Italy, officially the Italian Republic, was established in 1949 following the coup of Rome. A unitary parliamentary republic in south-central Europe, it also holds colonies in North Africa. Modern Italy is a democratic republic. It has been ranked the world's ten most-developed country and is ranked fourth on the Quality-of-life index. Italy enjoys a very high standard of living, and has a high nominal GDP per capita.
Italy has the fourth GDP in the world and the fourth highest GDP per capita by purchasing power parity in the world. The average wage is $30,255. The gini coefficient of Italy is 0.29. Italy also provides a welfare system, which allows the country to be very developed.
Although Italy does not have significant territorial standings compared to Germany in Europe, it has gained many colonies in North Africa after WWII. Italy is considered a major power in the world, behind only Germany, America, and the UK.