Europe is a continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, Asia to the east, and the Mediterranean Sea to the south. It comprises the westernmost part of Eurasia. Europe covers about 10,180,000 square kilometres (3,930,000 sq mi), or 2% of the Earth's surface (6.8% of land area). Politically, Europe is divided into about fifty sovereign states of which the Russian Federation is the largest and most populous, spanning 39% of the continent and comprising 15% of its population. Europe had a total population of about 741 million. The economy of Europe is currently the largest on Earth and it is the richest region as measured by assets under management with over $32.7 trillion compared to North America's $27.1 trillion in 2008. In 2009 Europe remained the wealthiest region. Its $37.1 trillion in assets under management represented one-third of the world's wealth. As with other continents, Europe has a large variation of wealth among its countries. The richer states tend to be in the West; some of the Central and Eastern European economies are still emerging from the collapse of the Soviet Union and the breakup of Yugoslavia.
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