11 Countries with The Highest Standard of Living in The World in 2017

Published on January 17, 2017 at 8:04 am by Ty Haqqi in Lists

The 11 countries with the highest standard of living in the world in 2017 are the epitome of excellence and a benchmark for the other countries to strive towards.

Despite the resources many possess, a lot of the people in the world live in abject poverty without access to basic supplies such as food, sanitation and a roof over their head. A quick look at the statistics surrounding global poverty make for a gloomy reading: nearly 3 billion, or just under half of the global population, makes less than $2.50 a day. This includes 1.3 billion people who live in extreme poverty, only managing to earn around $1.25 in a day. Of the 3 billion mentioned, a third, or around 1 billion people, are children. It is heart wrenching to even imagine a child being deprived of not just luxuries, but even bare necessities. These people don’t live, they merely survive. Every day, they wonder where their next income will come from, or whether they’ll get three meals in a day. These people cannot afford to send their children to school, resulting in their children growing up illiterate, which severely restricts their chances of getting a good job; therefore, the cycle continues.

On the other hand, there are countries where even the poor have a better life than an average citizen in a developing country. These countries generally have extremely high income taxes, but such taxes are used to develop infrastructure, healthcare, and education, and you will discover that both healthcare and education are often free in such countries. These countries have maintained an extremely high standard of living mainly not because they have access to the necessary resources, but because they have used them in an optimum manner.

How exactly do you define the standard of living, though? According to the OECD Better Life Index, these standards include housing, income, job, education, environment, community, health, life satisfaction and the work life balance. While these are generally standards which cannot be quantified, the OECD has managed to do exactly that, by calculating job security, employment rates, salaries, disposable income, student skills, access to education, water quality and so much more. However, while the citizens have a good life, there is still income disparity even in these nations, with the top 20 percent often being many times better than the bottom 20 percent. Only when this disparity is ended will the nations be truly perfect.

Whether you are considering moving or whether you are simply curious about the about the quality of living in the best countries in the world, the list of 11 countries with the highest standard of living in the world in 2017 is sure to capture your attention. If just one article on this topic is not enough to satisfy you, head on over to the 25 Countries With the Best Quality of Life in the World.

To determine our rankings, we used the OECD Better Life Index 2016, which calculated scores for the countries according to the aforementioned rankings. We calculated the rank of all countries for each criterion and used their average to find out the overall ranking for each country in the Index. We complimented this by using Numbeo’s Standard of Living Index for 2016. We then used the average of both rankings to determine quite accurately, the countries which have established an extremely high standard of living.

11. Canada

Numbeo Standard of Living Index: 167.18

Numbeo Ranking: 17

OECD Better Life Index Ranking: 5

Insider Monkey Score: 9

Canada ranks 11th in our list of the countries with the highest standard of living in the world in 2017. The standard of living is quite high in Canada, as shown by its appearance on this list. The average income is over $30,000. However, the standard of living is not as uniform as you might expect; the top 20 percent actually earn five times as much as the bottom 20 percent. With 90 percent of the population having completed secondary education, literacy is also not an issue in the country, leading to better jobs and therefore a better life.

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10. The United States of America

Numbeo Standard of Living Index: 179.73

Numbeo Ranking: 7

OECD Better Life Index Ranking: 11

Insider Monkey Score: 13

United States ranks 10th in our list of the countries with the highest standard of living in the world in 2017. The US has realized that the idea of a sole breadwinner in a family is outdated; therefore, over 40 percent of the households have multiple earners. The United States has always encouraged creativity and innovation, which has led to new ideas and in turn have created wealth for the innovators. However, the income is distributed very unevenly which means that while the US performs better when averages are considered, if importance was given to wealth distribution, the country would perform poorly.

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9. Sweden

Numbeo Standard of Living Index: 172.74

Numbeo Ranking: 14

OECD Better Life Index Ranking: 4

Insider Monkey Score: 13

Sweden ranks 9th in our list of the countries with the highest standard of living in the world in 2017. Sweden does better than the OECD average in multiple criteria, such as life expectancy, which is 82 for men and 84 for women. The main reason behind the prosperity of Sweden is that around 75 percent of the people who are in the 15-64 age bracket have paid jobs, which is one of the best in the OECD. However, Sweden also suffers from disproportionate income distribution with the richest 20 percent earning four times as much as the poorest 20 percent.

