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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, Switzerland and Denmark.

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Map of Top Ten Countries with High Quality of Life
Description :This Map shows top ten countries with highest quality of life in the world. Disclaimer
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Disclaimer  :  All efforts have been made to make this image accurate. However Compare Infobase Limited, its directors and employees do not own any responsibility for the correctness or authenticity of the same.



Standard of Living by Country, 2015
HDI rankCountryHuman Development Index (HDI) ValueLife expectancy at birth (years) 2014Expected years of schooling (years) 2014Gross national income (GNI) per capital (2011 PPP $) 2014
1Norway0.94481.617.564,992
2Australia0.93582.420.242,261
3Switzerland0.938315.856,431
4Denmark0.92380.218.744,025
5Netherlands0.92281.617.945,435
6Germany0.91680.916.543,919
7Ireland0.91680.918.639,568
8United States0.91579.116.552,947
9Canada0.9138215.942,155
10New Zealand0.91381.819.232,689

Source :http://hdr.undp.org/sites/default/files/2015_human_development_report.pdf

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.

Norway
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
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.

Switzerland
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.

Denmark
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.

Netherlands
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.

MOW.PB.05.11.2016


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Last Updated on: January 06, 2017