The wealthiest continent in the world is Europe. Europe owns just below $33 trillion dollars in assets, making it the richest continent. North America takes a close second, with assets worth $32.7 trillion.Continue Reading
Europe historically has a strong middle class, which provides some protection against economic downturns. Europe typically endures economic stresses better than most areas of the world, including the United States. Following the global economic recession in 2009, Europe suffered less catastrophic financial damage than the United States. However, its offshore financial centers, such as those along the coasts of Switzerland, suffered considerable financial damage, and continue regaining their strength.
Although Europe enjoys considerable wealth, that wealth concentrates among elite individuals and companies. Swiss banks and successful entrepreneurs comprise the majority of Europe's assets. The Swiss banking industry enjoys substantial tax breaks and minimal regulatory oversight, creating an environment conducive for growth. Despite its financial success, however, Europe suffered a financial setback, along with the United States, in 2009.
Following the recession, Latin America persevered as the only continent experiencing financial growth. Europe continues leading the world in wealth, but many areas in Asia, such as Hong Kong and Singapore, see rapid growth opportunity as well.Learn more about Economics
According to the European Commission, Europe responded to the financial crisis by committing 13 percent of EU’s annual GDP between 2008 and 2011 to banks. On the same note, it also launched a recovery program in all European countries to safeguard jobs and protect economic investments. This played an instrumental role in avoiding bank runs and saving European investment.Full Answer >
According to Forbes, Bill Gates is the wealthiest person in the world. As of 2014. Gates' fortune is $77 billion and comes from his founding stake in tech giant Microsoft.Full Answer >
As one of the largest economies in the world, Russia stands as the 17th largest importer of goods in the world as of 2013. With an import spending that is projected at $317.8 billion, approximately 18.1 percent of Russia's import spending goes into the product category machines, engines and pumps. Following closely at 12.6 percent of import spending is vehicles, with third being electronic equipment.Full Answer >
One of Iran's greatest imports is oil, despite having the third-largest oil reserves in the world. Nonelectrical machinery, iron and steel, and chemicals are other products that Iran imports. In smaller quantities, Iran imports transport vehicles and electrical machinery, tools and appliances.Full Answer >