In this article, we will be navigating through the top 20 respected countries in Europe. If you wish to skip our detailed analysis, you can move directly to the Top 5 Most Respected Countries in Europe.
Factors Influencing National Reputation
The perceived image of a country is closely intertwined with the respect and trust it earns at a global level. This trust is extremely essential since it influences domestic and foreign policy. It also affects the economic power of the country. In this regard, numerous factors predict how the world gauges the respect and trustworthiness of a nation.
Countries that maintain stability in their economy tend to be more respected. Similarly, economic and personal freedom bestowed to those living in the country is an indicator of how well outsiders can consider it a reputable place to visit or live. This freedom is most often associated with democratic countries. This is evident from the fact that Switzerland qualifies as the most respected nation in Europe. The country has maintained a foreign policy of neutrality. It ranks well in political and economic stability. Simultaneously, Switzerland is one of the wealthiest European nations. As reported by the International Monetary Fund (IMF), the country records a GDP per capita of $102,870, as of 2023.
Quality of life also stimulates respect and repute for a country. Sweden has a history of serving its citizens and offering a universal healthcare system. The country has done well in reducing the gender pay gap. In 2022, monthly salaries for women in Sweden were 90.1% of men’s. As reported by World Economic Freedom, Sweden is one of the countries that have closed at least 80% of this gap. The country has 46.4% women parliamentarians and 47.8% women ministers. European countries with the best quality of life have also been previously covered. You can also take a look at some of the best European countries to move to from USA.
Apart from the general stability, quality of life, and an appealing environment, an effective government also shapes the perception of others. This is because government effectiveness is linked to political stability, safety and security, the rule of law, human rights protection, and transparency. Government policies also impact international trade and investment. Denmark can be a good example of a respectable European nation reflecting effective governance and a sound environment. As reported by the Safe City Index, Copenhagen ranks as the safest city in the world, scoring high on personal security, infrastructure security, and digital security. Simultaneously, The Chandler Institute of Governance reports that Denmark has the fourth rank globally among other well-governed countries. This rank is based on an assessment of several indicators of good governance such as global influence and reputation, leadership, robust laws, strong institutions, and an attractive marketplace.
European Businesses Earning Global Reputation
As mentioned above, a thriving business environment is an indicator of an economically advanced and reputable nation. It also attracts foreign direct investment. Some of the top European companies that have emerged as renowned global firms include Nestlé S.A. (OTC:NSRGY), SAP SE (NYSE:SAP), and Shell plc (NYSE:SHEL). Let’s take a look at what these firms have been up to.
The Swiss multinational conglomerate Nestlé S.A. (OTC:NSRGY) operates more than 2,000 brands across 188 countries. Currently, the company is strengthening its almost three-decades-old presence in Vietnam, the second-largest global producer of coffee. On January 11, Nestlé S.A. (OTC:NSRGY) reported that Nestlé Vietnam will be investing $100 million in the Tri An coffee factory to enhance its production capacity. This investment is aimed at fulfilling the rising demand for high-quality coffee both in Vietnam and around the world. As of now, the factory exports coffee products from Nescafé, Nescafé Dolce Gusto, and Starbucks to more than 29 countries.
SAP SE (NYSE:SAP) is a multinational software company based in Germany. The company leads in enterprise application software and claims that its customers contribute to 87% of the total global commerce. On January 23, SAP SE (NYSE:SAP) reported that it will be engaging in a transformation program in 2024. The firm has planned to invest more in strategic growth areas such as Business AI. A restructuring program has also been planned for 2024. Voluntary leave programs and internal re-skilling measures will cover most of the 8,000 positions under this company-wide restructuring.
Shell plc (NYSE:SHEL) is a British oil and gas company that operates in more than 70 countries worldwide. The company recently ended 2023 with strong financial performance complemented by structural cost reductions during the year. On February 1, Shell plc (NYSE:SHEL) reported its earnings for the fiscal fourth quarter of 2023. The company reported earnings per share of $2.22, beating EPS estimates by $0.36. The company’s revenue for the quarter amounted to $78.73 billion.
You can also take a look at some of the most valuable European companies heading into 2024. Now that we have analyzed various factors which have helped European nations gain respect globally, let’s move to the top 20 most respected countries in Europe.
Top 20 Most Respected Countries in Europe
Our Methodology:
In order to compile a list of the top 20 most respected countries in Europe, we chose two metrics. The Human Development Index (HDI) was selected as the primary metric since it measures a country’s well-being through factors like education, life expectancy, and income. The rationale behind choosing this metric was that HDI represents the quality and standard of life which is an important factor influencing reputation and respect for a country. This metric was sourced from UNDP.
