The Legatum Institute, a London based research institute released its 10th annual global Prosperity Index, a huge survey that ranks the most prosperous countries in the world.
The amount of money a country has is one factor of prosperity, but the Legatum Institute considers much more than that in its ranking.
The organisation compared 104 variables to come up with its list. These variables include traditional indicators like per-capita gross domestic product and the number of people in full-time work, but also more interesting figures such as the number of secure internet servers a country has, and how well-rested people feel on a day-to-day basis.
The variables are then split into nine subindexes: economic quality, business environment, governance, education, health, safety and security, personal freedom, social capital, and natural environment.
The index looked at the 149 countries in the world that have the most available data. For the last seven years of the index, Norway has taken the top spot, but in 2016 a new nation is the world’s most prosperous.
10. United Kingdom — Despite Brexit, Britain has jumped in this year’s Prosperity Index, climbing from 15th. Britain’s best was for business environment, where it was 5th.
9. Denmark — Scandinavia has famously high standards of living, and coming in in 9th place, Denmark is actually the least prosperous nation in the region. It’s top score was 5th for safety and security.
8. Sweden — Just above its neighbour Denmark, Sweden ranked 3rd in the economic quality sub-index, and 5th for governance, but still fell to 8th overall from 5th in 2015.
7. Netherlands — Punching well above its weight, the Netherlands ranks 2nd in both education and economic quality, and in the top 5 of two other sub-indexes.
6. Australia — Famous for its laid-back lifestyle and good weather, it is no wonder Australia came second overall in the social capital sub-index, helping it climb one place overall from 7th in 2015.
5. Canada — America’s neighbour to the north is substantially more prosperous according to the Legatum Institute, finishing 3rd for social capital and business environment, and 2nd for personal freedom.
4. Switzerland — Switzerland frequently features at the top of lists like the Prosperity Index, thanks to fantastic education (1st overall), and great healthcare. It was 3rd in the health sub-index.
3. Finland — Finns may not class themselves as Scandinavian, but they can’t deny being a seriously prosperous northern European state. Finland has the best governance in the world, according to the Legatum Institute.
2. Norway — For seven consecutive years Norway had been ranked as the most prosperous country on earth by the Legatum Institute, but this year it loses its crown, with a highest ranking of 3rd in the governance sub-index.
1. New Zealand — Officially the most prosperous country on earth, according to the Legatum Institute, New Zealand ranked top of both the social capital and economic quality sub-indexes, and 2nd for business environment and governance.