Peace, some people say, starts with a smile. Peaceful societies enjoy greater income growth, stronger currencies and higher foreign investment—not to mention political stability and a greater sense of happiness among their citizens.

The economic impact of violence on the global economy is quantifiable: in 2023, it accounted for $19.1 trillion in purchasing-power parity (PPP) terms, or 13.5% of total global GDP—that’s $2,380 less economic output for each person on the planet.  This represents an overall increase of $158 billion from the year before, and was largely driven by a 20% increase in GDP losses from conflict. Meanwhile, expenditure on peacebuilding and peacekeeping efforts totaled just $49.6 billion, less than 0.6% of total military spending.

These are the most significant takeaways from the 2024 Global Peace Index, the world’s leading measure of global peace. Compiled by the international think-tank Institute for Economics and Peace (IEP), it covers 163 independent states and territories home to 99.7% of the world’s population. The ranking, which is based on 23 indicators grouped into three criteria (societal safety and security; extent of ongoing domestic and international conflict; and degree of militarization), shows 65 countries recording improvement and 97 showing deterioration, more than any year since the inception of the Global Peace Index in 2008.

In total, the level of global peacefulness decreased this year by 0.56% according to the IEP researchers. That might not seem like much, yet it is worth noting that it is the twelfth time that the average has declined, for an overall reduction of 4.5% since the index was launched. Meanwhile, the number of refugees and internally displaced persons has rocketed to 95 million, with 16 nations with at least 5% of the population are either refugees or internally displaced.

It should be no surprise that political instability and unresolved internal conflicts are major factors undermining global peacefulness. Afghanistan ranked as the world’s least peaceful country for six years in a row but has been surpassed in this year’s edition of the Peace Index by South Sudan, Sudan and Yemen which now holds that unenviable distinction. Ukraine—which last year recorded the largest deterioration in the index, falling 14 places to the 157^th spot—dropped 2 positions further, to 159. Needless to say, the conflict in Gaza also has had a negative impact on global peacefulness, with Israel and Palestine recording the first and fourth largest deteriorations in the ranking, respectively. Ecuador, Gabon and Haiti were the other nations that experienced a sharp decline.

On the whole, last year saw 162,000 deaths due to conflict, marking the second-highest toll in three decades. The wars in Ukraine and Gaza were responsible for nearly 75% of these fatalities with Ukraine alone accounting for over half (83,000 deaths) while Gaza saw at least 33,000 deaths by April 2024. Another worrying trend is that conflicts are becoming more internationalized: 92 countries are now involved in external conflicts in some form—the respective figure from the 2008 index was just 33.

Even more concerning, the Institute for Economics and Peace researchers point out, many of the factors that typically precede major conflicts are more pronounced today than they have been since the end of the Second World War. There are currently 56 active conflicts, the most since the late 1940s, with fewer conflicts being settled, militarily or through peace agreements.

Regionally, North America recorded the largest average deterioration of all the regions, with a drop of almost 5% primarily driven by increases in violent crime and fear of violence in both Canada and the US. Home to four of the ten least peaceful countries in the world, the Middle East and North Africa (MENA) is the least peaceful region globally. Sub-Saharan Africa, the second least peaceful region, also recorded a fall in peacefulness this year.

Elsewhere, Central America and the Caribbean’s average fell slightly by 0.17%, with seven out of 12 countries declining in their scores and five countries improving. Notably, El Salvador and Nicaragua recorded respectively the first and third-highest improvements globally. South America declined too (by 3.6%) as a result of deteriorations in the Safety and Security and Ongoing Conflict domains.

Western Europe remains the world’s most peaceful region overall, with seven nations placing in the top 10, including the top three slots. Europe’s strength arises from its relatively low internal conflict and political instability and high socio-economic development, buoyed by longstanding efforts to develop peaceful societies at home. Still, last year, the continent recorded its largest year-on-year increase in military expenditure since the index’s inception. Behind Western Europe, Asia-Pacific is the second most peaceful region, with the overall score deteriorating by 0.1%.

The only regional improvement in peacefulness, by 0.6%, occurred in the Russia and Eurasia region, largely due to the bounce-back effect from the steep decline experienced after Russia’s full-scale invasion of Ukraine in February 2022. Still, the overall levels of peacefulness in the region remain very low compared to its historical averages.

Amid widespread global turmoil, perhaps the more peaceful nations show a way forward. While countries like Iceland and New Zealand may benefit from their geographic isolation—making them more culturally cohesive and less exposed to territorial disputes—several nations in the top positions of the index fought vicious wars at one point in history, but today are integral members of the world’s most peaceful region, Europe. Elsewhere, Singapore and Malaysia illustrate the impact of democratic institutions and economic growth, as well as the ability to draw important lessons from a past marked by struggle and poverty, on bolstering peace.

While the institutions that manage societies—at least in terms of global averages—have generally improved and become more efficient and transparent, conflicts and violent protests stemming from opposing political views have increased across the world over the past decade, they have accelerated during the Covid-19 pandemic, and have continued after. Peaceful societies are not weighed down by the costs and burdens of violence, political instability and corruption, and they are more productive, informed and educated.

Ranking as the third most peaceful country in the Asia-Pacific region, Malaysia holds the top global position in the Ongoing Domestic and International Conflict domain and ranks third in the Militarization domain. Remarkably, this nation of about 33 million people has climbed 9 spots from last year, entering the top 10 for the first time. When the Peace Index was launched in 2008, Malaysia stood at the 32nd position.

A multicultural society with a diverse mix of Malay, Chinese, Indian and indigenous communities,  Malaysia benefits from government policies promoting tolerance and encouraging inclusivity. Crime rates are low compared to other countries in the region, and a prosperous economy helps reduce poverty and inequality. Additionally, since gaining independence in 1957, Malaysia has enjoyed relatively stable governance, fostering a more harmonious social and political environment.

View Malaysia GDP and Economic Data

A legend says that when God distributed the land to all the nations, Slovenians were overlooked because there were so few of them (they are still just 2.1 million). To apologize, he gave them a little piece of paradise he saved for himself. Slovenia’s territory—half of which is covered by forests—boasts one of the greatest levels of biodiversity on the continent: with only one-hour drive from the capital Ljubljana, you can either swim in the Adriatic Sea or climb the Julian Alps. It is the only country from Central Europe to place in the top 10, making it the most peaceful nation in the CEE region.

Along with Slovenia, the Czech Republic, Hungary and Croatia too make it into the top 20, and Bulgaria, Slovakia and Latvia into the top 30. Of the 36 ranked countries in Europe, 13 had improvements in peacefulness and 23 saw deteriorations. The only European countries in the bottom half of the index are Cyprus (at number 88), Türkiye (139) and, perhaps surprisingly to some, France (86).

View Slovenia GDP and Economic Data

Sometimes gaining one or two spots and sometimes losing them, since 2008 Denmark never dropped below the fifth place in the Global Peace Index—that is until this year. Now ranked 8^th, Denmark’s drop is more a result of other countries’ improvements than a significant decline in its own score, which has decreased by only 0.037% from last year.

Such relatively minor changes in the ranking only tell us that the kingdom is doing well. A safe country to travel and live in, Denmark is characterized by a high degree of political stability, freedom of the press and respect for human rights. It also boasts a high level of income equality and is frequently ranked as one of the happiest nations in the world.

To safeguard all that happiness and those excellent standards of living, this nation of less than 6 million spends a lot. In 2018, to counter the threat of Russia’s increasing military activity in eastern and northern Europe, Denmark reached a landmark cross-party political deal to increase its defense budget by 20%, on course to match its Nordic neighbors Sweden’s and Norway’s expenditure levels and reach the NATO membership target of 2% of national GDP in military spending.  As a result, Denmark’s overall standing in the Peace Index is weighed down by its performance in the militarization domain, where it ranks 24th in the world. Things are likely to stay that way: in 2023, Denmark announced plans to invest the equivalent of $21 billion in defense over the next 10 years, a figure that was increased by an additional $5.1 billion in 2024.

View Denmark GDP and Economic Data

Portugal marches to the beat of its own drum when it comes to peace and safety. Over the past few years, this nation of about 10 million people has emerged as one of the biggest climbers of the Global Peace Index, moving from the 18^th spot it held in 2014 into the top 10.

