The institute’s Prosperity Index includes 110 nations (making up 90 percent of the world’s population).

The index is built on 89 different criteria and divided into eight fields including economics, business, management, education, health, safety, private freedom and social capital. The leading nations are those whose citizens are happy, healthy and free.

According to the institute, almost all the world’s most prosperous nations are located in Northern European. Norway takes the lead in the rankings, followed by Denmark and the Netherlands.

Singapore secures its 17^th place in the Asia-Pacific region, to be ahead of other countries.