Standard Of Living By Country

The emerging story of the global standard of living index is a mirror that reflects the ever-evolving socio-economic trends, uncovering the varying degrees of human development witnessed across the world. A comprehensive tool we often refer to in this conversation is the Human Development Index (HDI), a statistical measure developed by the United Nations that assesses the social and economic development levels of countries.

The United States, a major player on this global platform, boasts a commendable HDI figure of 0.921, ranking it among the top countries globally. However, even as the U.S. claims its place in the higher echelons, a detailed cross-country examination reveals some fascinating insights.

Key findings from the data include:

• The nations leading the international scale in terms of high HDI figures include Switzerland (0.962), Norway (0.961), and Iceland (0.959), underscoring their highly developed healthcare, income levels, and educational standards.
• High-tier countries with comparable HDI to the US - nestled in the 0.9 and above region - are UK (0.929), Japan (0.925), and South Korea (0.925). These nations have shown robust growth and development, translating to high living standards for their citizens.
• At the other end of the spectrum, countries like South Sudan (0.385), Chad (0.394), and Niger (0.400) fall towards the bottom of the index, indicating serious developmental challenges that their populace grapple with every day.
• It's also noteworthy that developing nations like India (0.633) and China (0.768) have shown promising progress over years, signaling enhanced living standards for their massive population.
• Countries like Iceland and New Zealand, despite their smaller size and population, have managed to consistently secure high positions, lending valuable insights into how, irrespective of size and populous, nations can level up their standard of living through strategic policy-making and developmental projects.

Topping the list of regions with the highest standard of living or the best quality of life based on quantitative evaluation of various living conditions is Switzerland.

Norway follows closely at the second position with an HDI of 0.961, further indicating high standards in the crucial aspects of living - health, education, and income.

Iceland, with an HDI of 0.959, comes third on the list, showcasing excellent living conditions characterized by advanced healthcare systems, high average income, and excellent educational institutions.

Other countries making it to the top ten of the HDI ranks include Hong Kong (0.952), Australia (0.951), Denmark (0.948), Sweden (0.947), Ireland (0.945), Germany (0.942), and the Netherlands (0.941). These countries exhibit high scores in healthcare, income, and education, offering their citizens an enviable quality of life compared to other regions.

Countries with Best Quality of Life

1. Switzerland - 0.962
2. Norway - 0.961
3. Iceland - 0.959
4. Hong Kong - 0.952
5. Australia - 0.951
6. Denmark - 0.948
7. Sweden - 0.947
8. Ireland - 0.945
9. Germany - 0.942
10. Netherlands - 0.941

When analyzing the standard of living by country as per the Human Development Index (HDI), South Sudan, Chad, Niger, Central African Republic, Burundi, Mali, Mozambique, Burkina Faso, Yemen, and Guinea have the lowest values. 

South Sudan has the lowest standard of living with an HDI value of 0.385. The next countries with the lowest standard of living are Chad and Niger with HDI values of 0.394 and 0.400, respectively. Central African Republic has an HDI value of 0.404 and Burundi has a 0.426 HDI value, while Mali is slightly higher with an HDI of 0.428. 

The following countries, Mozambique, Burkina Faso, and Yemen have their HDI values all within the 0.400 to 0.500 range, coming in at 0.446, 0.449, and 0.455 correspondingly. Guinea rounds out the list with an HDI value of 0.465.

The ten countries with the lowest standard of living, are:

1. South Sudan - 0.385 HDI
2. Chad - 0.394 HDI
3. Niger - 0.400 HDI
4. Central African Republic - 0.404 HDI
5. Burundi - 0.426 HDI
6. Mali - 0.428 HDI
7. Mozambique - 0.446 HDI
8. Burkina Faso - 0.449 HDI
9. Yemen - 0.455 HDI
10. Guinea - 0.465 HDI

To sort the data in the table, click on the column headers.

Year: 2021

Source: Human Development Index - UNDP Human Development Reports