Canada perceived high around the world

Ranked second-best country to live

At a time when Canada’s cost of living and housing crunch are top of mind, a new analysis of 87 nations claims Canada is the second-best country in the world to live in.

The rankings were compiled by global marketing and communications services company WPP and the Wharton School of the University of Pennsylvania, in consultation with U.S. News & World Report.

More than 17,000 people from around the world contributed to the survey and the rankings are based “largely on perception,” according to the survey’s methodology.

Now in its eighth year, the survey ranks prospective countries on 73 weighted attributes, including quality of life, cultural influence and entrepreneurship. Canada ranked third in 2022, behind Germany and Switzerland, which topped the list again this year.

The majority of the rankings were correlated to 2022 gross domestic product at purchasing power parity per capita, as reported by the World Bank. Subrankings that were tied to wealth were weighted more heavily.

Within the subrankings, Canada’s best category was “agility,” where it came second to the U.S. The category takes in a country’s ability to adapt to change and “accept modern solutions.”

Canada’s other top subrankings include quality of life (third overall) and “social purpose,” where Canada ranked fourth. The category is dedicated to the countries perceived as “most progressive, inclusive and committed to social justice.”

Canada also ranked fifth in entrepreneurship.

“Canada is a high-tech industrial society with a high standard of living,” notes the survey’s overview, adding that the “service sector is Canada’s biggest economic driver” and the country is a significant exporter of energy, food and minerals.

The results of the survey, which collected feedback from March 17 to June 12, are at odds with recent data that suggest the vast majority of Canadians are struggling as the cost of living soars.

In August, a national survey of 2,189 adults from Abacus Data found that the most important issues facing Canada are the rising cost of living, housing affordability and accessibility and health care.

However, the survey does note inflation remains a global concern, with 84 per cent of respondents believing it will continue to get worse.

Earlier this month, Bank of Canada Governor Tiff Macklem said interest rates may not be high enough to bring inflation back down to target, a day after holding borrowing costs at a 22-year high. According to Reuters, inflation has remained above the bank’s two per cent target for 27 months.

Canada has also tumbled down the Democracy Index in the last few years, falling from fifth place in 2020 to 12th overall this year.