Top 10 Richest Countries in Europe 2024 as per GDP and GNI Rankings

Europe, a continent with more than 50 sovereign nations and non-state territories, has long been a global center of influence, artistry, and wealth. Of these regions, a handful are considered the most prosperous in the world based on financial metrics. However, the gap between the richest and poorest countries in Europe is quite stark, highlighting the different business contexts across the continent.

Across the continent, economies vary widely—some rely on sectors such as finance, while others are more dependent on areas such as natural resources or tourism. At the same time, all nations share a history and culture that is closely tied to Western civilization, though languages, cultural symbols, and political systems have diversified significantly over time. This economic diversity demonstrates how geography and historical paths can enduringly shape business growth in this intertwined region.

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Germany is the richest country in Europe, with a GDP of $4.59 trillion.

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Top 10 European countries by GDP

Gross Domestic Product (GDP) is a quantitative measure of a country’s overall economic productivity over a certain period of time, usually one year. It covers the total market value of all products manufactured and traded within the country during that period. In 2020, six European countries independently created more than $1 trillion in GDP, and their total amounted to $13.833 trillion, a figure that consolidated Europe’s dominance on the global economic platform. Despite experiencing the turmoil caused by the epidemic like most parts of the world, these ten economies have shown extraordinary resilience and maintained trillions of dollars in production capacity. Their continued success highlights Europe’s enduring strength and significant influence on international markets. Here is the list:

rank	nation	Gross Domestic Product (USD)
1	Germany	$4.59 trillion
2	U.K.	$3.50 trillion
3	France	$3.13 trillion
4	Italy	$2.33 trillion
5	Russia*	$2.06 trillion
6	Spain	$1.65 trillion
7	Netherlands	$1.14 trillion
8	Switzerland	$938.46 billion
9	Poland	$844.62 billion
10	Belgium	$655.19 billion

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* Although geographically Russia spans two continents, it is considered a European country because the majority of its population lives in European territory.

List of the 10 richest countries in Europe by GDP per capita

While GDP reflects a country’s overall economic output, it does not take into account population size. To better understand economic efficiency, economists often use GDP per capita, which is GDP divided by population, which gives a clearer picture of individual wealth. Here is a list:

rank	nation	GDP per capita (US$)
1	Monaco	$227,073
2	Liechtenstein	$194,581
3	Luxembourg	$121,139
4	Norway	$103,901
5	Ireland	$101,316
6	Switzerland	$91,731
7	Iceland	$71,339
8	Denmark	$66,947
9	Sweden	$55,736
10	Netherlands	$55,299

The list features small countries with high per capita economic productivity, often due to factors such as small populations and tax policies that attract wealth.

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The 10 European countries with the highest GNI per capita

Gross National Income (GNI) provides another way to look at wealth, measuring the total income of a country’s residents, including international business transactions. GNI can give a more complete picture of economic health, especially for countries that receive a lot of income from abroad. Here is a list:

rank	nation	Gross national income per capita (US$)
1	Norway	$95,510
2	Luxembourg	$91,200
3	Switzerland	$89,450
4	Ireland	$81,070
5	Denmark	$73,200
6	Iceland	$68,220
7	Sweden	$62,990
8	Netherlands	$57,430
9	Austria	$56,140
10	Finland	$54,360

The ranking by gross national income is very close to the ranking by GDP per capita, with most of the same countries appearing in both lists, albeit in different orders.

The list is based on data provided by the World Bank, and the distribution of wealth in Europe shows that the continent is economically strong, but also very different from country to country. GDP highlights the scale of economic output, while GDP per capita and gross national income per capita provide a more detailed picture of individual prosperity and economic efficiency across Europe. Together, these indicators paint a comprehensive picture of Europe’s wealth, showing the successes and gaps in this diverse region.

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Source: https://dinhtienhoang.edu.vn
Category: Optical Illusion