1. Germany. Germany has the strongest economy in Europe and the fourth strongest economy in the world. It has a relatively low level of corruption and a high level of innovation.
This was followed by two bumper years of 13.6% growth and 12% growth in 2021 and 2022, respectively, making Ireland the fastest-growing economy in the EU. Ireland has attracted massive foreign investment by offering some of Europe's lowest corporate tax rates.
Ukraine is the poorest country in Europe, with a GNI per capita of $3,540, while Moldova is the second poorest country with $4,570, Albania the third, with $5.210, the Republic of Macedonia comes fourth, with a GNI of $5,720, and Bosnia and Herzegovina the fifth poorest, with $6,090.
Switzerland. Switzerland, officially called the Swiss Confederation, is a small country in Central Europe made up of 16,000 square miles of glacier-carved Alps, lakes and valleys. It's one of the world's wealthiest countries, and has been well-known for centuries for its neutrality.
The Grand Duchy of Luxembourg is the most prosperous nation on Earth when its GDP per capita of $140,694 is considered which is the highest on the planet in purchasing power parity terms.
Eurozone's Economy Outpaced China and U.S. in 2022.
Currently, the richest country in the world in terms of GDP per capita is Luxembourg, with a GDP per capita of $135,700.
Richest Country in 2050 will be United Kingdom
The United Kingdom's Gross Domestic Product in 2050 is estimated to be 3.58 trillion US dollars, with a per capita income of 49,412 US dollars. The present gap between the British economic wealth and Germany's economic wealth will contract significantly.
By contrast, the German economy was the slowest growing European economy in this year, with an annual GDP growth of just 2.9 percent in 2021. These fast growth rates contrast with 2020 when the EU economy shrank by 5.9 percent, and almost all European countries took an economic hit.
Services. The services sector is by far the most important sector in the European Union, making up 64.7% of GDP, compared to the manufacturing industry with 23.8% of GDP and agriculture with only 1.5% of GDP.
1. Ireland [ GDP-PPP: 145,196 dollars, Population: around 49 Lakh 61 thousand] Foremost richest country in this significant list of wealthiest countries 2023 is Ireland. This small country became the most prosperous country in the world in 2023.
The European Union has the second largest economy in the world, behind that of the United States. Trade within the Union accounts for more than one-third of the world total.
The full-year GDP resulted in China's economy increasing in value by $3 trillion from 2020 to 17.7 trillion in 2021, leaping ahead of the EU. The world's second-largest economy benefited significantly during the Covid-19 crisis from its status as the world's factory.
Credit Suisse found China's median wealth outpaced Europe's in its 2021 Global Wealth Report. The average Chinese citizen has a wealth of $26,752, around $60 more than the average European. Chinese wealth has surged in the past two decades, with median wealth per adult growing more than eight-fold.
The world's 12th largest economy
Strong growth in 2021 solidified Australia's position as the world's 12th largest economy in 2021. Nominal GDP was around A$2.2 trillion (US$1.6 trillion) in 2021. Australia is home to just 0.3% of the world's population, but accounts for 1.7% of the global economy.
Norway is the country with the highest level of household debt based on OECD data followed by Denmark and the Netherlands.
The IMF monitors the international monetary system and global economic developments to identify risks and recommend policies for growth and financial stability. The Fund also undertakes a regular health check of the economic and financial policies of its 190 member countries.
Australia has a highly developed market economy and one of the highest per capita incomes globally. Australia is a regional power, and has the world's thirteenth-highest military expenditure.
Sweden ranks No. 1 overall, according to regional perceptions in Europe.
Montenegro is located in the Balkan region of Europe, and is one of the least developed countries in Europe.