Ranking above the industrialized nations’ average in terms of housing, work-life balance, personal security and environmental quality, Portugal is also considered one of the top expat destinations due to its overall quality of life. Even better, there is no need to break the bank to enjoy the Portuguese way of living: the republic remains one of the most affordable destinations on the continent.

View Portugal GDP and Economic Data

Switzerland is exactly as one would expect: a place with an exceptionally high degree of safety in society, superior political stability, and close to inexistent international conflict. However, its surprising degree of militarization (total active and reserve army personnel number approximately 147,000 out of a population of about 8.9 million) keeps this nation from rising into the top 5. Switzerland—along with other well-ranking peaceful nations such as Canada, Singapore, Norway and the Netherlands—is also among the world’s top weapons exporters per capita.

Still, by most measures, Switzerland remains a prosperous country where linguistic and religious diversity is embraced.  In ninth place in the United Nation’s Happiness Report, it also ranks above the average among OECD nations when it comes to subjective well-being, income, health and education and environmental quality.

View Switzerland GDP and Economic Data

While the Global Peace Index report shows an increasingly violent world, Singapore has become more peaceful. Way more peaceful: when the ranking was first launched in 2008 Singapore occupied the 22^nd spot. What prompted this remarkable jump? The IEP points out that the largest improvements in the ranking are usually broadly based while large deteriorations in peace are usually driven by just a few indicators.

So, while Singapore scored highly in societal safety and security and low levels of ongoing domestic and international conflict, holding it back from the highest tier of the ranking—like Switzerland—is its militarization level. Why does Singapore need so many people in its police and military forces and why is its arms expenditure so high? The city-state depends on seaborne trade for its prosperity, so having the naval resources to ensure the smooth passage of vessels through the Strait of Malacca, the narrow stretch of water that serves as a gateway between the Indian and Pacific Oceans, is crucial.

View Singapore GDP and Economic Data

After holding on to the number two spot in the index since 2017, New Zealand slipped two spots to number four in last year’s edition of the Global Peace Index, and that’s where we find it this year too. Scoring almost perfect marks in the domains of societal safety and domestic and international conflict, this peaceful country is widely considered a wonderful place to live. Still, due to an increase in weapons imports and exports and upgrades on armed personnel carriers, New Zealand’s score in the militarization domain fell by 6% in last year’s edition of the index. 

At around the same size as the United Kingdom but with a population of roughly 5.2 million people, New Zealand ranks above the average among OECD members in education, healthcare, jobs and earnings. All this, however, comes also at a cost: the shortage of affordable housing is increasingly making it difficult for people with low incomes to buy homes, with the gap between rich and poor considered the top economic issue facing New Zealand by 20% of its citizens. 

View New Zealand GDP and Economic Data

Since the end of the Cold War, this small landlocked country of about 9 million moved from its peripheral position at the borderline between East and West closer to the center of a united Europe. As a young member of the EU and outside of NATO, Austria prided itself on trying to get along with rival political blocs and embracing new forms of cooperation with its neighbors.

However, while Austria performs well in many measures of wellbeing such as income, jobs and housing, social tensions have been growing in recent years fueled especially by anti-migrant campaigns of the popular right-wing Freedom Party (FPÖ). When in November 2020 an ISIS sympathizer shot and killed 4 people and injured 23 others in the city center of Vienna, the government responded by unveiling broad anti-terror measures that included the ability to keep convicted individuals behind bars for life and facilitate electronic surveillance for those who are released. As a consequence, Austria experienced one of the largest deteriorations in peacefulness in Europe owing to a worsening of the terrorism impact indicator. Additionally, amidst the COVID-19 pandemic, its capital has been the epicenter of significant protests against both lockdown measures and the government’s mandate to enforce compulsory vaccination for all citizens. Since then, the support for the FPÖ has only grown: today it is the country’s leading political party. 

View Austria GDP and Economic Data

Ireland is one of the wealthiest, most developed and happiest nations in the world. It is also quite peaceful: in 2020, it managed to gain seven positions and land in the fourth spot of the Global Peace Report, the highest position it had ever attained in the ranking. In the following years, it occupied either the third or the second position, which is where we find it today.

Make no mistake: Ireland did not become a peace-loving nation overnight—centuries of tense relations with the United Kingdom can attest to that. Today though, due also to its longstanding independent status and neutral army (meaning that it is not a member of NATO), the Irish Republic is routinely ranked as one of the safest countries in the world. That does not mean it has become immune from political and social turmoil—during the pandemic, for example, Ireland saw its share of violent anti-lockdown demonstrations.

On page 84 of its study, the IEP reveals a striking piece of data: when it comes to the economic cost of violence, Ireland performs better than almost all countries in the world. Ranking 159^th out of 163 nations, the toll is just 2.86% of the GDP compared to the global average, 13.5%. Only Malawi, Bangladesh, Indonesia and Madagascar perform slightly better in this domain. 

View Ireland GDP and Economic Data

Icelanders can sleep well at night: they live in the most peaceful nation in the world. No news is good news when it comes to tranquil Iceland: it is the 17th year in a row that it retains the number one spot—since the index began in 2008. With no standing army, navy or air force and the smallest population of any NATO member state (about 390,000 people), Iceland also enjoys record-low crime rates (to the extent that policemen generally don’t carry firearms), an enviable education and welfare system, and ranks among the best nations in terms of jobs and earnings and subjective sense of wellbeing.

But did we say that Icelanders’ idyllic peace faces no threats? In 2022, the Reykjavík police arrested four people in connection with preparations for a suspected terrorist attack. That was the first year that the country recorded any of such activity. Luckily, no further incidents have been reported since then.

View Iceland GDP and Economic Data

Source: Global Peace Index 2024.

Frigid temperatures, dark winter days, a breathtakingly high cost of living: who would ever want to live in a place like that? As it turns out, that is precisely where one can find the happiest people on planet Earth. Finland conquered the United Nations World Happiness Report’s top spot for the sixth year in a row, and not because there is something in the icy waters of this nation of just 5.6 million people. Finland is not the richest nation either among the 143 countries and territories surveyed by Gallup World Poll: more than 25 other countries beat the country’s GDP per capita, but Nordic countries in general score well.

What does it even mean to be a happy country in a world rattled by war, inequality and political divisions? It is often said that even in the worst of times there is joy to be found, and the World Happiness Report rankings back this adage with plenty of data. Since the ranking was launched in 2013, the researchers of the Sustainable Development Solutions Network—the United Nations nonprofit designed to push for broader measures of global happiness and health, have demonstrated time and time again that the happiest countries have high levels of trust and are more resilient when a crisis hits.

This year’s report underscores that the post-COVID era is marked by large increases in benevolence for all generations, but especially for the Millennials and Generation Z, who—according to the researchers—are more likely than their predecessors to help others in need.

Yet, in many countries, the overall individual perception of well-being differs greatly between the young and the old: “In some cases, these differences favor the old, as in the United States and Canada, where the rankings for those aged 60 and older are 50 or more places higher than for those under 30. In other cases, especially in Central and Eastern Europe, the reverse is true, with many rankings being more than 40 places higher for the young than for the old.”

Nordic countries continue to excel, as they have historically: Finland tops the list, but Sweden and Denmark also rank well, as do the Netherlands and Iceland.

What sets them apart from nations with lower scores is support systems that can soften the impact of shocks. Whether through support for mental health and well-being or a strong sense of leaving a positive legacy for future generations through efforts like the sustainable development solutions network, happy country citizens report better life evaluations and more positive assessments of their own lives. What is exactly the right mix of ingredients for happiness? High GDP per capita, social support in times of need, absence of corruption in government, healthy life expectancy, freedom to make life choices, generosity or charity towards others: these are the original six key factors that the researchers have used over time in their report on global life satisfaction.

In their 158-page study, the happiness experts offer plenty of detailed charts, graphs and historical data. As an alternative, you can skip all that and ask yourself a simple question: how worried would you be if you lost your wallet? To feel that it would be returned by a police officer, a neighbor or a stranger, tells a lot about how happy you and the people around you are. Not only that, it is a more powerful predictor of individual well-being than wealth. Money—as the report has repeatedly demonstrated—does not buy happiness.

Australia has vaulted back into the top 10 of the World Happiness Report for the first time since 2018. However, its total score in terms of life evaluation (7057) is lower than last year (7095), and the advancement in the ranking can be attributed to the even larger deterioration experienced by New Zealand, which occupied the 10^th spot in 2023. In both cases, the report notes, the level of overall happiness is much lower among the youth and rises gradually with age to peak the highest among the old.

