Top 10 Richest Microstates in Europe

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• published: 02 Apr 2016
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The 10 Richest Microstates in Europe 10. Vatican City – ??? GDP Vatican City is the smallest microstate in the world in terms of landmass, and is also one of the most important. A landlocked country in Italy, Vatican City is the home of Catholicism worldwide, the seat of the Pope and one of the world’s holiest sites among devoted Catholics. In terms of wealth, it’s hard to determine where exactly Vatican City lies. Since it’s essentially just a papal seat with a population of 839 people, there is no GDP that’s calculated year over year. The economy of Vatican city is based on a budget that’s funded by the sales of tourist memorabilia and donations from Catholics all over the world. The Vatican may be sitting on untold wealth accumulated through centuries of Christian geopolitical domination, or it may have very little. Depends on who you ask. Treasure aside, actual economic activity in the state is so insignificant that it’s not calculated, which places Vatican City at #10 by default. 9. San Marino – $1.365 Billion GDP San Marino is a landlocked microstate that is, like Vatican City, located in Italy. The economy of San Marino is considered to be highly stable and successful considering its minuscule landmass and population. With just 32,576 people living accross a 61.2 km2 area, the people of San Marino have leveraged their small space and lack of natural resources into a thriving finance and tourism industry. The success of these industries in particular has helped contribute towards a GDP that in 2012 was valued at $1.365 billion after being adjusted for purchasing power parity. 8. Andorra – $3.163 Billion GDP The Principality of Andorra is another landlocked European microstate. Andorra is situated in southwestern Europe in between Spain and France, and has a history dating back to 988, although the principality in its current form was only founded in 1278. The Catalan-speaking Andorrans use the Euro as their official currency, although they’re not part of the European Union. The Andorran economy is centered around tourism, although the economy has benefited greatly from its status as a tax haven for the wealthy. In 2012, Andorra had a GDP of $3.163 Billion. 7. Monaco – $5.748 Billion GDP The Principality of Monaco is intertwined with the history of the wealthy families of Europe. Monaco is a constitutional monarchy whose monarch, Prince Albert II, is much more than just a figurehead. His family, the House of Grimaldi, have controlled Monaco since 1297. The opening of the world famous Monte Carlo casino in 1858 established Monaco as a destination for Europe’s wealth, and perhaps consequently present day Monaco is a well-known tax haven. Monaco has a $5.748 billion GDP, and an economy focused mainly on banking and tourism. 6. Liechtenstein – $5.8 Billion GDP As you may have caught on by now, one of the best ways to ensure your tiny nation is prosperous is to attract Europe’s highly mobile wealth. Liechtenstein is a tiny nation sandwiched between Switzerland and Austria that has an economy that specializes in – you guessed it – tourism and banking. Its location in the alpine mountains has made it a popular destination for winter tourism activities like skiing, while it’s relatively low tax rates and loose banking laws made it a destination as a tax haven for Europeans looking to hide money from their domestic governments. With a $5.8 billion GDP, it seems to be a mutually beneficial exchange for the tiny nation of 36,281. 5. Montenegro – $7.34 Billion GDP Montenegro is perhaps the largest nation on this list in terms of population with 625,266 inhabitants, but with a population under 1 million and a relatively small territory it still qualifies as a microstate. Montenegro is a brand new state; independence from Serbia was only achieved in 2006. Since indendence, Montenegro has shortly but steadily been developing all the trappings of a modern nation – infrastructure development, the transition from a service economy to a market economy, and – importantly – the development of a tourism industry. A great deal of Montenegro’s $7.34 billion GDP comes from tourists who come in to visit its scenic cities in the Balkans. Montenegro’s entry into the EU is currently pending approval. 4. Malta – $11.14 Billion GDP Malta is somewhat European and somewhat African, but not quite either. The island nation is situated in the middle of the Mediterranean Sea, north of Libya, East of Tunisia, and south of Italy. The island’s strategic location meant that various factions throughout Europe and the Arab world conquered it repeatedly throughout history. Consequently the Maltese have formed a unique culture derived from the empires who controlled the island at one time or another. The Maltese economy (and its $11.14 billion GDP)