It is all very simple. Peace, Mother Teresa said, begins with a smile. With peace, cue the economists, prosperity tends to follow. 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 2024, it accounted for $19.97 trillion in purchasing-power parity (PPP) terms, or 11.56% of total global GDP—that’s $2,446 less economic output for each person on the planet. Military spending alone contributed $9 trillion to this figure, making up 45% of the total economic impact of violence. Meanwhile, expenditure on peacebuilding and peacekeeping efforts totaled just $47.2 billion, or just 0.52% of total military spending.

These are the most significant takeaways from the 2025 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 66 countries recording improvement and 94 showing deterioration, and one recording no change. Overall, since the Index was first introduced in 2008, 17 of its 23 indicators have worsened.

In total, the level of global peacefulness decreased this year by 0.36% according to the IEP researchers. That might not seem like much, yet it is worth noting that since the index’s inception in 2008, it is the thirteenth time that the average has declined, with the average country score declining by 5.4%. Meanwhile, the number of refugees and internally displaced persons has rocketed to 122 million, with 17 nations with at least 5% of the population being 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 was surpassed last year by South Sudan, Sudan and Yemen. The changes at the lowest rungs of the index are even more striking this year, where we can now find Ukraine followed by Russia, the least peaceful country on earth. Needless to say, the conflict in Gaza also has hurt global peacefulness, with Israel recording the largest deterioration when it comes to military expenditure as a percentage of GDP.

On the whole, last year saw 152,000 deaths due to conflict—Ukraine, Palestine and Russia accounted for over 63% of them. Another worrying trend is that conflicts are becoming more internationalized: 98 countries were at least partially involved in some form of external conflict over the past five years, up from 59 countries in 2008.

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 59 state-based active conflicts, the most since the late 1940s, and three more than last year.

Regionally, the Middle East and North Africa (MENA) remains the least peaceful region globally, and it is home to four of the ten least peaceful countries in the world. South Asia, which recorded the largest average deterioration of all the regions, due in part to significant declines in peacefulness in Bangladesh and Pakistan, is now the second least peaceful region globally. Sub-Saharan Africa also recorded a deterioration in peacefulness, with its average score falling by 0.17%.

In contrast, South America was the only region in the world to record an improvement, with its average score improving by 0.59%. Eight of the eleven countries in the region improved, with Peru and Argentina recording the largest improvements, while Colombia remains the least peaceful country in South America.

Western and Central Europe remains the most peaceful region in the world, hosting eight of the ten most peaceful countries globally, including Iceland, which retains its position as the most peaceful country globally. Still, the region recorded a deterioration in peacefulness of 0.57% over the past year, primarily due to a deterioration in the militarization domain, as many countries increased defense spending in response to the war in Ukraine. Asia-Pacific remains the second most peaceful region globally, with its overall score deteriorating by 0.21%.

Eastern Europe and Central Asia experienced the second-largest deterioration of any region, with their average deteriorating by 0.77%, due in large part to the conflict between Ukraine and Russia. Meanwhile, Central and North America is the third most peaceful region but saw an overall 0.7% reduction in peacefulness—Canada recorded the region’s largest deterioration, by 5.85%, while Haiti had the largest improvement in the region.

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.

Source: Global Peace Index 2025

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.

Measuring trust in a society is not an easy task.  In their 260-page study, the happiness experts offer plenty of detailed charts, graphs and historical data. As a quick alternative, we can skip all that and ask ourselves a simple question: how worried would I be if I lost my 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. For example, in an experiment, when wallets were intentionally dropped in the street by researchers, far more were returned than people had expected.

This year’s report has specifically examined how acts of kindness and generosity—both in terms of what recipients gain and what givers gain from these acts—affect personal happiness,  and one of the key findings is that we are often too pessimistic about the benevolence of others. For example,  in an experiment, when wallets were intentionally dropped in the street by researchers, far more than people had expected.