Still, ranking amongst the 10 happiest countries globally is nothing to complain about. With their high wages, employment rate, and life expectancy—and putting aside their outstanding marks when it comes to altruism (about 40% of them are registered as volunteers)—Australians can consider themselves true winners.

After conquering first place in the 2015 World Happiness Report, Switzerland slowly started losing ground. Indeed, while the Swiss might be feeling crankier than usual, they are far from miserable.

Fear not, Switzerland remains a country that seems to have been created precisely for the pursuit of happiness. It can boast postcard landscapes and clean air, state-of-the-art infrastructure and education services, both great wealth and equal distribution of resources. Making chocolate and cheese and not war helps too: Switzerland is notoriously neutral and has not been involved in a war since 1847. Or has it? In a sharp break with its past neutrality, Switzerland joined the European Union in imposing sanctions on Russia for its invasion of Ukraine.

Just eight years ago, this land of castles, lakes and rolling hills occupied the 20^th position in the happiness ranking. Luxembourg made it into the top 10 in the 2020 edition of the report, and has not fallen out of it since.

This very small nation of less than 700,000 people scores above average in social connections,  subjective well-being, freedom to make life choices and life expectancy. And while money cannot buy happiness, Luxembourg being among the richest countries in the world where workers enjoy an average gross salary of almost 7,000 euros per month certainly doesn’t hurt.

It is one of the most prosperous countries in the world—and one of the most virtuous. Norwegians think that democracy should enforce social and economic equality. The result is less income and gender disparity, excellent free healthcare and more confidence in elected officials. Social and institutional trust are essential factors in one’s sense of personal well-being, and the Covid-19 pandemic proved it starkly.  In that sense, Norway has been particularly successful in keeping mortality rates low and mitigating the economic impact of lockdowns.

While over the past few years Norway has been slipping in the ranking (it occupied the top spot in 2017), there is no doubt that its social model remains an extraordinary success story.

Losing one spot in this year’s ranking, people in the Netherlands still have very few reasons to complain. The Dutch are more affluent, educated, and free to make their own life choices than at any point in their country’s history.

This year’s Happiness Report underscores that the top 10 no longer include any of the world’s most populous nations, with the Netherlands and Australia being the only ones with populations exceeding 15 million. Remarkably, among the countries in the top 10, the Netherlands also showed the smallest gap between the most and least happy people: in other words, the Dutch experience similar levels of happiness, and they are quite high.

It might be surprising to find Israel close to the very top of the UN Happiness Index amid the country’s ongoing war with Gaza. There is a simple explanation: the scoring for individual nations is determined by averaging survey data from the most recent three years, specifically from 2021 through 2023. Still, the collective sense of empathy and solidarity, and thereby happiness levels—as also proved by the Covid-19 pandemic—tend to rise when a crisis hits.

It is also worth noting that since the index was released for the first time a decade ago Israel never slipped below the 14^th spot. But how could this nation of roughly 10 million—surrounded by hostile neighbors and perpetually embroiled in conflict—truly be so happy?  Easy answer: happiness is not just determined by the presence or the lack of one given element. Israel is a rich and vibrant country where people can rely on strong community ties and feel they can decide how to pursue their goals in life.

Sweden jumps two spots in the happiness ranking from the number six position it occupied last year. Sweden has consistently ranked high in the list thanks to its affluence, strong social support networks, and perceived honesty and accountability of its institutions. The Scandinavian country also boasts an enviable work-life balance: it offers the longest paid vacation period compared to any other country in the world—41 days—while new parents can take up 480 days during which they receive around 80% of their salary.

One downside? Taxes are high: the personal income tax rate is close to 60%. Fiscal revenues, however, are used for universal healthcare, free university, and a great number of social programs to help people learn new skills and take advantage of job opportunities.

Iceland routinely tops a wide variety of quality of life rankings. Chosen by both the World Economic Forum as the best country in the world for gender equality and the Institute for Economics and Peace as the most peaceful for more than 10 years in a row, this republic of about 390,000 is one of the most environmentally friendly too. Iceland have also the highest per capita publication of books: 10% of its residents will embark on the noble quest of penning one in their lifetime, which must be something that makes them really happy.

Iceland has sat in the third position in the happiness ranking since 2022, and with its enchanting landscapes, low taxes and free healthcare and education, it is no surprise that it is so close to the top of the UN index.

Coming in runner-up for the sixth year in a row, Denmark topped the list in the first report, in 2012, and again in 2013 and 2016. Nordic countries, the authors of the report have noted in the past, share similar social and political models and values. That explains why all of them feature among the 10 happiest countries in the world and why they often swap places on the happiness podium.

Danes score high when it comes to work-life balance, environment and healthcare. They also pride themself on having one of the smallest wealth gaps in the world—and a society where people share both the burdens and the benefits equally, the report shows, is a happier society.

Finland did it again. It vaulted from fifth place to the top of the ranking in 2018 and seems determined to stay firmly put.  Finns also have a lot going for them. This country of very happy people enjoys high standards of living, a thriving cultural life and 3 million very relaxing saunas. With more forest per square mile than any other European nation, many Finns also credit their connection with nature and the outdoors for their satisfaction with life.

To not be selfish, the reigning champion of happiness even offers tips to the rest of the world on how to live better. Along with a lot of swimming, hiking and biking, through its tourism organization it recommends long walks in forests overflowing with berries, mushrooms and wild herbs. You’ve never seen anything remotely like that where you live? That’s exactly point: they are telling you to come visit.

Qatar is one of the safer, stable and prosperous countries in the Middle East. The country has a sophisticated banking system that provides both Islamic and conventional banking services and has eight banks in the top 1,000 safest banks. The banking system supports the country’s economy, with oil and gas serving as Qatar’s backbone. The QIA started acquiring equity ownership in all domestic banks listed on the Qatar Exchange and has ownership shares in the eight banks among the world’s 1,000 largest. The country is working to diversify its economy and has created emerging opportunities in technology, manufacturing, and agriculture, for example.

Oil revenues have fueled Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA), which holds over $500B USD in assets today, according to the Sovereign Wealth Fund Institute. Revenues from the oil and gas industry as well as investment income from the QIA have generated a budget surplus for the Qatari government. As a result, ratings agencies have assigned strong investment-grade sovereign ratings to Qatar: AA from S&P (November 2022), Aa2 from Moody’s (January 2024) and AA from Fitch (April 2024). Fitch’s April 2024 upgrade of Qatar’s sovereign rating to AA from AA– was followed by upgrades for seven of the eight banks on this list: Qatar National Bank, Qatar Islamic Bank, Dukhan Bank, Qatar International Islamic Bank, Ahli Bank, The Commercial Bank, and Doha Bank.

Our proprietary algorithm scores each bank based on its ratings from top global agencies—Fitch, Moody’s, S&P—to identify the safest banks out of the 1,000 largest banks worldwide. Key rankings include Safest Commercial Banks, Safest Emerging Markets Banks, Safest Islamic Banks, and Safest Banks in individual countries and in particular regions. Bank ratings data were valid as of August 2023. Global Finance’s scores for the eight Qatari banks ranged from 9.5 to 18. Ratings were valid as of August 2023.

Bank ratings swing with their country’s sovereign rating, and next year’s Safest Banks list will likely see improved scores for Qatar’s safest banks.

