<\/a>Despite its small size and limited natural resources, Liechtenstein has developed into a prosperous economy and has the second highest per capita income in the world ($141,100). Because of its very low business taxes, Liechtenstein is one of the few countries in the world with more registered companies than citizens. Part of a customs union with Switzerland, Liechtenstein employs the Swiss franc as national currency and is a member of the European Economic Area since May 1995. In 2011, the Principality, albeit not a member of the European Union, joined the Schengen Area, which allows passport-free travel across 26 European countries. Liechtenstein imports about 85 percent of its energy, but at the same time is a large producer of ceramics and is the world’s largest producer of sausage casings and false teeth.<\/p>\n