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Netherlands: One of The Richest Countries in The EU

Netherlands: One of The Richest Countries in The EU

The Netherlands is a great place for migrants to live and work. It has a strong democracy with a liberal outlook and a thriving economy. The country occupies only a small area in Western Europe, yet its economy eclipses many of the world’s much larger nations. In fact, the Netherlands is among the richest countries in the EU. Here is a look at what makes it so.

High GDP Per Capita

The Netherlands consistently enjoys the highest levels of per capita income in Europe. Statistics from the World Bank show that the Netherlands’ GDP per capita in 2019 was EUR 42,547 (USD 52,331). This was higher than EU’s largest economies including the UK (EUR 34,455 or USD 42,379) and Germany (EUR 37,784 or USD 46,473). Netherlands ranks 12 globally in GDP per capita, higher than Germany (18), UK (22), France (23), Italy (28), and Spain (32). The Dutch are among the highest earning people in the EU and also in the world.

Strong and Stable Currency

The official currency of the Netherlands is the Euro. The CIEC (Census and Economic Information Center) reports that in November 2020 the Dutch Euro fetched USD 1.182. The currency has remained stable since 2013.

High Economic Freedom

One good reason for the Netherlands’ strong and sustained economic performance is the high level of economic freedom. The Heritage Foundation’s 2020 Index of Economic Freedom ranks the Netherlands #14 globally with an overall score of 77. The Netherlands ranks #8 among 45 European nations. It is ranked above major EU economies such as Germany (14), Spain (31), and France (34). The report lauds the Netherlands for its free economy, trade freedom, and business freedom. Strongly protected capital rights, high government integrity, and positive fiscal health have contributed to sustained success for the economy.

Low Unemployment

The Netherlands enjoys one of the lowest unemployment rates in the EU region. In July 2020 unemployment in the Netherlands was at 4.5%. This is a fair bit lower that the EU average of 7.2%. By comparison the unemployment rate was 6.9% in France, 7.3% in Luxembourg, 9.7% in Italy, and 15.8% in Spain.

Quality of Life

The ‘Quality of Life 2020 Index’ on World Population Review ranks the Netherlands #5 with 184 points. This was higher than Germany (#9 with 177 points), Spain (#16 with 167 points), the UK (#19 with 161 points), and France (#26 with 151 points). The index considers several factors including the purchasing power of citizens, safety, and healthcare. The Netherlands scored highly on all these parameters.

Employment Opportunities for Migrants

With a flourishing business sector Dutch firms are constantly looking to fill vast numbers of job vacancies. Data maintained by the Netherlands’ Central Bureau door de Statistiek (Central Bureau of Statistics), there were 215,700 job vacancies in Q3 2020. 193,700 of these were with private firms. Another 116,900 vacancies were in commercial services such as information technology, consulting, and financial services. The Netherlands is an attractive and welcoming destination for highly qualified foreign professionals. Large communities of migrant workers live and work in the country. Most of them regularly send remittances to support their families via the Ria Money Transfer App and similar channels.

Recruitment agencies such as Undetachable actively look for international applicants on behalf of Dutch employers. Together Abroad, a leading Dutch site for outplacement and job coaching reported that Dutch firms are very open to recruiting high skilled foreign workers such as engineers, architects, medical researchers, and consultants. Number’s 2018 statistics reported that the average monthly salary in the Netherlands was just over EUR 2,300. This was 25% higher than the EU average of EUR 1,725. In addition, the Netherlands has an EU Blue Card scheme for highly skilled migrants from the EU region. This is complemented by a simplified process for issuance of work permits for skilled workers from outside the EU.

About the Author:

Hemant G is a contributing writer at Sparkwebs LLC, a Digital and Content Marketing Agency. When he’s not writing, he loves to travel, scuba dive, and watch documentaries.

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