Qatar National Bank (QNB) is the Safest Bank in Qatar and among the safest banks in the world, coming in at No. 65 among the World’s Safest Banks, No. 43 in the Safest Commercial Banks ranking and No. 14 of the Safest Emerging Market Banks. Assuredly then also one of the safest banks in the Middle East, QNB is among the largest banks in the region, with over $325 billion in assets. It ranks second on our list of Safest Banks in the Middle East. The bank has an ownership structure split 50% to each QIA and the private sector. While QNB’s operations expand beyond Qatar, QNB has helped Qatar transform from a traditional commodity-based economy to a global powerhouse.

https://www.qnb.com

Qatar Islamic Bank is Qatar’s safest bank in the Islamic banking sector, ranking first in our Safest Islamic Bank rankings. It is the largest Islamic bank in Qatar, with about QAR 189.2 billion in assets. It also makes the top 50 Safest Emerging Market Banks, coming in at No. 43.

https://www.qib.com.qa

Dukhan Bank is one of Qatar’s largest Sharia-compliant banks and the third largest bank in the country. The bank has QAR 75.4 billion in assets and is about 43% government owned. It is among the 100 Safest Emerging Market Banks and in the top 10 of Safest Islamic Banks in the Middle East, and therefore one of the safest banks in Qatar.

https://www.dukhanbank.com/

Qatar International Islamic Bank offers products tailored to corporations and high-net worth clients. The Sharia-compliant bank is privately owned, with QIA holding a 16% stake, and has a presence in Morocco. It is also among the 100 Safest Emerging Market Banks, and the top 10 Safest Islamic Banks in the Middle East, as well as one of the safest banks in Qatar.

https://www.qiib.com.qa/

Of the world’s largest 1,000 banks, Masraf Al Rayan is the second largest Islamic bank in Qatar and about 33% government owned. The bank squeaks into the 100 Safest Commercial Banks, at  No. 95. The bank offers Sharia-compliant products and services to retail, corporate, and private banking sectors. The bank is only rated by Moody’s.

https://www.alrayan.com

Ahli Bank both banking and insurance services, and QIA holds about 52% of the bank’s shares.

https://www.ahlibank.com.qa

The Commercial Bank one of Qatar’s largest banks, with 17% ownership by QIA. Much of the bank’s sector funding is government related.

https://www.cbq.qa

Doha Bank provides domestic and international banking services and has branches throughout the Middle East, Asia, and Europe although most of its revenue is from Qatar. The bank has about QAR 101 billion in assets and is about 17% owned by QIA.

https://qa.dohabank.com

Banks have played a vital role in supporting economic growth, providing loans to individuals and businesses, and promoting financial inclusion. Today, Kuwait’s banking sector is bolstered by an extensive array of services, fintech innovations and digital technologies, and robust regulations. Kuwait has also played a pioneering role in the global Islamic finance sphere, encouraging the growth and development of some of the first and most trusted Sharia-compliant institutions in the world.

These are the top banks in Kuwait, listed alphabetically, each with its own distinctive strengths and unique history.

Founded in 1941 as the Imperial Bank of Persia, an affiliate of the British bank and the first bank in Kuwait, Ahli United Bank (AUB) has played a pivotal role in the development of the country’s banking industry. In 1971, the bank became fully owned by the Kuwaiti government and changed its name to Bank of Kuwait and Middle East. In 2002, Ali United Group bought the bank and renamed it AUB. And, in 2010, it converted to a Sharia-compliant Islamic bank.

Today, Ahli United Bank offers a wide range of services in corporate banking, private banking and wealth management, retail banking, and treasury and investments. Over the years, AUB has won numerous Global Finance awards, including for Best Customer Banking Experience, Best Online Cash Management Services, and Best Corporate/Institutional Digital Bank.

One the fastest-growing financial institutions in Kuwait, Boubyan Bank is licensed under the Law of Islamic Banks no. 33 issued in 2003. It was the first Islamic bank to be established in the country the following year. In 2009, the National Bank of Kuwait (NBK) acquired a 47.29% stake in Boubyan. In 2012, it raised that stake to 58.3%, thus becoming the majority shareholder.

Today, Boubyan Bank is part of the Boubyan Group, a Sharia-compliant investment company that encompasses Boubyan Capital (asset management), Boubyan Takaful (insurance), Boubyan National (real estate services), and the Bank of London and the Middle East, the largest Islamic bank in Europe. Boubyan Bank is a repeat winner of Global Finance award for the Best Islamic Digital Bank in Kuwait and in the Middle East region, among other recognitions.

One of the leading financial institutions in the Middle East and North Africa, Burgan Bank boasts a regional network of over 160 branches and 360 ATMs, as well as offices across the globe, including in Europe, the Americas and Asia. Established in 1977 as a joint-stock company with the government of Kuwait as a majority shareholder, it was fully privatized in 1997. In 2007, it became a subsidiary of Kuwait Projects Company (KIPCO), an investment holding company with operations across 24 countries. While Burgan Bank primarily focuses on the corporate and financial institutions sectors, it also has a growing retail and private bank customer base. In recent years, Burgan Bank has won several Global Finance awards, including for Best Support for Small and Medium-sized Enterprises (SMEs) and for selected Best Mobile Banking services in Kuwait.

Established in 1960, the Commercial Bank of Kuwait (CBK) is the second oldest bank in Kuwait, and it has been a mainstay of the country’s financial landscape ever since. In its early years, CBK played a pivotal role in financing the burgeoning oil industry and other mega-projects; in the 1990s, after the Iraqi occupation of Kuwait, it provided financial assistance to individuals and businesses affected by the conflict; and in 1992 it became one of the first financial institutions to offer Sharia-compliant financial services.

Today, the Commercial Bank of Kuwait offers a wide range of financial services to its customers, including retail banking, investment banking, and wealth management.

Founded in 1960 by a group of twelve merchants, the Gulf Bank of Kuwait (GBK) started its business operations in a rented flat in Kuwait City with 50 employees and a capital of just 24 million rupees, equivalent today to about 1.8 million Kuwait dinars, or $6 million.

It has since grown to become the third-largest financial institution by assets in the country.

With over 50 branches and 300 ATMs, the Gulf Bank provides services ranging from consumer and whole banking to treasury. In recent years, it has won Global Finance awards for Best Bank, Best Cash Management Bank and Best Consumer Internet Bank in Kuwait.

Founded in 1973 by the government of Kuwait in partnership with private sector institutions, the Industrial Bank of Kuwait’s (IBK) mission is to foster the nation’s growth and bolster the global competitiveness of local firms. In the early years, as the first specialized bank dedicated to industrial development in the Gulf Cooperation Council region, IBK’s primary objective was to offer financing for medium and long-term industrial projects. It has since evolved to align this goal with promoting economic diversification and advancing sustainable development and innovation. 

Today, the Industrial Bank of Kuwait offers a comprehensive array of financial products ranging from investment banking and trade finance to treasury and financial advisory services.

Established in 1977 as the nation’s first Sharia-compliant bank, Kuwait Finance House (KFH) was a pioneer in launching a range of innovative products and services, including credit cards, lease financing and bonds that comply with the Islamic law, and dedicated branches catering specifically to women. Today, KFH has operations in Turkey, Bahrein, Saudi Arabia, Malaysia, as well as in Germany, where in 2015 it inaugurated the country’s first fully-integrated Islamic bank. 

With the acquisition in 2022 of Ahli United Bank, KFH became the second-largest Islamic bank in the world by assets behind Saudi Arabia’s Al Rajhi Bank. KFH won the World’s Best Islamic Financial Institution award from Global Finance, and is recognized in the Safest Banks, Sustainable Finance and Best Trade Finance Providers categories.

Founded in 1973 with a focus on the real estate business, Kuwait International Bank (KIB) is one of the oldest commercial banks in the country. In 2007, from a specialized bank, it converted to a fully-fledged Islamic Bank, the second to be established in Kuwait after Boubyan Bank.

Today, KIB offers a wide range of services in personal, corporate and institutional banking, and holds about 10% of Kuwait’s Sharia-compliant bank assets. Over the years, it has been recognized multiple times by Global Finance as one of the Safest Islamic Banks in Kuwait and in the Middle East region as a whole.

Founded in 1952, the National Bank of Kuwait (NBK) was the first locally-owned bank to be established in the country, and the first indigenous bank in the entire Arabian Gulf region. The idea for a Kuwaiti bank was born when the British Bank of the Middle East rejected a merchant’s request for a letter of guarantee due to the lack of a guarantor’s signature. Instituted to prioritize the needs of the local community, all founders and board members of NBK were tradesmen of Kuwaiti origin. Today, NBK is a close second to Kuwait Finance House for the title of the country’s largest bank by assets, and boasts a regional presence across the Middle East, as well as branches and subsidiaries in Asia, Europe and the United States.

A repeat winner of Global Finance’s awards for Best Bank and Safest Bank in Kuwait, NBK also got the nod for Best Private Bank for Sustainable Investing, the Best Consumer Digital Bank and the Best Foreign Exchange Provider in the Middle East. 

Established in 2010 to meet the growing demand for banks that offer financial products and services compliant with Islamic law, Warba Bank is growing fast. In a short period, Warba has distinguished itself for its digital solutions and innovative products for both the retail and corporate sectors. With a rapidly expanding customer base of over 100,000 and close to 10% of the country’s Islamic banking assets under management, Warba has also contributed to diversifying the insurance offering in Kuwait. Through its subsidiary Warba Takaful, the institution holds a dominant position in the life insurance and general insurance market. Warba has been recognized by Global Finance as one of the Safest Banks in the Middle East.

