This article will list the 10 countries with the highest standard of living in 2023. For detailed coverage of this topic and a more comprehensive list, please look at the 25 Countries with the Highest Standard of Living.
10. United States
HDI ranking: 21
US news ranking: 4
Average ranking: 12.5
According to the Better Life Index, the US ranks above average in almost all aspects of well-being, such as income, job, education, environmental quality, social life and life satisfaction. Education can play a significant role in employment in the US and thus, the country has a higher proportion of adults aged 25-64 who have completed upper secondary education than the OECD average.
9. Japan
HDI ranking: 19
US news ranking: 6
Average ranking: 12.5
Japan’s high living standards can be attributed to its highly developed economy, low unemployment rate, healthcare system, low crime rates and high life expectancy.
Japan’s “new capitalism” aims to balance growth and redistribute wealth, focusing on building a society that values people and the planet. For example, the Moonshot project aims to increase mental peace of mind and vitality by 2050.
8. Netherlands
HDI ranking: 10
US news ranking: 12
Average ranking: 11
The Netherlands’ high living standards are due to its well-established infrastructure, efficient transportation system, world-class airports, and harbors. The country’s national healthcare system provides equal and effective medical treatment to all, with low wait times and low prices. Moreover, a successful educational infrastructure allows young minds to think critically, thus fostering innovation.
7. Canada
HDI ranking: 15
US news ranking: 3
Average ranking: 9
From our list of countries with the highest living standards in 2023, this had to be a no-brainer. It is common to witness millions of people wanting to immigrate to Canada. There is complete freedom of religion and language in the country.
6. Denmark
HDI ranking: 6
US news ranking: 10
Average ranking: 8
Denmark consistently ranks highly in various measures of human development due to its strong social welfare system, work-life balance, and focus on sustainable development. The country offers universal healthcare, free education, and a generous welfare system. It is also a leader in renewable energy.
5. Norway
HDI ranking: 2
US news ranking: 13
Average ranking: 7.5
Norway is consistently ranked as the best country to live in due to its investment in citizens’ health, resulting in an impressive life expectancy of 83 years. The country also excels in providing clean air and water, with 100% of citizens having access to high-quality water and the world’s largest sales of electric vehicles, encouraged by high gasoline taxes.
4. Australia
HDI ranking: 5
US news ranking: 7
Average ranking: 6
Australia offers a high quality of life with excellent healthcare, a robust economy, and a welcoming culture. The country has diverse landscapes, a comfortable climate, and various recreation opportunities.
3. Sweden
HDI ranking: 7
US news ranking: 5
Average ranking: 6
Sweden has a reputation for offering one of the best qualities of life, top-notch healthcare and education, fairness in gender representation, welfare programs, and dedication towards environmental protection.
2. Germany
HDI ranking: 9
US news ranking: 2
Average ranking: 5.5
Germany has the largest economy in Europe and the fourth largest globally. It is home to various internationally recognized brands and offers domestic and international students free and quality higher education. The country also has a high life expectancy of 80.9 years.
1. Switzerland
HDI ranking: 1
US news ranking: 1
Average ranking: 1
According to the Suisse Global Wealth Databook 2022, Switzerland has one of the highest levels of wealth per adult in the world, averaging over $500,000 per adult and a high life expectancy of 83 years. Its low unemployment rate and highly skilled workforce, where over two-thirds have completed post-secondary education, contribute to its strong economy.
Switzerland was also ranked second in countries with the highest quality of life in 2023. Moreover, Zurich and Geneva are renowned for being among the world’s most livable cities.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also check out our articles on 25 Most Technologically Advanced Countries and 25 Countries with the Highest Life Expectancy
