The Legatum Institute have recently published a list of the most prosperous countries in the world. The Legatum Institute Prosperity Index is an annual report published by the UK organisation. The study is not just about economics, it also considers many other aspects of daily life. Many categories are considered in the ratings including the strength of the economy, entrepreneurship and opportunity, governance, health, safety and security, personal freedom and social capital. The study includes 142 countries.
Nordic countries dominate the rankings this year and for the 7th year running, Norway has come out as number one, making it one of the world’s best places to live. This is due to a combination of personal freedom for its residents, good quality healthcare and strong social bonds within the population. The country however also has a relatively high unemployment rate when compared to other European countries.
Other countries in the top ten include Switzerland (2), Denmark (3), New Zealand (4) and Sweden (5), Canada (6), Australia (7), Netherlands (8), Finland (9) and Ireland (10).
Other findings include that Singapore was placed as having the best economy in the world, mainly due to its large high tech industry. Hong Kong was announced as being the safest place in the world for the third consecutive year. Indonesia was noted for making big improvements over the last 6 years, rising 21 places in the rankings and Rwanda was also noted for improvements.
The UK scored highly in terms of entrepreneurship and was rated as the best place in Europe to start a business.
Canada was named as the freest country in the world and is the most tolerant country in terms of immigration. 94% of Canadians believe that they have the freedom to choose the course of their own lives and 92% think that the country is a good place for immigrants.
In terms of countries which are much lower down the scale, Venezuela was highlighted as being an unsafe country with only 22% of people living there feeling safe walking alone at night. The least prosperous countries are Central African Republic, Afghanistan, Haiti, Chad, Burundi, Democratic Republic of Congo, Syria, Yemen, Sudan and Angola.