Money supposedly cannot buy happiness, but it is an imperative means to achieving higher living standards, and something the countries with the highest quality of life index all tend to have in common is that they are wealthy nations. Just what is the quality of life index? It’s a formula that factors in a number of different variables to determine the livability of a country, giving a single figure that represents each nation’s general ability to provide a quality life for its inhabitants.
As you’ll see, the quality of life index shows us the total living standards, all of which are dependent on money in some way. It is an estimation of overall quality of life in a particular country by using an empirical formula, which is that quality of life
index = 65 + purchasing power and rent index - (price to income ratio × 2) - (CPI index ÷ 5) + (safety index × 0.75) + (public health index ÷ 2) - (traffic time index ÷ 2) - pollution index. The number 65 is a range modifier that it rarely goes below.
The Economist Intelligence Unit has published the 2014 ranking of the countries with the highest quality of life index, and we wanted to report on these findings and compare them to our previous list of the Top 20 Countries With The Best Quality of Life. As you’ll see, the formulas are quite different between the two lists, and unsurprisingly, so are the results. Whereas that list focused on life expectancy, education, and income levels, our newest list takes a much deeper look at each country’s entire infrastructure.
Let’s take a look at the countdown now of top ten countries with the highest quality of life index, and see within which borders the pursuit of happiness is easiest.