The London based, The Legatum Institute, published the 12th Legatum Prosperity Index at the end of November. The index is a leading indicator of economic and social wellbeing in the 149 nations covered. "This is a tool for leaders around the world to help set their agendas for growth and development. Prosperity entails much more than wealth, it is about creating the environment where a person can reach their full potential," stressed Baroness Philippa Stroud, CEO of The Legatum Institute. The Index assesses nine prosperity pillars: Economic Quality, Business Environment, Governance, Personal Freedom, Social Capital, Safety and Security, Education, Health and Natural Environment.

2018 movers

North America was the strongest region in 2018, well above any other region for business environment, with the US ranking first and Canada third. Western Europe is the second strongest region due to the improvements not only in Slovenia, but also Malta (2018: 19; 2017: 22) and Cyprus (2018: 28; 2017: 31), although Germany and Greece both fell three spots.

Eastern Europe prosperity has risen steadily over the past decade -one of the strongest improvers in 2018. The region has been rising at a faster rate than the world average - with last year's increase the second largest of any region due to improvements in the Business Environment, Natural Environment and Personal Freedom, with Lithuania, Romania and Estonia seeing the largest rises in the last five years. 

Overall, the index profiled national risers and fallers.

Risers: Georgia, Zimbabwe, Estonia, Paraguay, and Sri Lanka. Fallers: Greece, Italy, Turkey, Tunisia and Thailand.

"This does not mean that they are or are not prosperous, but simply that they have improved or declined significantly over the last decade," stresses Legatum.

Slovenia 18th

Slovenia is the world leader in the Natural Environment pillar as the nation moved to protect almost 100% of its territorial waters. A high-quality natural environment conveys a sense of wellbeing and satisfaction to a country's population through characteristics that may be physical (such as air quality), social (such as green areas in which to meet) or symbolic (such as national parks). Slovenia performs well in the Education pillar, however its scores lowest on the Business Environment pillar, although this is the pillar with the greatest positive change from 2017, improving 15 places. Health however dropped three places.

 

Creating the pathway from poverty to prosperity

Overall, the Index highlights two key messages. Firstly, prosperity has grown globally and is at its highest ever point since 2007. Secondly, the gap between the highest and lowest score is the largest it has ever been. So, even if prosperity is at its highest point - which is absolutely great news for many - too few of the world's inhabitants are beneficiaries. Could that be a clear call in 2019 - perhaps a New Year pledge to focus on making the world a better place - for all.