Also, because we often undervalue others’ kindness, learning about their generosity can boost our well-being, and when a society is more benevolent the people who are least happy see the greatest benefit. To prove their point, the researchers note that benevolence increased during COVID-19: “People needed more help and others responded. This ‘benevolence bump’ has been sustained since then.” In fact, despite a fall from their peak, these acts are still about 10% above their pre-pandemic levels.

Nordic countries continue to excel, as they have historically: Finland tops the list, but Denmark, Iceland, Sweden, the Netherlands and Norway make the top 10 too.

What sets them apart from nations with lower scores are 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, citizens of happy countries 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, an absence of corruption in government, healthy life expectancy, freedom to make life choices, and 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.

Yet, this edition of the Happiness ranking contains some big surprises too: two countries from Latin America, Costa Rica and Mexico, have entered the top 10 for the first time, jumping 6 and 15 spots respectively. Their GDP per capita is roughly a fifth of that of the richest nations in the world (Luxembourg or Singapore, for example), and roughly a third of that of all the just-mentioned Nordic countries, but money—as the report has repeatedly demonstrated over many years (and as many of us are still stubbornly reluctant to believe)—truly does not buy happiness.

Today, banks are not merely providing traditional financial services, but have become drivers of innovation, spearheading fintech solutions and contributing to the country’s sustainable development initiatives. These are the leading banks in the Dominican Republic listed alphabetically, each with its own distinctive strengths and history.

Asociacion Popular de Ahorros y Prestamos (APAP)

Also known by its acronym, APAP, the Asociación Popular de Ahorros y Préstamos was established in 1962 with the primary goal of financing the purchase, construction and improvement of homes for lower and middle-income families. While still formally classified as a savings and loan association, today the institution operates much like a bank, offering a wide range of financial services, including checking accounts, loans and credit cards. It also provides financial solutions for small and medium enterprises, as well as for corporate clients.

With assets exceeding $2 billion and its trademark customer-centric approach, APAP is among the top financial institutions in the Dominican Republic and a pillar of its banking system.

Banco BHD

Founded in 1972 as Banco Hipotecario Dominicano by a small group of businessmen, Banco BHD started as a mortgage bank. Since then, Banco BHD has actively contributed to the Dominican Republic’s financial reform process and gradually transformed itself into the country’s first commercial bank. Today, it is the second-largest private lender in the country and third-largest overall.

With assets of around $10 billion, one million customers representing about 20% of the market, more than 4,000 employees and customer service offices nationwide, Banco BHD offers banking solutions to individuals and businesses of all sizes, as well as financial institutions and government entities.  Banco BHD also takes great pride in its commitment to social responsibility, supporting microfinance, environmental projects, youth programs and social initiatives aimed at women’s empowerment.

Banco Popular Dominicano

Born in 1929 in Santiago de los Caballeros, Alejandro Grullón’s family business was tied to the production of lumber and agricultural products—he chose banking instead. Founded by Grullón in 1963, Banco Popular Dominicano was established to serve rural communities and support small businesses. Today, with assets of about $10 billion, it is the largest private bank and the second-largest overall in the Dominican Republic.

Banco Popular Dominicano provides financial solutions to over two million customers in all areas of banking, including personal, business and corporate services. With a particular focus on young customers, the bank has also been at the forefront of digital and mobile banking: currently, about 90% of Banco Popular’s operations are conducted online. Over the years, the institution has also won many Global Finance Awards, including multiple recognitions as the Best Private Bank in the Dominican Republic, as well as in the Sustainable Finance, Foreign Exchange and Consumer Digital Banks categories.

Banco Santa Cruz

Founded in 1999, Banco Santa Cruz specializes in credit, insurance and financial consulting for individuals and small-to-midsize businesses across all sectors. What began as a single branch in Santiago at the turn of the millennium has since grown into a nationwide institution, with 49 business centers and more than 2,200 employees catering to over 600,000 clients.

A leader in digital innovation, the bank has prioritized cutting-edge financial solutions to serve its tech-savvy customers. It was also a pioneer in microfinancing in the Dominican Republic, playing a key role in expanding financial access for underserved communities. Beyond banking, Banco Santa Cruz is committed to social impact, investing in education, entrepreneurship and community development.

