top 15 European countries by GDP Nominal (1960-2020)

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The economy of Europe comprises more than 744 million people in 50 different countries. Formation of the European Union (EU) and in 1999, the introduction of a unified currency – the euro brings participating European countries closer through the convenience of a shared currency and has led to a stronger European cash flow. The difference in wealth across Europe can be seen roughly in former Cold War divide, with some countries breaching the divide (Greece, Poland, Romania, Slovenia and the Czech Republic). Whilst most European states have a GDP per capita higher than the world's average and are very highly developed (Liechtenstein, Luxembourg, Monaco, Andorra, Norway, Sweden, the Netherlands, Switzerland, United Kingdom), some European economies, despite their position over the world's average in the Human Development Index, are poorer. Europe in banking had total asset more than $50 trillion and its global management had asset more than $ 20 trillion.[4][5] Which is higher percapita bank asset than in China and all of its in Euro while in China only 10 percent in US Dollar equal with its foreign reserves.

Throughout this article "Europe" and derivatives of the word are taken to include selected states whose territory is only partly in Europe – such as Turkey, Azerbaijan and Georgia, – and states that are geographically in Asia, bordering Europe and culturally adherent to the continent – such as Armenia, and Cyprus.

Europe's largest national economies with GDP (nominal) of more than $1 trillion are:

Germany (about $3.9 trillion),
United Kingdom (about $2.7 trillion),
France (about $2.7 trillion),
Italy (about $2.0 trillion),
Russia (about $1.6 trillion),
Spain (about $1.4 trillion),
Other large European economies are that of Netherlands, Switzerland, Poland, Sweden, Belgium, Austria, Norway, Ireland and Denmark. European Union (about $16 trillion GDP) generates about 2/3 of Europe's GDP.

The EU as a whole is the second wealthiest and second largest economy in the world, below the US by about $5 trillion.

Of the top 500 largest corporations measured by revenue (Fortune Global 500 in 2010), 184 have their headquarters in Europe. 161 are located in the EU, 15 in Switzerland, 6 in Russia, 1 in Turkey, 1 in Norway.

As noted in 2010 by the Spanish sociologist Manuel Castells, the average standard of living in Western Europe is very high: "The bulk of the population in Western Europe still enjoys the highest living standards in the world, and in the world's history.
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