Norway most prosperous country (again!), Switzerland 2nd (again!!), USA 10th and the UK up to 13th

Norway most prosperous country (again!), Switzerland 2^nd (again!!), the United States 10^th and the United Kingdom up to 13^th in new ranking

For the sixth year running, Norway has been ranked as the most prosperous country in the world, according to the latest study by public policy think tank, Legatum Institute.

The ranking identifies how prosperity is changing in 142 countries worldwide, incorporating aspects of wealth as well as well-being. The research uses a combination of 8 key indicators which include economic situation, entrepreneurship and opportunity, governance, education, health, safety and security, personal freedom and social capital.

The overall rankings has Norway top, with Switzerland second for the second year running followed by New Zealand, Denmark and Canada who make up the rest of the top five.

The United States came in 10^th hindered by low scores in the security and freedom ratings, while Britain languished in in 13^th – albeit one place ahead of Germany in 14^th. Propping up the list are the Democratic Republic of Congo, Chad and Central African Republic.

The ranking placed the United Kingdom as the most “entrepreneur friendly” citing that low start-up costs act as a major encouragement for those looking to start a business.

Of other countries popular with expat destinations:

• Australia ranked 7^th scoring highly for education, personal freedom and social capital
• Ireland was 12^th, one place above the UK
• Singapore came in 18^th overall, although coming second for economic strength
• Hong Kong was ranked the safest country, although hampered by its freedom and social scores, restricting its rank to 20^th
• France (21^st), Spain (26^th) and Portugal (27^th) struggled in the rankings for economic performance
• United Arab Emirates (28^th) and China (54^th), despite offering excellent career and economic opportunities, overall prosperity is hindered by each of the other indicators

Speaking about the rankings yesterday the Chancellor of the Exchequer, George Osborne, said “Today’s report by the Legatum Institute which shows the UK as the most prosperous major EU country provides further international support for the government’s long term economic plan. Thanks to the difficult decisions we have taken to deliver economic security and control the public finances we have moved three places up the global rankings. It is fantastic to see Britain leading the way for entrepreneurship, personal freedom, health and education.”

Overall, Europe’s struggles with unemployment and lack of opportunities in a number of countries shows that there is still a long way to go before the Eurozone becomes a prosperous hub once more.

You can review the full rankings at the official Prosperity Index website.