A variety of dictatorships and competing European imperial powers ran these regions in medieval and pre-industrial times. They variably made their wealth from (in no particular order) looting, pillaging, corrupt banking and hoarding of illicit wealth (post-industrial Switzerland was big on this one), papal favour, war financeering/profiteering, oil (post-industrial Norway) and simple feudalism. Their wealth and adoption of democratic process are not magically tied together (the latter is not some prerequisite for the former). Also please do note, in the post-industrial era, NEUTRALITY during other people's wars can be even more profitable (think - supplying BOTH sides with goods/weapons/loans/safe storage) than war itself.
True democracy keeps simpletons poor AND preoccupied with this grand illusion of grassroots influence being sold to them, when all they get is high taxes, red tape, bureaucracy, and an endless shouting contest. While 99% argue over whom the next popularity contest winner's sash should go to, 1% of oligarch elite laugh at "democracy" for the lie that it is and how well they sold it.