These Are the 12 Richest Countries in Europe—Where the Wealth Is as Impressive as the Views
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Europe is widely regarded as one of the wealthiest continents in the world. Despite being largely devoid of natural resources, many of the continent’s countries boast millennia of global influence, making them some of the world’s most affluent countries. As a result, Europe has many thriving economies and a high standard of living.
However, do you know exactly which countries in Europe are the wealthiest? If not, you’ve come to the right place. In this article, we’ve listed the 12 richest countries in Europe. We selected these entries based on the latest World Bank GNI data, the total money earned by a nation’s people and businesses.
Norway
Let’s begin with Norway, a beautiful European nation famed for its breathtaking natural scenery, vibrant architecture, and rich history. According to the World Bank, Norway is also the wealthiest country in Europe. Dubbed the ‘Land of the Midnight Sun,’ the country is valued at $108,790, almost $10,000 more than Europe’s second most prosperous country.
One of the most significant contributing factors to Norway’s wealth is its vast oil reserves. The nation’s abundance of oil has helped it secure its future income for many years. Furthermore, many Norwegian companies are world leaders in shipping, oil production, and sustainable fishing. Better yet, tourism brings in over $50,680,100 to the nation’s economy yearly.
Read also: Awesome Natural Wonders of Europe
The Republic of Ireland
It likely surprises many that the Republic of Ireland, the tiny island nation west of England, is the second most affluent European country. As of 2024, the nation is valued at $98,650 by World Bank’s GNI data. As a result, the island nation has a high standard of living.
In fact, according to the OECD Better Life Index, the country outperforms the average in education, jobs, social connections, health, safety, and life satisfaction. Visitors to the Republic of Ireland quickly fall in love with the nation’s picturesque landscapes, vibrant cultures, and charming towns and cities. Popular places to visit in the country include Dublin, Galway, Cork, and Clifton.
Read also: Charming Small Towns in Europe
Luxembourg
Luxembourg might be one of the smallest countries in Europe, but that hasn’t stopped it from being one of the richest. Renowned for being one of the world’s best financial industry leaders, Luxembourg is valued at $98,490. This is extremely impressive, considering the nation has a population of less than 700,000.
Luxembourg generates much of its wealth through the financial industry. It is a global hub for private banking and investment management and one of the European Union’s capitals. Away from finances and the European Union, Luxembourg is a beautiful country to explore. Surrounded by France, Belgium, and Germany, the nation offers high-end wines, scenic hiking trails, fairy-tale castles, and more.
Read also: Must-Visit UNESCO Sites in Europe
Switzerland
Switzerland is well known for being one of Europe’s wealthiest and most luxurious countries, so it’s no surprise to find the nation on this list. However, what is surprising is how low down it is. Despite the country’s apparent wealth, Switzerland is only Europe’s fourth most prosperous country. As of 2023, Switzerland’s GNI is $90,080.
A playground for the rich and famous, Switzerland is renowned for its breathtaking landscapes, vibrant cities, and outdoor activities. However, from a business standpoint, the country is better known for its high cost of living, strong export market, and banking. The banking industry alone brought 6.5 million Swiss Francs ($7.3 million) into Switzerland in 2022.
Read also: Must-Visit UNESCO Sites in Europe
Denmark
Another European country you likely won’t be surprised to see on this list is Denmark. This beautiful Scandinavian country is famous worldwide for its elegant architecture, stunning natural scenery, and rich history. When you’re not visiting multi-million dollar royal palaces in Copenhagen, you’ll find yourself hiking in Thy National Park.
According to the World Bank’s latest GNI data, Denmark is valued at $79,390. Despite the country’s wealth, that’s almost $30,000 less than neighboring Norway. Denmark’s economy grew to become one of Europe’s most prosperous post-war when the nation’s export industry grew dramatically. Danish designer goods and furniture are sold worldwide, as are food products like bacon and butter.
Read also: Natural Wonders in Europe
Iceland
The following European country on our list is Iceland, a postcard-perfect destination famed for its impressive volcanic landscapes, vast glaciers, and unique tourist attractions. Millions of tourists visit this island nation yearly to enjoy the great outdoors and catch a glimpse of the Aurora Borealis. However, the country’s manufacturing, exporting, and sustainability help make it one of the wealthiest countries in Europe.
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For example, according to the Government of Iceland, the island nation is the largest producer of green energy and the largest electricity producer worldwide per capita. Regarding exports, Iceland is well-known for exporting vast amounts of fish and aluminum. The World Bank’s GNI data currently ranks Iceland as Europe’s sixth most affluent country, with a value of $79,290.