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8. The Netherlands

Numbeo Standard of Living Index: 175.23

Numbeo Ranking: 11

OECD Better Life Index Ranking: 7

Insider Monkey Score: 9

The Netherlands ranks 8th in our list of the countries with the highest standard of living in the world in 2017. The Netherlands has placed great emphasis on education, which is why more than three-quarters of the population has at least a secondary education, which in turn has led to a high employment rate and a high standard of living.

7. Austria

Numbeo Standard of Living Index: 190.37

Numbeo Ranking: 1

OECD Better Life Index Ranking: 17

Insider Monkey Score: 9

Austria, like most nations on the list of 11 countries with the highest standard of living in the world in 2017, has laid great emphasis on education and nearly 90 percent of the men in the country have completed high school. Even the water quality in the country is top notch, with 93 percent of the population stating that the water quality was up to their standards.

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6. Australia

Numbeo Standard of Living Index: 176.54

Numbeo Ranking: 9

OECD Better Life Index Ranking: 6

Insider Monkey Score: 14

Australia ranks 6th in our list of the countries with the highest standard of living in the world in 2017. A high life expectancy, high rate of graduation, high employment rate and an emphasis on education means Australia is one of the best places in the world to live in right now. Furthermore, civic participation is also extremely high with over 90 percent of the people claiming they had someone they could rely on in times of need.

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5. Finland

Numbeo Standard of Living Index: 182.93

Numbeo Ranking: 6

OECD Better Life Index Ranking: 8

Insider Monkey Score: 15

Finland is one of the many European countries in this list, and an excellent standard of living combined with one of the best education systems in the world makes it an excellent place to live in. Finland’s unique teaching styles, such as no standardized tests and one-on-one learning has led to excellent results, with the country demonstrating one of the best results in the international PISA test. However, it is interesting to note that the girls outperformed the boys by far in the test.

4. New Zealand

Numbeo Standard of Living Index: 184.74

Numbeo Ranking: 4

OECD Better Life Index Ranking: 9

Insider Monkey Score: 17

New Zealand ranks 4th in our list of the countries with the highest standard of living in the world in 2017. While the average income in the country is lower than the OECD average, nearly a quarter of the population is employed and earn decent wages, while the nation performed admirably in the PISA test. The level of pollution in the country is quite low as well, which is an extremely important aspect right now considering the impact of climate change.

3. Switzerland

Numbeo Standard of Living Index: 173.54

Numbeo Ranking: 12

OECD Better Life Index Ranking: 1

Insider Monkey Score: 9

Switzerland is one of the richest countries in the world, and its citizens are pretty wealthy as well, as evidenced by its average wage of $35,952. With 80 percent of the people holding a paid job and 88 percent having completed secondary education, there is no doubt that Switzerland has earned its rank. An incredible 97 percent of the people are happy with the quality of water in the country. A small blip on these fantastic achievements is that Switzerland’s pollution rate is still high when compared with the OECD average.

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2. Germany

Numbeo Standard of Living Index: 189.74

Numbeo Ranking: 2

OECD Better Life Index Ranking: 10

Insider Monkey Score: 18

Germany ranks second in our list of the countries with the highest standard of living in the world in 2017. The Germans are known for their efficiency and this has translated to excellent infrastructure, education and employment opportunities, combining to form a nation at its peak. This explains why Germans ranked their satisfaction with life at seven out of 10, which was higher than the OECD average of six-and-a-half out of 10.

1. Denmark

Numbeo Standard of Living Index: 184.92

Numbeo Ranking: 3

OECD Better Life Index Ranking: 2

Insider Monkey Score: 19

Denmark, without compromising on work ethics and education, has emphasized a balanced work life approach. While in many countries, people work overtime in order to maximize their earnings, the Danish people have appreciated the benefits of relaxation, which is why only 2 percent of the people work very long hours, a huge drop from the OECD average of 13 percent. The Danish graded their satisfaction with life a seven-and-a-half out of 10, which is one of the highest in the world, and truly cements their position as the country with the highest standard of living in the world in 2017.