What is prosperity?
From material by Legatum Institute
Prosperity is much more than mere wealth or economic growth. True prosperity is when all people have the opportunity to thrive.
In a prosperous society, people live in peace, free from the threat of violence, oppression and crime. Everyone's inherent dignity is respected and all are free to vote, to protest and to follow their beliefs.
Governing institutions in every sector act with truth and integrity and are subject to the rule of law. There are stable families and supportive communities that instil the values that shape the culture and build the bonds of trust needed for society to flourish.
Prosperity is driven by an open economy that harnesses ideas and talent to foster employment and productivity and create sustainable pathways out of poverty.
In a prosperous nation, open markets and high quality infrastructure facilitate trade and commerce. There is a strong investment environment and effective business regulation that enables entrepreneurship, competition and innovation. People have the opportunity to work, to earn, to save, to take risks and to succeed.
Prosperity is built by empowered people who choose to live in right relationship with one another and create a society in which everybody is able to build a life free from poverty.
People take care of their physical and mental well-being and can rely on a healthcare system that will take care of them when they need it. Learning is valued and everyone receives a high quality education so they can write their own futures.
The natural environment is stewarded wisely as a legacy for present and future generations.
Prosperity means everyone has the opportunity and freedom to fulfil their unique potential and take responsibility for contributing to their communities and nations because ultimately prosperity is not just what we have on the outside, it is also about who we become on the inside.
True prosperity is a life well-lived.
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Based on the above criteria, The Legatum Institute publish an annual Prosperity Index, ranking 160+ countries on various factors such as security, ability to vote, access to healthcare, education, jobs, etc.
The 2020 Prosperity Index is published at an extraordinary moment in time as COVID-19 continues to dominate our political, economic, and social debate.
In the decade prior to the pandemic, global prosperity had risen continuously, with 147 out of 167 countries seeing an improvement. People’s lived experiences had improved, due to better health, education, and living conditions; and economies had become more open.
However, the Index also reveals a number of challenges. The improvement in global prosperity seen in the last 12 months had not kept pace with the progress of the previous two years, and stagnating personal freedom and governance are holding back further growth in prosperity.
These are difficult times, but a decade of prosperity growth provides a solid foundation upon which to build for the future.
Top 5 countries are:
Germany 8th, UK 13th, USA 18th, France 22nd, China 54th, Russia 76th, India 101st. You can see the rankings here.
Watch this 2 minute video on the findings of the 2020 Prosperity Index:
Download the report from here.
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