Standard of Living by Country (Highest Quality of Life)
Standard of Living by Country: Top Ten Countries with Standard of Living (Highest Quality of Life) is based on Human Development Index. Top countries include Norway (highest standard of living) , Australia and Sweden.
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Standard of Living by Country, 2015
Human Development Index (HDI) Value
Life expectancy at birth (years) 2014
Expected years of schooling (years) 2014
Gross national income (GNI) per capital (2011 PPP $) 2014
The Human Development Index (HDI) is a combined statistic of mortality rate, education, economy, and per capita income indicators. A country scores higher HDI when the life expectancy is higher, the literacy rate is higher, the GDP per capita is higher, the fertility rate is lower, and the inflation rate is lower.
Generally, Scandinavian nations score highly in these categories while the very large countries (in area and population) are ranked lower down the list; it suggests that a high GDP per capita is not the only measure for a high standard of living – as they say “money can't buy happiness.” Basic human needs (medical care & sanitation), access to technology, and freedom of choice are other factors to calculate the HDI.
The Scandinavian country is known for rich economy, high GDP per-capita, stable politics, universal health care, and a comprehensive social security system. Lower unemployment rate and less population compared with other countries in Europe are other reasons why Norway has the highest Human Development Index in the world.
Australia narrowly trails Norway as the second best in the world for quality of life. Higher civic engagement, environmental quality, health status, and opportunities for education & work make “the land down under” one of the world's best places to live.
Standards of living remain high in Switzerland due to higher average household income, high employment rate, and longer life expectancy. In general, people in Switzerland are more involved in political and social affairs of the country.
Nothing's rotten in the state of Denmark. This nation of 5.6 million people has achieved high rankings in several quality of life surveys. Subsidized health care, employment training, and a robust welfare system make Denmark one of the happiest countries in the world.
High life expectancy, low crime rate, and higher-educated civilians make the Netherlands a leader in HDI. Needless to say, the country is also a popular location for expats despite higher cost of living.
Germany, the world's fourth-largest economy by nominal GDP, has high standards of living even despite low cost of living. Although quality of life in Ireland is lower than European Union (EU) average, higher average GDP of Ireland place the country among the top ten list. The United States ranks high in material well-being but the country has wealth inequality among all classes of society. Canada and New Zealand, both prosperous nations, have identical scores in the HDI list.
Countries With The Best Quality Of Life - Image Gallery
Norway attracts many tourists annually and one of the best ways to see the country is through the numerous cruises operated round the year. Norway also has a very high life expectancy which stands at 82 years.
One can enjoy an arctic time by vacationing in Iceland. The country is well known for its hotels made completely out of ice providing customers with a unique experience. Iceland also has the cleanest tap water on earth.
Reputed for its luxury watches, Switzerland also provides its citizens with a high standard of living. It has an extremely low crime rate and also has the world's lowest unemployment rates making it one of the best destinations to live.
Australia is home to numerous beaches making it an incredible destination for surfing. But the country is not only known for its tourist spots. Its citizens also enjoy a high standard of living. Australia leads in civic engagement. The country is also above average in jobs, income, quality of housing and environment, education and skills, personal security, well-being, and social connections.
It is not surprising that the United States finds a mention on this list. The country has a high GDP and offers its citizens a very high standard of living. The US comes out on top in housing and wealth.
Canada is a peaceful country with tremendous job opportunities. Canada scores high in the areas of civic engagement, subjective well being, education and skills, housing, social connections, and income and wealth.
It's another Scandinavian country that offers its citizens a high standard of living. Here, the real estate market sees a regular growth. Apart from this, Sweden is the top performer when it comes to environmental quality.
The Netherlands is known for its scenic beauty and hospitable population. It is also one of the best places to live. The developed nation boasts of one of the highest literacy rates in the world.
New Zealand created a buzz in the sporting world by bringing home the 2015 Rugby World Cup but the country is also regularly in the news for its incredible infrastructure and the high standard of living enjoyed by its people. The nation ranks at the top in health care category.
Denmark stands at the tenth position among countries with the highest standards of living. It scores highly in the environmental category. About 94 per cent of the people say that they are satisfied with the quality of drinking water. The country also ranks high on gender equality, featuring in the list of top 10 countries.
Countries With The Best Quality Of Life (2014 Data)