Pearling, fishing, agriculture and nomadic livestock rearing: these were the foundations of the Qatari economy before the discovery of oil in the 1940s. The country underwent a rapid and dramatic transformation. Today, Qatar is a spectacle of cutting-edge architecture, where streets are lined with luxury boutiques and fine dining establishments, and the population enjoys one of the highest standard of living in the world.

These changes would not have been possible without an efficient and ever-evolving banking sector. Banks played a pivotal role in financing major infrastructure projects and facilitating international trade and investment activities.

Much as they did with the oil and gas industry before, Qatari banks are now at the forefront of the country’s push to diversify its economy and emphasize sustainable growth through investments in sectors ranging from tourism, to information technology, and human capital development. These are the leading banks in Qatar, listed alphabetically, each with its own distinctive strengths and unique history.

Established in 1983, Ahlibank’s guiding principle is a commitment to traditional values while adapting to change. The bank’s brand identity is symbolized by the oyster shell, reflecting dedication to nurturing and safeguarding customers’ savings and assets over time. With its head office and 11 branches across Qatar, Ahlibank offers a range of products and services, including corporate, retail, private and international banking, as well as treasury and investment. Additionally, Ahlibank provides insurance solutions and operates a wholly-owned subsidiary engaged in brokerage operations. Ahlibank supports various programs focused on health, social welfare and education. With assets exceeding $16 billion, Ahlibank is also a recipient of Global Finance’s award in the World’s Safest Banks category.

https://www.ahlibank.com.qa/

Founded in 1957, Arab Bank Qatar is part of the Jordan-based Arab Bank Group, which boasts a network of over 600 branches across five continents and oversees assets valued at around $65 billion. The financial institution is one of the oldest and most established among a select few foreign banks in the country, including HSBC, BNP Paribas and Standard Chartered. Through its segments in consumer, corporate and institutional banking, as well as treasury, Arab Bank Qatar provides a comprehensive suite of services tailored to individual customers, businesses and institutional clients. Its parent company has won numerous Global Finance awards, including Best SME Bank, Best Bank for Sustaining Communities, Best Bank for Cash Management and Best Trade Finance Provider in the Middle East.

https://www.arabbank.com.qa/

Founded in 1975, the Commercial Bank of Qatar (CBQ) was the first private-sector bank to be established in the country. It has since evolved to become one of the largest financial institutions in Qatar, with assets valued at over $45 billion. Over the years, it has played a pivotal role in the evolution of the domestic banking landscape, becoming—among other achievements—the first Qatari bank to issue bonds in the international capital markets in 2006, and to list its Global Depositary Receipts in 2008.

Offering financial solutions ranging from conventional personal banking to business, government and investment services, CBQ boasts a country-wide network including over 30 branches and 200 ATMs, and a regional presence through the 100% ownership of Alternatif Bank in Turkey and strategic partnerships with the National Bank of Oman (NBO) and United Arab Bank (UAB). Over the years, CBQ has been recognized by Global Finance with many awards. Most notably, it is a repeat winner of the Best Bank in Qatar award.

https://www.cbq.qa

Inaugurated in 1979, Doha Bank provides domestic and international banking services for individuals, commercial, corporate and institutional clients through four business groups: wholesale, retail and international banking, and treasury and investments. With approximately $28 billion in assets and more than 470,000 active customers, Doha Bank has also established overseas branches in Kuwait, the United Arab Emirates and India, as well as representative offices in Japan, China, Singapore, South Korea, Bangladesh, Nepal, Australia, South Africa, Turkey, the United Kingdom and Germany. A strong advocate of Corporate Social Responsibility (CSR), Doha Bank sponsors several programs benefiting the environment and local communities. Through the years, Doha Bank has been recognized by Global Finance with awards in the Safest Banks category. Perhaps even more importantly, one of its employees, Mr. Shakeer Cheerayi, has been admitted into the Guinness World Records for the fastest crossing of Qatar on foot: it took 1 day, 6 hours, and 56.50 seconds.

https://qa.dohabank.com/

Originally established as Barwa Bank in 2008, the full-service Shariah-compliant institution—today the third-largest in the country—started operations in 2009. In October 2020, following a merger with the International Bank of Qatar, it was rebranded as Dukhan Bank. This strategic move was part of an expansion plan that, in February 2023, culminated in its listing on the Qatar Stock Exchange.

Dukhan Bank caters to retail, corporate and government banking. Furthermore, the bank serves high-net-worth individuals through personalized wealth management solutions. With assets exceeding $31 billion, Dukhan Bank operates an extensive branch network serving over 150,000 customers. Dukhan Bank is a recent winner of Global Finance’s Safest Islamic Banks In The Gulf Cooperation Council award, as well as the World’s Best Islamic Financial Institutions award.

https://www.dukhanbank.com/

Established in 2008, Lesha Bank is the first independent Sharia-compliant investment bank authorized by the Qatar Financial Centre Regulatory Authority. Formerly known as Qatar First Bank, from its initial focus on real estate and equity it has expanded its offerings to provide a comprehensive range of investment, wealth management, and treasury services to a diverse client base which includes High-Net-Worth individuals (HNWI) and local and international corporations and institutions. As part of its mission, the bank continually develops new products and services that not only consider financial factors but also take into account their social and environmental impact. With assets totaling approximately $1.7 billion, Lesha Bank is a recipient of Global Finance award for Best Up-and-Coming Islamic Finance Institution.

https://www.leshabank.com/

Established in 2006, Masraf Al Rayan has rapidly grown to become the second-largest Islamic bank in Qatar, with assets of approximately $45 billion. The organization comprises three core business divisions offering a diverse range of Sharia-compliant products and services in retail banking, corporate banking and private banking. With 17 branches and a network of 101 ATMs distributed throughout Qatar, Masraf Al Rayan has also expanded its reach internationally, with branches in France, the United Arab Emirates and the United Kingdom, where it was the first Islamic bank to receive a public rating by Moody’s. In 2021, the bank finalized its acquisition of Al Khaliji Commercial Bank, marking the first merger of publicly listed banks in Qatar. Over the years, Masraf Al Rayan has been recognized by Global Finance with awards in the Safest Bank in the Gulf region and Best Investment Bank in Qatar categories.

https://www.alrayan.com

A privately owned Islamic bank, Qatar International Islamic Bank (QIIB) describes itself as a family-friendly institution based on three pillars: trust, family, and commitment. Established in 1990, QIIB offers personal and corporate banking solutions, treasury and investment services, and financial products specifically tailored to its high-net-worth clients through its 18 branches across the country. Additionally, QIIB has a presence in Morocco, where it holds a 40% share of Umnia Bank and established Takaful Insurance Company in 2022. With assets of about $17 billion, the Qatar Investment Authority is its largest shareholder with a 16% stake. Its shares are traded on the Qatar Exchange.

https://www.qiib.com.qa/

Qatar Islamic Bank (QIB) is the first and largest Islamic bank in Qatar and the second-largest financial institution in the country with assets of approximately $52 billion. Established in 1982, QIB has been at the forefront of developing innovative Islamic financial products ever since. Most notably, in 2003, the bank issued the world’s first Islamic convertible bond (sukuk), thus expanding the range of Sharia-compliant investment options available to investors. Currently, with 23 branches and more than 170 ATMs across Qatar, the bank has also expanded it global reach, with a footprint in the United Kingdom, Malaysia, Lebanon and Sudan. Today, QIB manages over 35% of the total assets of domestic Sharia-compliant banks and holds about a 10% share of the banking market overall, counting among its clients individuals, government institutions, small and medium businesses, as well as large corporations. In recent years, QIB has won numerous Global Finance awards, including Best SME and Best Consumer Digital Bank in Qatar, Best Islamic Corporate Bank, and Best Islamic Bank for Corporate Social Responsibility (CSR) globally.

https://www.qib.com.qa

Established in 1964, Qatar National Bank (QNB) was the first bank to be financed and wholly owned by Qataris. Headquartered in a building owned by the government in Doha, during its first year in business, it had 35 employees. Six decades later, the total number of employees has grown to 30,000, its customers to over 27 million, and its operations have expanded to 900 locations in more than 30 countries. Throughout the years, QNB has played a pivotal role in transforming Qatar from a traditional commodity-based economy to a global powerhouse, helping finance major infrastructure projects and supporting communities through its corporate social responsibility (CSR) and sponsorship programs. Offering services ranging from banking and loans to real estate, advisory and wealth management, today QNB is the largest financial institution in the Middle East with assets of over $325 billion. Over the years, it has won numerous Global Finance awards, including for Best Bank and Best Private Banking in Qatar.

https://www.qnb.com

From ancient times, Egypt has been fertile ground for the development of forms of credit, accounting systems, and legal frameworks to protect property rights and regulate transactions. Today, much like yesterday, this nation of over 110 million remains at the crossroad of ideas, cultures, and trade routes.