BanReservas

One million Dominican pesos in initial funding, six offices in six different cities, and one mission: bringing banking to the masses, promoting economic stability and supporting international trade. This was Banco de Reservas de la República Dominicana in 1941, the year of its foundation. Today, it is simply known as BanReservas, and it accounts for one-third of the country’s banking assets, worth about $20 billion. With over 10,000 employees and 300 branches serving more than 3 million customers in the Dominican Republic, BanReservas offers a wide range of solutions to a broad clientele, from individual consumers to government entities, and businesses of all sizes. In addition, BanReservas backs social programs focused on community initiatives in health, housing and education, and champions cultural and sporting events.

With offices in Madrid, New York and Miami, the International Banking division of BanReservas aims to connect clients in other countries with the Dominican economic and banking system, and to boost investment in the country. BanReservas has won innumerable Global Finance Awards, most notably in the Best Bank in the World, Safest Bank, Best SME Bank and Best Trade Finance Providers categories.

Cibao Savings and Loan Association

Known locally as Asociación Cibao de Ahorros y Préstamos, or ACAP, the Cibao Savings and Loan Association was founded—much like its larger counterpart APAP—to meet the housing and banking demands that emerged after the end of the authoritarian Trujillo regime, and to support the phase of economic growth, social progress and entrepreneurial opportunity that came afterward. 

Established in 1962, from its mortgage-based origins ACAP has since evolved into a full-service financial institution. Over the decades, it has financed countless micro, small and midsize businesses, as well as major residential developments, high-rises and shopping centers across the country.

Today, ACAP operates a network of 55 branches and 60 ATMs nationwide, offering a broad range of financial products, including savings and investment accounts, loans and credit cards, and insurance services.

Scotiabank República Dominicana

In a banking landscape dominated by homegrown institutions, the Canadian Scotiabank has held its own for more than one hundred years. In the Dominican Republic since 1920, today the bank operates 58 branches, 23 agencies and 99 ATMs nationwide. With more than 2,000 employees and a diversified portfolio spanning retail banking to corporate finance, Scotiabank República Dominicana delivers tailored solutions for individuals and businesses of all sizes, including specialized microcredit services.

Not only has Scotiabank been supporting the nation’s economic evolution, but also its communities. The institution prioritizes financial inclusion through innovative products, grassroots partnerships, and various community initiatives in education, health, arts and cultural programs.

Formerly a British colony, Singapore turned to its banks to power its economic growth and transformation after becoming a sovereign country in 1965. Banks provided credit to businesses and entrepreneurs, financed infrastructure projects, and fostered financial inclusion. 

Today, Singapore’s financial system boasts a robust regulatory framework and cutting-edge fintech innovations. The Lion City has also emerged as a leader in sustainable finance, promoting green banking practices and investments that support environmental and social goals.

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

Founded in New York in 1812 as City Bank of New York, Citibank’s roots in Singapore trace back to 1915, when it acquired the International Banking Corporation (IBC), which was established at the start of the century to facilitate trade between East Asia and the United States. Over the following decades, Citibank became a force in Singapore’s banking landscape, helping its transformation from a trading center to a global financial powerhouse. A full-service bank, Citibank pioneered products like credit cards and 24-hour ATMs, and catered to consumers, corporations, and institutions with an extensive portfolio of financial offerings.

In recent years, however, the bank’s traditional branch model has undergone a major overhaul. In 2020, the bank opened in Singapore its largest global Wealth Hub in the region, and in 2024 it closed its last regular branch in Jurong East to focus primarily on high-net-worth clients and online financial services.

https://www.citibank.com.sg

Singapore had only just recently declared its independence when, in 1968, a small group of government officials and entrepreneurs created the Development Bank of Singapore (DBS) with the goal of supporting the newborn country’s economic development. In the years and decades that followed, they fulfilled that mission. DBS funded projects spanning all major industries, helped the public listing of some of Singapore’s most iconic brands (Rollei, Singapore Airlines, and Singtel, to name a few), and even financed the construction of what were then the tallest building and the tallest hotel in the nation. Not only that, during the 1980s, the bank introduced a share ownership program that allowed employees to become stakeholders and rolled out a housing loan initiative that made home ownership more accessible. In 1997, ahead of its competitors, it launched the region’s first comprehensive internet banking platform.

