Israel has increased its ranking in the Wealth of Nations Index's latest edition (WNI) by two spots, taking the 23rd spot on the list.
The Warsaw Enterprise Institute created the WNI, stating that it's "an innovative measure of economic development" and that it "evaluates separately the efficiency of public spending and private spending in the economy." Ireland, Switzerland and the United States all lead the list in the top three respectively.
WNI stated in its edition last year that "measuring the wealth of societies is considered to be the Holy Grail of economics."
According to the list, most of the countries' rankings either stayed the same or decreased by one. Many countries that did improve, however, only had their rank increased by one. Israel is one of the few countries whose rank increased by at least two, sharing that with Canada, Turkey and Croatia - with the last of the aforementioned countries having its rank increased by four.
The WNI also noticed a decrease in ranking for many European Union countries.
How does Israel fare in the rankings?
The list shows Israel's public expenditure as excelling in the areas of higher education, military potential, healthcare and schooling.
In comparison with the United States, Israel is more improved in its schooling, healthcare and internal security according to the WNI graphs that show the quality of public expenditure.