Its banking system reflects the country’s rich heritage and the needs of its increasingly sophisticated and globally engaged citizens. As a result, Egypt has witnessed in recent decades a gradual liberalization of the banking sector, facilitating the entry of private institutions and the introduction of new and ever more advanced financial products and services.

Today, through times of both prosperity and challenge, the Egyptian banking sector stands as a backbone of the country’s economic infrastructure and a key driver of future growth. These are the leading banks in Egypt, listed alphabetically, each with its own distinctive strengths and unique history.

Arab African International Bank (AAIB), Egypt’s first multinational bank, was established in 1964 as a joint venture between the Central Bank of Egypt (49.37%) and the Kuwait Investment Authority (49.37%). Since then, AAIB has grown into a comprehensive regional banking institution offering products and services in retail, corporate and investment banking, and one of the best banks in Egypt as well as across the region.

Further, AAIB has played an important role in shaping the Egyptian economy and fostering economic growth: in 1982, it became the first bank to introduce credit cards in the market; in 2009, it was the first Egyptian institution to adopt the Equator Principles, a financial industry benchmark for environmental and social risk management in project financing; and, in 2017, it expanded into the microfinance sector to provide financial services to underserved communities. Over the years, Arab African International Bank has won numerous Global Finance awards, including for Best Investment Bank and Best Foreign Exchange Bank in Egypt.

Established in 1920 by industrialist and politician Joseph Cattaui and businessman and economist Talaat Harb, Banque Misr (BM) was the first national bank to be financed and wholly owned by Egyptians. Their ultimate goal was mobilizing national savings and channeling them towards economic and social development. Over the following 100 years, the bank they founded fulfilled that pledge, supporting both traditional and nascent industries ranging from textiles and shipping, to aviation and filmmaking. With over 800 branches and 20,000 employees across Egypt, Banque Misr stands as the second-largest bank in the country with assets of about $120 billion and a customer base of more than 13 million. Branches, offices and representatives are also present in the United Arab Emirates, France, Lebanon, Germany, China, Russia, South Korea and Italy. Banque Misr is a repeat winner of the Global Finance award in the Best Treasury & Cash Management category, and has been recently recognized as one of the safest 50 banks worldwide.

Founded in 1952 by a group of wealthy Jewish families, Banque du Caire is one of the oldest and largest Egyptian banks. Over the past seven decades, it has grown into a full-service institution offering an extensive range of products to both retail and corporate sectors. In the retail sphere, Banque du Caire can boast a network of 248 branches and 1640 ATMs serving a customer base of more than 3 million. In the corporate domain, it provides financing solutions for businesses of all sizes, including microbusiness, where Banque du Caire manages a portfolio of over 300,000 client accounts and holds a share of roughly a quarter of the local microfinance market. A state-owned institution, the Egyptian government has recently disclosed plans to offer up to 49% of its capital on the Egyptian Exchange. Banque du Caire is a winner of the Global Finance award for Best Sub-Custodian Services in Egypt.

As one of the oldest and largest banks in Egypt, Bank of Alexandria boasts a network of 175 branches serving over 1.6 million customers. It was established in 1957, when the Egyptian government nationalized the British bank Barclays following the Suez Crisis, in which Anglo and French troops invaded the country and occupied the Suez Canal. In 2006, in the first privatization of a fully state-owned bank, the Egyptian government sold 80% of its capital to Italy’s largest bank Sanpaolo. Rebranded as AlexBank in 2010, today it provides banking and investment services to retail, small and medium businesses, and corporate enterprises.

As Egypt’s largest private lender, the Commercial International Bank holds a clear place among the top banks in Egypt. Established in 1975 as joint-venture between the National Bank of Egypt (51%) and Chase Manhattan Bank (49%), which sold its participation in 1987, today, CIB is the top listed company by market capitalization in the Egyptian Exchange (EGX), and counts among its top shareholders the National Bank of Egypt and Abu Dhabi’s sovereign wealth fund ADQ. As a provider of banking services to individuals, institutions and companies, including more than 500 of country’s largest corporations, the Commercial International Bank has held the title of the most profitable commercial bank in the nation for more than four decades. Over the years, CIB has won numerous Global Finance recognitions, including the GW Platt Foreign Exchange Bank Award, the Best Bank in Egypt and World’s Best Emerging Markets Bank awards, as well acknowledgments in the Best Treasury & Cash Management category.

Set forth by a proposal of Saudi prince Mohammed al-Faisal to the Egyptian authorities, in 1979 Faisal Islamic Bank of Egypt (FIBE) became the first Shariah-compliant financial institution to operate in Egypt. With a shared focus on both retail and corporate banking, it provides products and services to over 1.9 million customers through more than 40 branches across the Republic. Further, the bank offers interest-free loans (Al qard Al-Hassan) to individuals experiencing hardship or unexpected situations, without any extra fees or charges. With total assets of about $7 billion, today the Al Awqaf Egyptian Authority is the largest shareholder in the bank, followed by Bahrain-based Ithmaar Bank. Faisal Islamic Bank of Egypt is a winner of the Global Finance award in the Best Islamic Financial Institution category.

Established in 1982, HSBC Bank Egypt is the largest foreign bank in Egypt, with an estimated market share of around 7% and a network of 100 branches and 20 mini-bank units nationwide. As a subsidiary of one of the largest and most financially stable banking groups globally, its customers can access a comprehensive suite of banking products and services in personal, commercial, corporate and investment banking, as well as across the treasury and capital markets, insurance, and wealth and asset management segments.  Additionally, they can rely on the expertise and strength of one of the world’s premier financial institutions. Over the years, HSBC Bank Egypt has been recognized by Global Finance with awards in the Treasury & Cash Management, Sub-Custodian and Consumer Internet Bank categories.

Established in 1898 with British capital, the National Bank of Egypt (NBE) is synonymous with the birth of modern banking activities in Egypt. In the decades that followed, it played a pivotal role in driving Egypt’s economic growth, effectively functioning as a central bank, a status officially recognized by the government in 1951. It was only ten years later that the Central Bank of Egypt was instituted as a separate entity, and the National Bank of Egypt became the commercial bank we know today. With over $170 billion in assets, 640 branches, and offices and banking units serving nearly 19 million customers, NBE is the largest financial institution in the country and one of the very largest in the region and in the continent as a whole. Over the years, NBE has won numerous Global Finance awards, most notably for Safest Bank in Egypt.

Established in 1978 as NSGB Bank, it changed its name QNB Alahli in 2013, when Qatari multinational commercial bank QNB Group acquired a majority stake. With assets of about $20 billion, today QNB Alahli is Egypt’s second-largest private bank, serving 2 million clients through a network of more than 200 branches and 900 ATMs. QNB Alahli provides products in corporate banking, financial advisory, project financing and foreign exchange, as well as leasing, insurance and factoring services through its dedicated subsidiaries. With a special commitment to Small and Medium Enterprises (SMEs), women-focused programs and its new green retail-financing program, QNB Alahli is committed to promoting sustainable development and financial inclusion. QNB Alahli is a two-time winner of the Global Finance award for Best SME’s Bank in Egypt.

One of the youngest, and already one of the largest, financial institutions in the country, the United Bank of Egypt (UBE) was established in 2006 by the Central Bank of Egypt (CBE) through the merger of three banks that were facing bankruptcy at the time. The merger was part of a series of reforms aimed at consolidating the banking sector and creating institutions capable of competing globally. With assets of about $40 billion and 70 branches nationwide, UBE provides a comprehensive range of services and products in retail banking, microfinance, corporate banking and Islamic banking. In 2023, the Central Bank—which owns 99.9% of United Bank’s capital—announced plans to sell its entire stake as part of a broader program to privatize state-owned companies. Yet, as of January 2024, no sale had yet been finalized.

