5 Most Developed Countries Around The World

The Human Development Index (HDI) is a composite statistic used to rank countries according to their development levels from “very high” to “low.” Countries are ranked based on life expectancy, education, the standard of living, child welfare, health care, economic welfare, and population happiness. Formulas are used to factor all the variables and determine the scores of countries. Critics have cited the HDI as inaccurate or vague, but coming up with the top ten highly developed countries list, in my own opinion, would have been very subjective and probably badly ranked. Thus, I have simply listed the first ten countries on the HDI and displayed their scores while providing explanations. Enjoy.

# Iceland

Iceland is a Nordic island country in the North Atlantic Ocean and the most sparsely populated country in Europe. The capital and largest city is Reykjavík. Reykjavík and the surrounding areas in the southwest of the country are home to over two-thirds of the population (356,991). Iceland is volcanically and geologically active. Iceland has a market economy with relatively low taxes, compared to other OECD countries, and the highest trade union membership in the world. It maintains a Nordic social welfare system that provides universal health care and tertiary education for its citizens, ensuring a high life expectancy (82.9 years). Iceland ranks high in economic, democratic, and social stability, as well as equality, ranking sixth in the world by GDP per capita (US$66,944), with an annual GDP of US$24.2 billion.

# Hong Kong

Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of China on the eastern Pearl River Delta in South China. With over 7.5 million residents of various nationalities in a 1,104-square-kilometer (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world. As one of China’s two special administrative regions (the other being Macau), Hong Kong maintains separate governing and economic systems from mainland China under the principle of “one country, two systems.” Originally a sparsely populated area of farming and fishing villages, the territory has become one of the world’s most significant financial centers and commercial ports. It is the world’s tenth-largest exporter and ninth-largest importer. Hong Kong has a major capitalist service economy characterized by low taxation and free trade, and its currency, the Hong Kong dollar, is the eighth most traded currency in the world.

Hong Kong is home to the second-highest number of billionaires of any city in the world, the highest number of billionaires of any city in Asia, and the largest concentration of ultra-high-net-worth individuals of any city in the world. The city has a GDP per capita income of US$48,713 and a GDP of $265.7. Although there is tremendous wealth, there remains severe income inequality exists among the population of 7.51 million people. It also has the largest number of skyscrapers of any city in the world, and its residents have some of the highest life expectancies at 94.9 years.

# Switzerland

Switzerland, officially the Swiss Confederation, is a landlocked country situated at the confluence of Western, Central, and Southern Europe. It is a federal republic composed of 26 cantons, with federal authorities based in Bern. It is geographically divided among the Swiss Plateau, the Alps, and the Jura, spanning 41,285 km2 (15,940 sq mi) and a land area of 39,997 km2 (15,443 sq mi). Although the Alps occupy the greater part of the territory, the Swiss population is concentrated mostly on the plateau, where the largest cities and economic centers are located, among them Zürich, Geneva, and Basel.

These cities are home to several offices of international organizations such as the WTO, the WHO, the ILO, the headquarters of FIFA, the UN’s second-largest office, and the main building of the Bank for International Settlements. A developed country, it has the eighth-highest per capita GDP (US$81,993) with a national GDP of US$703 billion; it has also been considered a tax haven. It ranks highly on some international metrics, including economic competitiveness and human development. Its cities, such as Zürich, Geneva, and Basel, rank among the highest in terms of quality of life, albeit with some of the highest costs of living in the world. The 8.56 million Swiss people enjoy a life expectancy of 83.8 years.

# Ireland

The Republic of Ireland has a relatively small population of 4.9 million, is a parliamentary democracy, and its capital is Dublin. Ireland has a very high literacy rate of 99% and high education standards, and a strong life expectancy of 82.3 years. It also has a well-balanced infrastructure, with a GDP of US$476 billion and a GDP per capita rate of US$78,660. The country is ranked #7 for the press freedom, economic freedom, and political freedom it offers to the public. Ireland has rebounded from the global recession that began in 2008 when it experienced negative GDP and accumulated massive debt, rated as one of the five European “P.I.I.G.S.” (Portugal, Ireland, Italy, Greece, and Spain). They have since steadily enjoyed economic growth, jumping up the HDI scale to #2.

# Norway

And #1, but barely, is Norway, or the Kingdom of Norway. This country of 5.3 million is a parliamentary constitutional monarchy with extremely high education standards and very low poverty and unemployment rate, with a life expectancy of 82.7 years. Norway was a pivotal founding member of NATO but rejected joining the EU but continues to have good relations with neighboring European countries. Norway is also a founding member and now a huge donator to the United Nations and helping found the Council of Europe, and is an active member of WTO and OECD. Norway has one of the largest reserves of petroleum, natural gas, minerals, lumber, seafood, freshwater, and hydro-power in the world and is a major exporter of oil. Its national GDP is US$403 billion with a per capita GDP of US$75,419. Norway is internationally recognized for its universal health care, advanced schooling systems, and distinguished social security system. For all these reasons, the Kingdom of Norway ranks number one on the United Nation’s Human Development Index.