<P> Europe in 2010 had a nominal GDP of $19.920 trillion (30.2% of the world). Europe's largest national economy is that of Germany, which ranks fourth globally in nominal GDP, and fifth in purchasing power parity (PPP) GDP; followed by the United Kingdom, ranking fifth globally in nominal GDP, followed by France, ranking sixth globally in nominal GDP, followed by Italy, which ranks seventh globally in nominal GDP, followed by Russia ranking tenth globally in nominal GDP then by Spain ranking thirteenth globally in nominal GDP . These 6 countries all rank in the world's top 15, therefore European economies account for half of the 10 wealthiest ones . </P> <P> The EU as a whole is the wealthiest and largest economy in the world, topping the US by more than 2,000 billion at a time of the financial crisis . In 2009 Europe remained the world's wealthiest region . Its $33 trillion in assets under management represented more than one - third of the world's wealth . Unlike North America ($29, 3 trillion) it was one of few regions where wealth surpassed its precrisis year - end peak . </P> <P> Of the top 500 largest corporations measured by revenue (Fortune Global 500 in 2010), 184 have their headquarters in Europe . 161 are located in the EU, 15 in Switzerland, 6 in Russia, 1 in Turkey, 1 in Norway . </P> <P> As noted in 2010 by the Spanish sociologist Manuel Castells, the average standard of living in Western Europe is very high: "The bulk of the population in Western Europe still enjoys the highest living standards in the world, and in the world's history ." </P>

Where is industrial and other economic activity concentrated in europe and why