U.S. News and World Report, global marketing and communications services firm WPP, and the University of Pennsylvania's Wharton College surveyed nearly 17,000 people worldwide from March 22 to May 23, 2024.
The best countries in terms of quality of life have been recorded across a number of criteria: affordability, a good labour market, economic stability, a family-friendly living, income equality, political stability and security, and a well-developed public health and education system.
One country that is remarkably absent from the top 10 is the United States. Ranked 22nd in terms of best quality of life, but ranked third in the US News and World Report's 2024 Best Countries ranking.
The United States ranked poorly in the metrics used to rank the best countries in terms of quality of life - 57th in terms of affordability, and 49th for countries perceived as non-bureaucratic, US News and World Report correspondent Elliot Davis told CNBC.
Davis says, "They've done fairly well when it comes to a good job market in 13th place. (In terms of total indicators) they are not seen as providing a good quality of life for their people like other countries.
Denmark is the No. 1 country.
Denmark has risen from fourth place in the 2023 rankings to first place in this year's rankings.
Denmark - along with Sweden and Norway - is part of the cultural region of Northern Europe known as the Scandinavia.
"Denmark is a country that generally performs well in sub-rankings in areas such as education, healthcare, political stability, economic stability and more." Denmark is seen as a place that provides its citizens with a very good life and provides a high quality of life for its residents.
Although people in Denmark pay some of the highest taxes in the world - up to half of their income - this balances with the fact that most of the country's healthcare is free, childcare is subsidized, college students pay no tuition fees and receive grants to help cover expenses while studying, older people receive pensions and care assistants are provided to them.
Top 10 countries in the world for quality of life
1. Denmark
2. Sweden
3. Switzerland
4. Norway
5. Canada
6. Finland
7. Germany
8. Australia
9. Netherlands
10. New Zealand
Sweden drops to second place
Sweden has dropped from first place to second place in the world in terms of quality of life this year.
Like Denmark, Sweden offers residents free health care and university education. The country's population has one of the longest life expectancy, with an average age of 82.8 years, according to the CIA World Factbook.
Davis says that despite Sweden's drop in the rankings this year, it has performed well in other categories, ranking second in attention to human rights and the environment. The only downside is that Sweden, like Denmark, ranks at the bottom of the list in terms of affordability.
Sweden also offers a unique parental leave policy. Parents are entitled to 480 days of paid leave at the birth or adoption of a child, and if there are parents, each is entitled to 240 of those days.
The cost of living in Sweden is on average 9.4% lower than in the United States, while rent is 47.5% lower, according to Numbeo.
Davis also noted that Sweden is one of the four Nordic countries that ranked among the top 10 on this year's list.
And he says, "The region is seen as providing a high quality of life for its people."
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