on average brings a net income of about 2.5 thousand euros per month.
6.DENMARK
The Kingdom of Denmark is the southernmost Scandinavian country, which is considered one of the best places to live in the world. At least numerous studies show that Danes are very happy and employees are quite satisfied with their working conditions. Social security and high incomes contribute to this. After deductions, the average wage in Denmark exceeds 3 thousand euros per month. 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.
7. THE NETHERLANDS
The Kingdom of the Netherlands is comfortably located in the western part of Europe between Germany and Belgium. It has one of the largest economies in the European Union, where both industry and agriculture are equally developed. For example, in terms of exports of products of the agricultural sector, the Netherlands has leading positions in the world. The local government does everything possible to ensure the Dutch people a happy life in this rich and prosperous country. By the way, the minimum wage in the Netherlands in 2024 is set at 2,242.46 euros per month.
8. AUSTRIA
According to many reputable agencies, Vienna is the best city to live in the world. In principle, almost all regions of Austria have built an excellent infrastructure, created a comfortable environment for employment, business and just recreation. Each year the country is visited by a huge number of tourists, and foreign students are happy to study at Austrian state universities, which have very affordable tuition fees. Diverse and stable economy makes Austria one of the richest countries in Europe.
9. SWEDEN
The Kingdom of Sweden is located in northern Europe. Its population is about 10 million people. The country is rich due to open and competitive economy, the lion's share of which is the export of high-tech industrial products. The social security system is considered one of the best in the world. Sweden – is not only rich, but also very beautiful country. It is noteworthy that about 69 percent of the country is covered by forests. The average salary in Sweden (net) is about 3 thousand euros a month.
10. FINLAND
It is noteworthy that all of the Nordic states are in the top 10 richest countries in Europe. The last place went to Finland. A country with an amazing nature, quality of life and strong economy. The Finnish authorities are actively attracting foreign investment. Local businessmen are focused on innovation and quality products. Work in Helsinki provides an average income of about 4 thousand euros a month (before tax), and in smaller cities you can count on 3-3,4 thousand.
Along with the richest, there is a list of the poorest countries in Europe, where the standard of living is much lower and the economy is ten times weaker.This includes mostly former Soviet republics, as well as states located on the Balkan Peninsula.
