Australia named world's most prosperous nation

Melbourne, Oct 15 : Australia has topped the global prosperity index, all thanks to its quality of life and economic strength.

It emerged victorious over 104 countries on The Legatum Institute's Prosperity Index that measures material health of a country, including wealth, quality of life and life satisfaction.

The second position went to Austria, followed by Finland at third.

Financially wrecked US came at fourth spot along with Germany and Singapore.

The Dubai-based investment group said Australia was better than other countries because of its strong economic performance, governance and high quality of life.

"(Australia) has reinvented itself as a wealthy, service-oriented economy with good scores on liveability indicators, including health, charitable giving and effective governance," the Courier Mail quoted Legatum, as saying. "Strong norms or civic participation, robust health, and plenty of leisure time contribute to the high liveability ranking," it added.

Vice president of the institute, Dr William Inboden, said Australia had the fundamentals right.

"True prosperity consists of more than money - it also includes happiness, health and liberty," he said.

"The Prosperity Index shows that in addition to economic success, a society's prosperity is based on strong families and communities, political and religious liberty, education and opportunity, and a healthy environment.

"The Australian Government earns high scores on corruption control and overall effectiveness, supporting the country's quality of life in many areas.

"Strong civic participation by Australian citizens furthermore contributes to the high levels of life satisfaction," he added.

Talking about the Asian continent, Singapore, Taiwan and Hong Kong scored well economically, but lagged behind in livability index.

ANI