Read more: Hidden Gems in Europe
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Netherlands
The Netherlands, also called Holland, is a beautiful Western European country. It is famed for its lush tulip-lined countryside, vibrant towns and cities, rich history, and delicious Dutch cuisine. The Netherlands is also known as one of Europe’s wealthiest countries for business-minded people. To be more precise, the Netherlands is the seventh richest European country.
The Netherlands, valued at $77,750, makes most of its money from natural gas. Approximately 25% of the European Union’s natural gas reserves belong to the Netherlands. The Netherlands also makes billions of dollars yearly through the exportation of flowers. According to Holland.com, flowers are the top export in Holland, bringing in an annual revenue of over $6 billion.
Read also: Romantic European Getaways
Andorra
Andorra is another surprising inclusion on this list, but this tiny country does well to hold its own against the European elite. Sandwiched between France and Spain in the Pyrenees mountains, it is best known for its nature. Andorra Tourism reports that 90% of the country consists of mountains, rivers, lakes, meadows, and forests.
Furthermore, only 4% of the country has been built on. So, how does a country like this make enough money to be valued at $75,090? The answer to that question is tourism, low taxes, and banking. Besides being a popular tourist destination, Andorra has become a wealthy international commercial center. However, tourism still reigns supreme, accounting for 80% of the country’s GDP.
Read also: Underrated European Cities
Austria
We don’t know about you, but we’re surprised Austria isn’t higher on this list, considering the country is recognized worldwide as one of Europe’s most luxurious, elegant, and sophisticated cities. Anyway, the country will have to settle for ninth place. The World Bank’s latest GNI data reports that Austria is valued at $73,520.
The key to Austria’s success is well-developed industry, banking, trading with the European Union, and tourism. For context, in 2022, Austria exported $209 billion worth of goods. Meanwhile, tourism brought over €50 billion ($55 billion) into the country in 2023. With the promise of serene cities, picturesque landscapes, classical music, and Alpine winter sports, it’s no surprise Austria is a big hit with tourists.
Read also: Best European Cities To Live In
Sweden
With the addition of Sweden, Scandinavia continues to dominate our list of the wealthiest countries in Europe. Considering they all offer breathtaking scenery, vibrant cities, rich history, and a high standard of living, it’s not hard to see why. As of 2023, Sweden’s GNI is $72,990, making it the 19th most prosperous country in the world and the 10th richest in Europe.
Like Norway, Iceland, and Denmark, Sweden’s economy relies heavily on the export of goods, particularly iron ore, petroleum, hydropower, and timber. In 2022, Sweden exported $194 billion, making it the 33rd largest exporter in the world. Tourism is also big business in Sweden, with millions of tourists visiting yearly to experience the country’s lush scenery and lively cities.
Read also: Unmissable Trips in Europe
Germany
The penultimate European country on our list is Germany. Despite being one of the largest countries and a European powerhouse, Germany is only the 11th richest country on the continent. World Bank’s GNI data values the country at $72,110, $36,680 less than Norway. This is pretty strange when you consider Germany is the third-largest exporting nation in the world.
Germany is best known for exporting motor vehicles, chemical products, and Pharmaceuticals. Like the other countries on our list, tourism is vital to Germany’s economy. In 2023, Germany’s tourism revenue reached $37 billion. Some places you might visit on a trip to Germany include Berlin, Munich, Cologne, and Dortmund.
Read also: Postcard-Perfect Villages in Europe
Belgium
The final European country on our list is Belgium, a nation much loved for its beautiful architecture, medieval charm, chocolate, and beer. Belgium is currently the 12th richest country in Europe and is valued at $71,990. Many contributing factors contribute to Belgium’s wealth, including manufacturing, trade, and tourism.
According to Britannica, Belgium is one of the world’s leading radium, cobalt, zinc, copper, and lead processors. Antwerp is also known for diamond cutting and dealing, and we all know how expensive diamonds can be. From a tourism standpoint, Belgium makes over $30 billion yearly. Most people who visit Belgium head to Brussels, where you’ll find famous attractions like the Grand Place, Atomium, and Parc du Cinquantenaire.
Read also: Things To Do in Europe Before You Die
Not sure if I agree with the take on Germany. I’ve been living here for years and some points seem off. Interesting perspective though.
Is Andorra really that great? seems a bit overhyped in this.