To identify a developed nation, a variety of indicators are to be analyzed. Things like advanced technology, a booming economy, and infrastructure growth are just a few factors to consider when determining whether a nation can be classified as a developed country.
The complete list of developed nations worldwide is made up of Human Development Index (HDI) and was recently released in Tokyo. The HDI ratings classified nations into four categories for human development: Highly advanced, highly developed, Medium developed, and Low developed. In the case of Africa, the countries of her continent were classified as being among the most underdeveloped and third-world countries.
There was always controversy over what criteria best determine a country’s degree of development. Analysts have been of the view of the gross domestic product (GDP). Per capital income, industrialization level, and life expectancy, the quality of life and literacy levels should be considered to determine the degree of development within a specific country.
Here is the exact list of the top 10 developed countries around the world:
Most developed nation in the world is Norway, with a Human Develop Index of 0.944. Norway’s economy Norway has been diverse and constantly expanding since the beginning of industrialization. One of the main drivers of Norway’s economy comes from the abundant natural resources, particularly gas and oil, and the country’s exports. The GDP of Norway is $277.1 billion and $55,009 per person. Norway is a highly integrated welfare system, with a life expectation of 80.57 and very high living standards compared to other European nations. Norway’s HDI of 0.944, which has increased by 0.001 since 2013, earns Norway the top spot in this ranking of the top 10 most developed nations worldwide.
The second place on the list is Australia. Australia is one of the biggest capitalism-based economies around the globe. The service industry provides most of the contribution to the country’s economy in the amount of $970.8 billion ($42,640 per person), while agriculture and mining make significant contributions. In addition to its thriving economy, its citizens’ human development, health, and rights make it the second-highest developed country in the world. The life expectancy of its citizens is good at 82.07 years, and the nation has always maintained one of the best standards of living in this world.
One of the richest nations, Switzerland has an extremely stable economy that follows a long-term financial security policy, making it an ideal option for investors worldwide. In addition to foreign investment and trade, Switzerland relies on its high degree of specialization in labor, trade, and industry to produce a gross domestic product in the range of $363.4 billion and $45,418 of capital. Naturally, Switzerland is a country with the highest standard of living, while a life expectancy of 81.38. Switzerland is the third most developed nation in the world in our ranking.
A robust and prosperous economy heavily dependent on trade with other countries, The Dutch economy was impacted by the financial crisis in the world. Still, the estimated 2014 GDP of the nation is $707.0 billion and $42,194 a person, making it among the most prosperous nations on earth. The life expectancy in the Netherlands can be as high as 81.12. The country enjoys extremely high standards of living.
- United States of America
The world’s biggest single economy is the United States (USA), the world’s top economic power. The nation’s GDP is 15.7 trillion ($49.922 per person) is close to 25% of the global GDP. The country also has abundant natural resources. The infrastructure is in good shape, and productivity is high. Even though the country is slightly behind in life expectancy, that is 78.75. The US is the fifth most developed nation in the world.
The sixth-highest developed country in this list belongs to Germany. Germany has the highest level of industrialization largest populous, and the largest nation in Europe. The concept of a social market economy is the foundation of the German economy. Germany is also among the top exporters of global trade in the world. It is also wealthy in mineral resources like copper, nickel, iron, natural gas, etc. The GDP of Germany stands at $3.2 trillion and $39,028 a person, while the average life expectancy is 80.44 years.
- New Zealand
New Zealand is a wealthy nation that consists of 2 main and several smaller islands. It has an economy of the market that heavily depends on tourism. However, manufacturing and agriculture are also significant contributors. The average life expectancy for New Zealand is 80.93, and its GDP is $132.0 billion and $29,730 of capital. The country has its Human Development Index at 0.910, the world’s seventh-highest developed country at the moment.
The eighth-ranked country in the world is Canada, one of the richest nations in the world, and has an economy dominated by the service sector. Additionally, Canada has vast oil reserves, and it primarily exports food, energy, and minerals. Canada has a GDP in the range of $1.5 trillion and $42,734 for capital. The life average is 81.67 years.
In comparison to the 2013 Human Develop Index rankings, Singapore has risen three places and is ranked 9th in the most developed country in the world. Singapore is one of the most technological and prosperous nations around the globe; Singapore also enjoys one of the highest living standards. It is a very trade-oriented economic system; Singapore boasts a GDP worth $326.5 billion and $60410 per household. This is the fourth longest life expectancy that is 84.38 years.
The last but certainly not least of our choices is Denmark. Denmark has a modern, mixed economy mostly focused on service because the country lacks other mineral resources besides gas and oil and relies on human resources. The life expectancy for Denmark is around 80 years old, and life expectancy is very good. Denmark has a gross domestic product in the range of $210.1 billion and $37,657 of capital, while its HDI score of 0.9 is the 11th (tenth) highest-income nation in the world.