Yes, Spain is considered a wealthy, developed country with a strong, growing economy, ranking as a top performer among rich nations recently due to robust GDP growth, good inflation/unemployment figures, and high GDP per capita compared to the world average, though its average salaries are lower than some EU peers but balanced by a lower cost of living.
In 2024, Spain ranked as both the 17th-largest exporter and the 17th-largest importer in the world. Furthermore, Spain is listed 28th in the United Nations Human Development Index and 30th in GDP per capita by the International Monetary Fund.
The success of Spain's economy relies on high consumption and investment, as well as tourism, Next Generation European funds, and immigration. "It's not just tourism, it's also non-tourism services.
Luxembourg is the wealthiest country in the European Union, per capita, and its citizens enjoy a high standard of living.
Spain has a GDP of $1.73T compared to $3.69T for the United Kingdom, ranking 15/197 and 6/197 by economy size, respectively. Spain has $1.76T in government debt (99% of GDP), compared to $3.73T (105.4% of GDP) in the United Kingdom.
The richest country by GDP (PPP) per capita is often cited as Singapore, followed closely by Luxembourg, depending on the specific report and year, with Singapore leading in 2025 estimates with around $156,000-$157,000 per person, while Luxembourg is a strong contender just below that, highlighting small, finance-heavy economies as wealthiest per person.
Except for prescriptions for medicine, access to the public healthcare system, including primary care, specialised care, hospital treatments and emergency care, is free of charge, without co-payments.
According to Eurostat, Hungary is now the poorest country in the European Union based on real income per capita—not GDP, but how much citizens can actually afford. Once more prosperous, it now trails behind Romania and Bulgaria.
In a non-European Union context, the term E3 is commonly used to describe the three largest western European economies: France, Germany, and the United Kingdom.
So, why are these areas so empty? Spain's terrain plays a big role. While it doesn't have deserts, it's one of the most mountainous countries in Europe. The Iberian Mountains, located in the middle of the country, are a key reason why central regions remain underpopulated.
Average income and cost of living in Spain
However, a single person can comfortably live on just €1,000 per month. This budget encompasses all daily expenses, from renting a cozy apartment in a Spanish city to indulging in delicious tapas at local bars.
South Sudan is widely considered the poorest country in the world in 2025-2026, consistently ranking first due to extremely low GDP per capita and a high percentage (over 80%) of its population living in extreme poverty, driven by prolonged civil conflict, displacement, and disruption of its agricultural economy. Other nations frequently cited as among the poorest include Burundi, the Central African Republic, and Yemen, also suffering from conflict and instability.
Statistics. According to the most recent statistics gathered by the Spanish National Institute of Statistics, the country's homeless population has increased by 25% during the previous ten years. More than 28,500 persons will be affected by this social issue in 2022, up from 22,900 in 2012.
But despite the economic uptick of recent years, Tasmania is still the poorest Australian state.
From that Euro-centric point of view, the First World was the allied powers of Western Europe and North America and their allies. The major players in this capitalist and democratic alliance included France, the United States, the United Kingdom, Spain, Italy, Australia, and West Germany.
Don't blink as we blitz through Europe's tiniest countries: Vatican City, the planet's smallest country, boasts the its biggest church.
The three most powerful members of the European Union — France, Italy and Germany — as well as the United Kingdom are referred to as the Big Four of Western Europe.
The "Big 5" in Europe can refer to different groups, but commonly means the largest countries by area (Russia, Ukraine, France, Spain, Sweden) or significant economic/political powers (France, Germany, Italy, Spain, UK), while in Eurovision, it's the top financial contributors (Germany, France, UK, Spain, Italy) who get automatic entry.
Vatican City is not only the least populous country in the entire world but also the least populated in the entire European continent. According to statistics, Around 825 people live within the region that is called Vatican City.
Bulgaria and Romania are the cheapest members, at 57% of the EU average. This means Luxembourg is about 2.7 times as expensive as Bulgaria and Romania, showing a significant but smaller gap compared to the difference between Switzerland and Turkey. Ten EU countries have prices above the EU average.
Germany Leads Europe's Largest Economies
Germany is expected to reclaim momentum, adding almost $400 billion to its economy between 2024 and 2026. At $5.3 trillion, it will account for roughly 17% of all European GDP.
Spain also offers a rich cultural scene and easy travel within the EU. Cons can include bureaucracy, language barriers, and potential tax implications for foreign income. Some areas may also experience seasonal crowds or rising property prices.
Without proper health insurance, doctor or GP consultations cost around €45–70, depending on the services provided. You may also face additional charges for lab work, imaging, and prescriptions. Visits to specialists typically cost an average of €70–110+, also depending on the services provided.
Best Places to Live in Spain: Cities, Regions and What to Consider