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29 March 2024

Prosperity Index: UAE ranked 28th globally

Published
By Parag Deulgaonkar

London-based Legatum Institute’s Prosperity Index 2013 has ranked the UAE first in the Middle East and North Africa (Mena) region and 28th globally.

The country climbed one rank from last year, the institute said.

The UAE jumped 20 places in the last five years in the Economy sub-index and is now ranked 13th, as a result of increases in capital per worker, market size, five-year gross domestic product per capita growth rate, expectations of the economy and perceived job availability.

In the other sub-indices, the country was ranked 24th in safety and security; 26th in entrepreneurship and opportunity; 35th in health; 36th in governance and 39th in education.

Among the regional countries, Kuwait was placed at 33rd position, Saudi Arabia at 50th, Morocco 82nd and Jordan 88th, Tunisia 91st, Lebanon 98th, Algeria 99th, Egypt 108th, Syria 122nd, and Iraq 130th and Yemen 135th.

The index assesses 142 countries.

Economies were judged by: macroeconomic policies, economic satisfaction and expectations, foundations for growth and financial sector efficiency.

The report states: “The Index values the need for a country to promote high levels of per capita income, but also advocates the need for countries to improve the subjective wellbeing of its citizens.”

Norway continued to remain on top of the list for the fifth consecutive year, with Switzerland in second place, Canada in third, Sweden in fourth, and New Zealand rounding out the top five.

The United Sates, the richest country in the world, was ranked 11th.

Jeffrey Gedmin, head of Legatum Institute, said that over the past five years "the world has seen a continuous increase in prosperity, with citizens in many countries experiencing improving wealth."

India was placed at the 106th position, Afghanistan at 139th while Chad took the last place on the index.