The economy of Europe comprises more than 731 million people in 48 different states. Like other continents, the wealth of Europe's states varies, although the poorest are well above the poorest states of other continents in terms of GDP and living standards. The difference in wealth across Europe can be seen in a rough East-West divide. Whilst some European states have high GDPs and living standards (Liechtenstein, Luxembourg, Monaco, Andorra, Norway, Sweden, the Netherlands, Switzerland), many European economies are still developing (Moldova, Turkey, Ukraine, Hungary, Czech Republic or Poland).
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 (depending on a definition - whole country or just Thrace), Azerbaijan (Caucasus), and the Russian Federation (its European part to Ural Mountains) – and states that are geographically in Asia, bordering Europe and culturally adherent to the continent – such as Armenia, Georgia, and Cyprus.
Europe in 2010 had a nominal GDP of $19.920 trillion (32.4% of the World). Europe's largest national economy is that of Germany, which ranks fourth globally in nominal GDP, and fifth in purchasing power parity (PPP) GDP; followed by France, ranking fifth globally in nominal GDP, followed by the United Kingdom, ranking sixth globally in nominal GDP, followed by Italy, which ranks seventh globally in nominal GDP, then by Russia ranking tenth globally in nominal GDP.
These 5 countries are all ranking in the world's top 10, therefore European economies account for half of the 10 wealthiest ones. The end of World War II has since brought European countries closer together, culminating in the formation of the European Union (EU) and in 1999, the introduction of a unified currency – the euro. European Union as a whole is, by far, the wealthiest and largest economy in the world, topping the US by more than 2.000 billions at a time of great economic slowdown– see List of countries by GDP. In 2009 Europe remained the world's wealthiest region. Its $32,7 trillion in assets under management represented more than one-third of the world’s wealth. Unlike North America ($29,3 trillion) it was one of few regions where wealth surpassed its precrisis year-end peak.
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.
The average standard of living in Western Europe is very high. As noted by Manuel Castells
“The bulk of the population in Western Europe still enjoys the highest living standards in the world, and in the world’s history.”
Read more about Economy Of Europe: Regional Variation, Currency and Central Banks, Stock Exchanges, Global Trade Relations
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“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
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—Friedrich Nietzsche (1844–1900)