With the world turned upside-down and inside-out by international conflict—Russia’s war in Ukraine, Azerbaijan’s attacks on Armenia, the brewing civil war in Sudan—determining the safest countries is now more important than ever. Global Finance’s safest countries in the world rankings features updated data, a new time frame, and incorporates each country’s experience and risk from Covid-19.

So which countries have proven to be safe and which have not?

Like our previous rankings, the safety score for countries takes into account three fundamental factors. These factors are war and peace as measured by the global peace index, personal security meaning a very low crime rate, and the risk of natural disasters which includes the potential of a new pandemic. In order to make sure the data is relevant to current conditions, the Covid-19 scores were derived from data as of May 30, 2021. Compared to the fundamental factors, our Covid-19 scores weight deaths per capita from the disease twice as heavily as the other factors and takes vaccinations per capita as a countervailing or positive factor into account, weighing it equally as the other fundamentals. In essence, a country’s overall score is made up of one-half fundamental factors, one-third Covid-19 deaths per capita, and one-sixth Covid vaccination per capita.

Deaths per capita is a direct measure of how well or poorly a given country responded to the spread of Covid-19 which in turn is based on the country’s healthcare infrastructure, government capabilities, political leadership and culture in face of a major, unexpected crisis. Vaccinations per capita on the other hand reflects a country’s financial power and future performance via preventative measures stemming further outbreaks.

Since Global Finance’s safest country ranking is driven by data, countries without the relevant metrics were excluded. Countries suffering from political instability like Belarus and Sudan do not have scores from the safety and tourism report while other countries like Kosovo and Somalia are missing data from the World Risk Report.

The top ranking safest countries are spread amongst the European Union and Asia, making them strong contenders for the title of most peaceful region overall. Of the top 20, nine of them are located in Europe and four of those are Northern European (Iceland, Finland, Denmark, Norway). The remaining 11 out of 20 are primarily countries in the Middle East or Southeast/East Asia. Missing from the top 20 are many of the other European countries that performed well in past rankings. Countries such as Portugal, Spain, Slovenia, and Belgium suffered greatly in the rankings because their governments handled the Covid-19 crisis poorly and experienced high Covid-19 deaths per capita as a result. Portugal (29), Spain (41), Slovenia (47), and Belgium (66) all had some of the highest Covid-19 death rates in the world and previously ranked in the top 20 safest countries. Hungary (90), Italy (84), and the UK (38) also saw high Covid-19 deaths per capita which pushed them downward in the ranking. Despite being the world’s only superpower, the United States ranks 71 because although it scored well in other categories it was unable to prevent widespread outbreaks and deaths.

The pandemic created a situation in which many developing countries in Africa and Southeast Asia outperformed their more developed peers. Laos (32), Vietnam (49), and Cambodia (80) as well as African countries such as Uganda (81) and Rwanda (37) all were able to effectively manage Covid-19 and limit deaths per capita which dramatically improved their safety rankings compared to previous years. Yet while these countries effectively managed and prevented Covid-19 outbreaks, they often have much higher risks in terms of military conflict, crime, and general danger to the population.

In essence, Covid-19 disproved the conventional wisdom about the safety of any given country. Countries in North America, Europe, and perhaps some in the Middle East and Asia would dominate the top spots mainly because of their wealth and developed status. Developed countries would also be much better equipped to handle something as dangerous and complex as a pandemic than their less developed peers. Yet what we have seen is that many of the world’s major economic powers (United States, France, U.K) or regional powerhouses (Brazil, Russia, India, China) became epicenters of the pandemic in their areas of the world.

While Covid-19 reshuffled our world’s safest countries ranking, it did not boost the worst-performing countries and their relative rankings. Countries with serious civil conflict that have high risk from natural disasters such as the Philippines, Nigeria, and El Salvador all reported relatively low death tolls from Covid-19, yet performed poorly in terms of safety overall. Yemen’s brutal civil war and El Salvador’s high murder rate (the highest in Latin America) offset any improvement in safety ranking due to avoiding the worst-case Covid-19 scenario.  

The Philippines remained at the bottom of Global Finance’s safest country ranking where it was in the 2019 and 2017 editions because of relatively high crime rates, high natural disaster risk (volcanic eruptions, earthquakes, tsunamis), and poor response to the Covid-19 pandemic. Because we derive our composite safety score from purely quantitative data and indices from global publications, we do not quantify the intensity or lethality risk of factors such as war. So Yemen (where 233,000 people have died as a result of the war) is ranked as relatively more safe than the Philippines because it has less natural disaster risk and violent crimes.

A final word of caution: while the fundamental factors of this ranking rely on concise reports produced by NGOs and international organizations, the Covid-19 death tolls and the vaccination rates are largely based on self-reporting by governments. Countries like China, Tanzania, and Venezuela may not be producing credible figures. Another point of difficulty is that some governments may not be capable of gathering all the necessary data. In developing countries without standardized and modern government reporting structures, deaths can go unreported, making it impossible to measure death tolls accurately. This is probably what is occurring in India as many families have reported undercounting of Covid-19 deaths by the country’s authorities.

To sum up, Covid-19 upended pre-pandemic assumptions regarding which countries are safest and why. While the core factors that ordinarily make up our safety rankings are largely unchanged, Covid-19 presented a new challenge for governments across the world. And as the world’s vaccination numbers steadily rise, we are left with a sobering question: How would the world cope with a future pandemic?

Global Finance magazine’s safest country index factors in the risks facing individuals such as natural disasters, violent crimes, terrorism and war to present a well-rounded analysis of overall societal safety.

Sources: World Economic Forum, The Global Institute For Peace.

The ever-growing battle for technological advantage and supremacy continues. In a year full of advances in artificial intelligence, virtual reality, green technology, Global Finance has a new set of scores and rankings for national technological strength based on a unique fusion of evaluative metrics.

South Korea remains a world leader in technological advancement, again taking the top slot. Its consumer electronics giants invest heavily in research and development, while its citizens combine advanced technological skills with an innovative culture. East Asia is well-represented in the top 20, with Japan, Taiwan and Singapore.

Developed Asian and European nations continue to dominate the top of the rankings. Apart from the United States (2), all the top 17 countries are among the wealthiest countries in one of those two regions. Taiwan jumped up a few spots to #3, due to increasing investment into research and development. Germany—known for its engineering prowess since before World War II—is now actively using that expertise in the field of green energy. Many of the world’s leaders in technological innovation are small political jurisdictions that are less able to rely on rich supplies of natural resources for economic power, such as the Nordic nations, Belgium, Switzerland and Japan.

Israel (6), with its robust startup ecosystem, also gained significantly. The relatively small nation continues to put immense investment into research and development. Israeli companies are advancing rapidly in life sciences, military technology and other sectors, and the country has become a global leader—the world’s sixth largest hub—for raising tech capital.  The UAE was a second Middle East standout, coming in at #18.

Japan (16), on the other hand, fell back significantly in the rankings because the percentage of its population that uses the internet is falling. Japan sports a notable reliance on analog in the public sector, and also declined in its Digital Competitiveness due to a lack of business technological agility and declining international experience in technology.

The world’s most populous developing countries, both expected to see strong growth in technological progress, struggled in this year’s ranking, despite government support, deep scientific knowledge and significant technological expertise in various sectors.

China (41) and India (65) fell back in the rankings, despite prevailing wisdom that both would advance rapidly. China’s internet population, at around 73%, still falls very far below its economic peers such as Russia, Mexico, and Argentina or the group of most technologically advanced countries. While China invests significantly into research & development for critical technologies, it lacks the ability to utilize its population for greater technological advancement. The Chinese government has also cracked down on the private technology sector, limiting and even reducing its reach and size.

India, for its part, has invested very little of its country’s GDP into research and development. While the establishment of the National Research Foundation is designed to help increase investment and support for technological and scientific education and advancement, it may not play the pivotal role that India desires. To round it off, Brazil (55), Indonesia (59), and Russia (44) all continue to rank poorly and have made few if any gains in technological strength. Russia scores above average only in its percentage of population that uses the internet. The war with Ukraine has spurred an exodus of technological expertise, creating potential for a “brain drain” of technological and scientific professionals for years to come.

