Luxembourg, Ireland, and Switzerland top the list of the richest countries in Europe based on per capita GDP, and the three countries now exceed $100,000 in this important indicator. Three Scandinavian countries (Norway, Iceland, and Denmark) also rank highly, with amounts ranging between $70,000 and $90,000. The other Nordic countries, Sweden and Finland, are outside the top ten, with earnings ranging between $55,000 and $60,000.
On the other hand, the largest economies in Europe in absolute terms, Germany, the United Kingdom and France, are now closer to the middle of the top twenty economies, with per capita GDP approaching about $50,000. The Hungarian result of $23,320 is not even half that amount.
At the end of the list came Eastern Europe, and here Ukraine came in last place with $5,660. In a broader comparison, Ukraine's per capita GDP is similar to Iran ($5,310), El Salvador ($5,540), and Guatemala ($5,680). According to experts, the Ukrainian economy has historically performed below expectations. After the fall of the Berlin Wall, economic performance declined for five years. The transition to a liberalized Western economic structure has been hampered in practice by rampant corruption, a small tax base and resulting low incomes. The transition from the authoritarian regime proved difficult. Following the Russian invasion in 2022, Ukraine's GDP fell by 30% in one year, the largest loss since independence. Large-scale migration – six million refugees – also plays a role in Ukraine's poor performance. Despite the tragic situation, the country's economic growth has stabilized somewhat as fighting continues.