For our secondary metric, we chose the Human Freedom Index from the Cato Institute. Since personal, civil, and economic freedom are covered by the index, countries with a better ranking are places that guarantee a state of freedom that is highly regarded by other people and countries. The index also depicts how well the country is managing the rule of law, security and safety, legal system, as well as freedom for international trade. Finally, we ranked the top 20 most respected countries in Europe according to their human development index and human freedom index, on a priority basis.
By the way, Insider Monkey is an investing website that uses a consensus approach to identify the best stock picks of more than 900 hedge funds investing in US stocks. The website tracks the movement of corporate insiders and hedge funds. Our top 10 consensus stock picks of hedge funds outperformed the S&P 500 stock index by more than 140 percentage points over the last 10 years (see the details here). So, if you are looking for the best stock picks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Top 20 Most Respected Countries in Europe
20. Estonia
Human Development Index: 0.89
Human Freedom Index: 8.75
Estonia is a respected European nation. The Human Development Index for Estonia is 0.89. According to the Human Freedom Index for 2023, the country recorded a score of 8.75.
19. Italy
Human Development Index: 0.895
Human Freedom Index: 7.95
The Human Development Index for Italy is 0.895. According to the Human Freedom Index for 2023, the country recorded a score of 7.95. Hence, Italy ranks among the most respected countries in Europe.
18. Cyprus
Human Development Index: 0.896
Human Freedom Index: 8.15
Cyprus also makes it to our list of the top 20 most respected European nations. The Human Development Index for Cyprus is 0.896. According to the Human Freedom Index for 2023, the country recorded a score of 8.15.
17. France
Human Development Index: 0.903
Human Freedom Index: 7.86
France ranks as one of the most highly respected countries in Europe. The Human Development Index for France is 0.903. According to the Human Freedom Index for 2023, the country recorded a score of 7.86.
16. Spain
Human Development Index: 0.905
Human Freedom Index: 8.03
The Human Development Index for Spain is 0.905. According to the Human Freedom Index for 2023, the country recorded a score of 8.03 and ranks as one of the most respected European countries.
15. Austria
Human Development Index: 0.916
Human Freedom Index: 8.24
The Human Development Index for Austria is 0.916. According to the Human Freedom Index for 2023, the country recorded a score of 8.24. Therefore, Austria is a highly respected country in Europe.
14. Slovenia
Human Development Index: 0.918
Human Freedom Index: 7.9
The Human Development Index for Slovenia is 0.918. According to the Human Freedom Index for 2023, the country recorded a score of 7.9 and ranks as one of the most respected countries in Europe.
13. Malta
Human Development Index: 0.918
Human Freedom Index: 8.2
Malta is another respected European nation. The Human Development Index for Malta is 0.918. According to the Human Freedom Index for 2023, the country recorded a score of 8.2.
12. United Kingdom
Human Development Index: 0.929
Human Freedom Index: 8.39
The Human Development Index for the United Kingdom is 0.929. According to the Human Freedom Index for 2023, the country recorded a score of 8.39 and ranks as one of the most highly respected countries in Europe.
11. Luxembourg
Human Development Index: 0.93
Human Freedom Index: 8.86
The top 20 respected countries in Europe include Luxembourg as well. The Human Development Index for Luxembourg is 0.93. According to the Human Freedom Index for 2023, the country recorded a score of 8.66.
10. Belgium
Human Development Index: 0.937
Human Freedom Index: 8.66
The Human Development Index for Belgium is 0.937. According to the Human Freedom Index for 2023, the country recorded a score of 8.66 and ranks as one of the most respected countries in Europe.
9. Finland
Human Development Index: 0.94
Human Freedom Index: 8.94
The Human Development Index for Finland is 0.94. According to the Human Freedom Index for 2023, the country recorded a score of 8.94 and secured the ninth-highest human freedom rank globally.
8. Netherlands
Human Development Index: 0.941
Human Freedom Index: 8.82
The Human Development Index for the Netherlands is 0.941. According to the Human Freedom Index for 2023, the country recorded a score of 8.82. Hence, the Netherlands is another respected European nation.
7. Germany
Human Development Index: 0.942
Human Freedom Index: 8.81
Germany is one of the top 20 most respected European countries. The Human Development Index for Germany is 0.942. According to the Human Freedom Index for 2023, the country recorded a score of 8.81.
6. Ireland
Human Development Index: 0.945
Human Freedom Index: 8.95
The Human Development Index for Ireland is 0.945. According to the Human Freedom Index for 2023, the country recorded a score of 8.95 and ranks as one of the top 20 most respected countries in Europe.
Click to continue reading and see Top 5 Most Respected Countries in Europe.
Suggested articles:
- Top 15 Countries for Dental Tourism
- 15 Countries with the Best Healthcare in Europe
- 15 Countries with Highest Economic Mobility in the World
Disclosure: None. Top 20 Most Respected Countries in Europe is originally published on Insider Monkey.