Germany has the world's fourth-largest economy by nominal GDP and the fifth-largest by purchasing power parity. As a global leader in several industrial and technological sectors, it is both the world's third-largest exporter and third-largest importer of goods. It is a developed country with a very high standard of living, featuring comprehensive social security that includes the world's oldest universal health care system. Known for its rich cultural and political history, Germany has been the home of many influential philosophers, artists, musicians, cineasts, entrepreneurs, scientists and inventors. Germany was a founding member of the European Communities in 1957, which became the European Union in 1993. It is part of the Schengen Area, and has been a member of the Eurozone since 1999. Germany is a member of the United Nations, NATO, the G8, the G20, the OECD and the Council of Europe. After the United States, it is the second most popular migration destination in the world. With 80.6 million inhabitants, Germany is also the most populous member state in the European Union.