In this article, we will look at the 5 Countries With the Highest Economic Mobility in the World. If you are interested in checking our detailed analysis, head straight to the 15 Countries With the Highest Economic Mobility in the World.
5. Netherlands
Social Mobility rank: 4
Economic Freedom Index rank: 11
Average Rank: 7.5
Netherlands have recorded very high levels of upward mobility. About 80% of the children born in 1970s showed a move up the ladder, before this rate decreased due to the global financial crisis of 2008. The government is also working efficiently to provide access to opportunities for their people. Efforts by the central and Dutch banks to ensure easier financial access to sex workers can be hailed as a commendable measure that will help in social mobility of this class. They are also the 8th freest nation on the World, 2023, Economic Freedom Index. Their economic freedom propagates efficient markets, sustaining international trade and investment. Under such scenarios it is no shocker that Netherlands becomes one of the countries with the highest economic mobility in the world.
4. Sweden
Social Mobility rank: 3
Economic Freedom Index rank: 10
Average Rank: 6.5
Shaking off low wealth redistribution levels and high income inequalities of the past, Sweden has entered the era of high inter-generational mobility. They are one of the affordable countries around the globe, have free healthcare and college education, inspiring parental leave, and the average person has one of the longest life expectancies. All these factors have a significant impact on engendering high social and economic mobility. Sustainable business and economic environment has been maintained by the government over the years, making them the 10th freest country in the world. Thus, average rankings for our two indicators, allow us to add them to our list at the 4th place.
3. Norway
Social Mobility rank: 1
Economic Freedom Index rank: 12
Average Rank: 6.5
Norway occupies a very consequential place in the ranking for social mobility. Median income in the country can be reached as early as within two generations. Along with accomplishing this feat, they also boast low-income inequality. They have positive attitude towards securing high living standards, minimal costs, and free education at all levels. Such conditions are bound to raise social and economic standards of the society at large. Their policies strengthen economic and institutional framework of the country, thereby, ensuring a prosperous economy. In keeping with this situation, we find Norway as one of the countries with the highest economic mobility in the world.
2. Denmark
Social Mobility rank: 2
Economic Freedom Index rank: 9
Average Rank: 5.5
Like Norway, Denmark can also achieve median income within two generations. Thus, they have low-income inequality. Furthermore, they provide an equitable and quality healthcare system. Their “universal welfare model” also takes them one step closer to a high social mobility, as it aims to ensure excellent living standards for all residents of the country. With policies fostering a healthy business environment, strong judiciary, and open trade markets, the country has a high economic freedom ranking. Therefore, Norway makes the 2nd place in our list for countries with the highest economic mobility.
1. Switzerland
Social Mobility rank: 7
Economic Freedom Index rank: 2
Average Rank: 4.5
Switzerland has been noted for a high income mobility. However, education level is contingent upon parental income. The country, therefore, makes constant efforts to improve education. According to an OECD report, the government makes conscious exertions to provide equitable education opportunities to students across all classes. Thus, Swiss students tend to have a higher chance for upward educational mobility, in comparison to OECD average. Ranked in the second place at the World Economic Freedom Index 2023, it speaks volumes about the prosperous economy of the country, thereby, pointing to a greater probability of opportunities for success. Thus, Switzerland takes the position of the top most country with highest economic mobility in the world.
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