Sunday, November 3, 2013

Asia Getting a Legatum Up

The Legatum Institute has just released its 2013 Prosperity Index. The Legatum Institute is a London-based independent non-partisan public policy organization. Its annual Prosperity Index attempts to define “prosperity” beyond just dollars and cents. Instead, its secret formula takes account of several social virtues - Economy; Education; Entrepreneurship & Opportunity; Governance; Health; Personal Freedom; Safety & Security; and Social Capital.
This year, the Institute took a five year view to chart how the Economy sub-rankings in the Index changed from 2009 to 2013 (above). The results? Serious downgrades for the US (from 12th to 24th) and many other European nations. Hong Kong also got roundhouse kicked on the chin, falling from 11th to 18th. Singapore slipped a touch, from a lofty 2nd to a still-lofty 3rd. All other Asian countries rose commendably, led by China’s improvement from a lowly 34th place to 7th. 
When the other criteria were factored into the index, Asian countries did not rank so well. Singapore led the region at #18, followed by Hong Kong at #19. The top ten nations consisted of Northern European countries, Canada and Australia / New Zealand.
Hopefully, as Asian countries mature enough to be able to begin to ask about the true meaning of life, they too will begin to break in soon into the top ten pack.
More details: Four Major Changes in Global Prosperity - Harvard Business Review

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