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Prosperity Index ranks US 10th and South Korea 25th

November 4, 2014

Legatum Institute’s Prosperity Index places Norway at the top for the sixth year in a row

When it comes to prosperity, the United States ranks No. 10 in the world and South Korea at No. 25, said the 2014 Legatum Institute’s Prosperity Index released Monday.

The think tank, based in London, analyzed 142 countries based on economy, entrepreneurship & opportunity, governance, education, health, safety & security, personal freedom and social capital. According to the institute, the index “defines prosperity as a combination of wealth and well-being.”

The rankings placed Norway at the top for the sixth year in a row, followed by Switzerland, New Zealand, Denmark and Canada.

Both the U.S. and South Korea jumped ahead one spot this year from last year’s rankings.

The institute ranked South Korea’s economy ninth and its social capital 69th. The average life satisfaction was 6 out of 10.

According to the index, 77.8 percent of South Koreans believe business or government corruption is widespread, 27.2 percent think it’s a good time to find a job, 79.8 percent say they can rely on others in times of need and 64.7 percent believe the country is a good place to live for immigrants.

In the U.S., average life satisfaction was 7 out of 10 with a No. 1 ranking in health worldwide.

The index said 73.7 percent of Americans believe there is widespread corruption in business and government, 38.1 percent think it’s a good time to find a job, 92.9 percent say they can rely on others in time of need and 81.6 percent believe it’s a good place to live for immigrants.

Meanwhile, Norway’s life satisfaction came in at 7.7 out of 10 with markedly different outlooks — while a comparatively low 29.7 percent of Norwegians believe their businesses and government are corrupt, 66.7 percent think it’s a good time to find a job, 90.2 percent say they can rely on others in times of need and 90.2 percent believe their country is a good place to live for immigrants.