page_title: Economy of the European Union
section_title: Wealth
hierarchical_section_title: Economy of the European Union / Economies of member states / Wealth
caption_attribution_description: A map showing European countries by median wealth per adult in thousands of US dollars, based on Credit Suisse's Global Wealth Report 2018. See Table 3.1 (page 114) of the databook for mean and median wealth by country.
context_page_description: The economy of the European Union is the joint economy of the member states of the European Union. It is the second largest economy in the world in nominal terms, after the United States, and the third one in purchasing power parity terms, after China and the United States. The European Union's GDP was estimated to be $18.8 trillion in 2018, representing about 22% of the global economy.
  The euro, used by 19 of its 27 members, is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. The euro is the official currency in 25 countries, in the eurozone and in six other European countries, officially or de facto.
  The European Union economy consists of an internal market of mixed economies based on free market and advanced social models. For instance, it includes an internal single market with free movement of goods, services, capital, and labor. The GDP per capita was $43,188 in 2018, compared to $62,869 in the United States, $44,246 Japan and $18,116 in China. There are significant disparities in GDP per capita between member states ranging from $106,372 in Luxembourg to $23,169 in Bulgaria.
context_section_description: The twelve new member states of the European Union have enjoyed a higher average percentage growth rate than their elder members of the EU. Slovakia has the highest GDP growth in the period 2005–2015 among all countries of the European Union (See Tatra Tiger). Notably the Baltic states have achieved high GDP growth, with Latvia topping 11%, close to China, the world leader at 9% on average for the past 25 years (though these gains have been in great part cancelled by the late-2000s recession).
  Reasons for this growth include government commitments to stable monetary policy, export-oriented trade policies, low flat-tax rates and the utilisation of relatively cheap labour. In 2015 Ireland had the highest GDP growth of all the states in EU (25.1%).
  The current map of EU growth is one of huge regional variation, with the larger economies suffering from stagnant growth and the new nations enjoying sustained, robust economic growth.
  Although EU27 GDP is rising, the percentage of gross world product is decreasing because of the emergence of economies such as China, India and Brazil.
  In the tables below, colours indicate best and worst performer of the year concerned.
caption: European countries by median wealth per adult, 2018
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