First, we incorporate two metrics that represent the technological breadth and adoption for a country: internet users as a percentage of a country’s population, and LTE (4G) users as a percentage of the population. This combination illustrates the availability of internet use for the wider population and counters the over-reliance on measuring the strength of only high-tech industries and institutions. The third metric is a Digital Competitiveness Score, created and compiled by the IMD World Competitiveness Center. This conglomeration is based on multiple factors including technological knowledge, current technological strength, and readiness/capability to create and advance new innovations. Essentially, it measures a country’s current technological environment and its prospects for future success.

The final metric is the portion of GDP spent on research and development (R&D), which represents both the government’s investment into the future technological development as well as the desire to compete for future advancement. All of these metrics combine to rank countries by both their vanguard of technological capabilities but also their populations’ mastery of said technologies.

The scores provide some insights into where countries differentiate themselves from those below them. As opposed to one year ago, the differences are now more pronounced in the Digital Competitiveness Score and the Research & Development investment. These factors have seen increasing breadth between the top countries and the bottom countries. Meanwhile, the differences between the top countries and bottom countries have decreased in both LTE penetration and Internet users as a percent of the population. This makes sense as once a country expands its internet and LTE base to nearly 100%, it is impossible to keep going up. Meanwhile, developing countries can gain ground by expanding their internet access.

New ideas are born every day in homes, schools, workplaces. They can further human development, improve our health and environment, create jobs and wealth. In order for these ideas to turn into reality individuals must be free to work, consume and invest without restrictions. This is the focus of the Index of Economic Freedom, an annual ranking produced by the Heritage Foundation which measures the level of economic freedom in countries around the globe.

The link between economic freedom and human well-being is proven. The adoption of progressive and transparent economic policies often translates into a significant reduction in poverty, sicknesses and ignorance. Since the inception of the ranking in 1995, economic freedom around the world has generally increased. Just three years ago, Heritage Foundation researchers could claim that the global average economic freedom score was at its highest in the history of the index. Then came the Covid-19 pandemic, its economic aftershocks, and the Russian invasion of Ukraine.

The government-imposed fiscal burdens and restrictions on the movement of people and business activity that characterized lockdowns caused severe harm to the global economy according to the Heritage Foundation. Out of 184 nations surveyed in the new edition of the report (which considers economic policies and conditions in the interval between July 1, 2021, through June 30, 2022), declines in economic freedom were registered by 115 of them, 8 were unchanged, and 8 nations could not be graded due to a lack of reliable data. 

But how does the Heritage Foundation measure economic freedom in each given country? Twelve are the factors related to four key aspects of the economic environment that are graded from 0 to 100 and averaged to determine a country’s score: rule of law (and related sub-categories: property rights, government integrity, judicial effectiveness); government size (government spending, tax burden, fiscal health); regulatory efficiency (business, labor and monetary freedom); open markets (trade, investment and financial freedom). Overall, the global average score in this year’s ranking was 59.3, corresponding to a 0.7-point decline from the period before and the lowest ever recorded during the past two decades.

Only 4 countries (down from 7 in the previous edition of the report) achieved economic freedom scores of 80 or more and are thus considered economically free; 23 nations were ranked as “mostly free” with scores ranging from 70.0 to 79.9; and 56 were deemed “moderately free,” with scores of 60.0 to 69.9. Alarmingly, 93 nations—or 50% of all the nations ranked—registered economic freedom scores below 60: of those, 65 are considered “mostly unfree” (scores of 50.0 to 59.9), while in the economically “repressed” category can be found 28 countries, including China. Yet, it is also worth noting that China’s chief antagonist has not many reasons to celebrate: the U.S. is only the world’s 25^th freest economy. Its score has plummeted to 70.6, a 1.5-point decline from the 2022 edition of the ranking, making it America’s lowest score ever in the 29-year history of the index.

As the freedom to participate actively and fully in the economy deteriorates worldwide, many hard-fought gains in all areas of civil society appear to be in jeopardy. According to the experts at the Heritage Foundation, the benefits of economic freedom go far beyond just higher incomes or reduced levels of poverty. Countries that aim for higher levels of economic freedom enjoy down the road superior levels of overall human development as measured by the United Nations Human Development Index (HDI). Remarkably, it is often the policies that governments fail to implement—rather than the counterproductive ones that are put in place—that can be the most damaging to economic growth. By providing greater economic freedom today, governments can improve educational opportunities and their citizens’ living standards tomorrow.

N/A — Not available. Source: 2023 Index Of Economic Freedom, The Heritage Foundation.

Some rivalries stand the test of time: the Yankees versus the Red Sox, Barcelona versus Real Madrid, McDonald’s versus Burger King. In East Asia, the rivalry between China and Japan has long dominated geopolitics and economics. However, over the past five decades, the governments of both countries put aside political animosity and instead prioritized trade with one another to facilitate economic growth. In 1972, trade volume between the two countries stood at less than $3 billion USD in current dollars. Fifty years later, trade volume has grown 100 fold to $300 billion spread across a multitude of industries such as computers, heavy machinery, broadcasting and automobiles. Japanese conglomerates exported materials and machinery for China’s infrastructure as well as its nascent consumer electronics market, seizing the opportunity created by China’s 1996 policy of “grasping the large, letting go of the small” which saw the government relinquish control over smaller enterprises in a bid to spur privatization and growth.

Integration into Japanese supply chains  over the past half-century helped transform China into the world’s second largest economy, permanently altering the balance of power in East Asia between the two nations and fueling the assertiveness of China’s leadership on the world stage through so-called “wolf warrior diplomacy.” In recent years, rising tensions between the two—over Taiwan, the disputed Senkaku Islands and US-China frictions—have led to the partial decoupling of their economies at a time when they might need each other more than ever to confront similar demographic challenges. The number of Japanese companies operating in China has decreased by 11% over the last decade and the number of Japan’s businesses listed in the Nikkei index that have a strong dependency on China has fallen. By the same token, China’s President Xi Jinping has turned away from integration with the global economy and towards nationalist, autarkic policies in certain strategic economic sectors like chip manufacturing.

Despite the immense historical, cultural, economic and political differences between Japan and China, both now face the same demographic challenge: a declining and aging population that promises to drag down their economies.Japan’s birth rate now sits at 1.37 births per woman after falling for a decade, well below the 2.1 replacement level required to maintain existing population levels. This, combined with low levels of immigration, have shrunk Japan’s population annually since 2010 and its current population of 125 million people is projected to dwindle to 106 million by 2050 and 75 million by 2100. To complicate matters, Japan’s shrinking population is also becoming disproportionately elderly (age 65 and above). As of 2020, the elderly citizens make up to 28.8% of Japan’s population and will require ever-greater resources for medical care, support, and help with daily living. This growing burden will fall on a dwindling working-age population, likely prompting a fiscal crisis. At the same time, much of Japan’s internal consumption spending is likely to flatline or fall off a cliff. Japanese corporations selling consumer electronics, automobiles, and other standard products will find it harder to sell as much to a smaller pool of consumers, making export markets like China even more valuable to their businesses.

China, for its part, dove head first into a demographic decline of its own making with the infamous one-child policy. Instituted in 1980, the policy not only succeeded in creating a drastic reduction in the fertility rate to 1.67 births per woman, but also created an enduring cultural expectation and standard of a one-child family. As China’s economy grew and the standard of living increased, the government did not revisit or amend this policy until 2015. In 2016, a new two-child policy was announced but the resulting spike in birth rate lasted for only one year and has since fallen below Japan’s to just 1.18. In 2023, China’s population suffered from its first recorded decline in 60 years (although the Chinese government may have been overcounting the population for some time previously).

China faces many of the same economic challenges from its demographic crisis as Japan, only with far less room for maneuver. While China’s GDP per capita has grown from $959 USD in 2000 to $12,500 USD today, it is still a developing country that has a much lower GDP per capita and standard of living than most developed countries. China’s phenomenal economic rise over the past 50 years was fueled in part by favorable demographics: because the country had so few retirees compared to its working age population, the government could devote more resources to investing in infrastructure and also enjoyed a larger tax base. But that demographic advantage is now becoming a liability as China’s pension system is strained by an influx of retirees beginning at ages 60 for men and 55 for women.

As time goes on, China may have bested Japan at aging itself out of economic growth. Previous predictions that China’s economic and demographic headwinds were less serious than Japan’s turned out to be mistaken. As China and Japan begin decoupling economically from one another, it is worth asking if they might not be stronger together since they face similar challenges.