Where does Britain rank among the 20 most prosperous nations?

Britain is the most prosperous major EU economy, a study has found but it doesn’t make the top dozen in the world.

17:29 03 November 2014

Legatum Institute's 2014 Prosperity Index has revealed that Norway is the most prosperous country in the world followed by Switzerland. Meanwhile, the UK is ranked at number 13 placing it one spot ahead of Germany while also claiming it the title of the most prosperous major EU economy.

Measures of the study included eight factors, including: Personal Freedom, Governance, Social Capital, Education, and Safety & Security.

George Osborne, the Chancellor, said the reason why the UK is three places higher than last year’s index was because of making difficult decisions. He said: "Thanks to the difficult decisions we have taken to deliver economic security and control the public finances, we have moved three places up the global rankings.

"It's fantastic to see Britain leading the way for entrepreneurship, personal freedom, health and education."

James Barty, a special adviser to the Institute, added: "Politicians are often blinkered by what drives national success.

"Although a solid economy is a pre-requisite - and the Government should be proud of its achievements in putting the public finances on a sound footing - other factors are vital when it comes to prosperity."

The 20 most prosperous nations are:

1 Norway
2 Switzerland
3 New Zealand
4 Denmark
5 Canada
6 Sweden
7 Australia
8 Finland
9 Netherlands
10 United States
11 Iceland
12 Ireland
13 United Kingdom
14 Germany
15 Austria
16 Luxembourg
17 Belgium
18 Singapore
19 Japan
20 Hong Kong

The 5 least prosperous countries are:

1 Central African Republic
2 Chad
3 Congo (DR)
4 Burundi
5 Yemen