Today, DBS is the largest retail and commercial bank in Singapore with assets of about $450 billion, and maintains a presence in 18 markets globally, providing services for individuals, small and medium enterprises, along with corporate, wealth, and investment banking. The Development Bank of Singapore has won numerous Global Finance awards, including in the Best Private Banks and Best Corporate/Institutional Banks categories.

https://www.dbs.com.sg/

Best known by its acronym HSBC, the London-based Hongkong and Shanghai Banking Corporation is one of the largest banks and financial services companies in the world, serving more than 40 million personal, wealth, and corporate customers in about 60 countries and territories. 

In 1877, HSBC opened its first office in Singapore, where it had conducted business through an agency since 1865. In those early stages, the Hongkong and Shanghai Banking Corporation extended loans to Chinese merchants and funded the import, export, and entrepôt trade of spices and raw materials. In the early 20^th century, its focus shifted to primarily financing tin and rubber exports, which at the time constituted 35% of Singapore’s total export trade. HSBC also played an important part in the reconstruction and rehabilitation of Singapore’s economy after the Second World War, handling one-third of Singapore’s foreign and trade exchange business by 1948. 

Ever since, HSBC has continued growing with Singapore and Singapore with HSBC. As a regional leader, HSBC offers comprehensive solutions, including retail, commercial, private, and investment banking, as well as wealth, insurance and capital market services, to its clients in the Lion City and across Asia.

https://www.hsbc.com.sg

As the first bank from Malaysia to operate in the country, Maybank’s entry into Singapore in 1960 played a key role in improving cross-border financial operations between the two neighbors and across the region as a whole. Today, the Maybank Group has an international network of over 2,600 branches in 18 countries including all 10 ASEAN nations, with more than 42,000 employees serving customers worldwide.

Locally incorporated and identified by the Monetary Authority of Singapore (MAS) as one of the systemically important banks operating in the country, Maybank Singapore holds assets of about $60 billion and employs approximately 2,000 people. It offers an extensive range of products and services for individuals, businesses, and corporations, including investment banking, asset management and stock-broking, insurance, and takaful. Its presence across Southeast Asia allows the bank to provide clients with seamless cross-border financing and support their overseas investment ventures.

https://www.maybank2u.com.sg

On October 31, 1932, three banks—the Chinese Commercial Bank, Ho Hong Bank, and the Oversea-Chinese Bank—merged and consolidated their strengths to form Oversea-Chinese Banking Corporation (OCBC). Since then, OCBC Bank has grown into one of Singapore’s leading financial institutions and the second-largest financial services group in Southeast Asia with assets close to $500 billion, catering to millions of customers through its more than 400 branches and representative offices in 19 different countries.

With a special focus on the ASEAN region and the Greater China clientele, OCBC Bank offers a wide range of products and services, including retail banking, wealth management, and insurance.

A leader in online banking and in providing innovative solutions for its customers, in 2024 OCBC Bank also brought digital banking aimed at children aged 7 to 15, who can now have their own bank account and debit card and improve their financial education. The Oversea-Chinese Banking Corporation has won many Global Finance Awards, most recently for Best SME Bank in the Asia-Pacific region and for excellence in the Sustainable Finance category.

https://www.maybank2u.com.sg/

Then known as the Chartered Bank of India, Australia, and China, Standard Chartered opened its first branch in Singapore in 1859, and has since contributed to its development by facilitating trade, supporting local businesses, and driving financial growth. Officially a London-based multinational bank, Standard Chartered does not operate in the United Kingdom and derives almost all of its profits from operations in Asia, Africa, and the Middle East. Furthermore, its largest shareholder is the Singaporean state-owned multinational investment firm Temasek Holdings. 

With an entire range of financial services across personal, business, corporate and private banking, alongside wealth management, investment banking, and treasury services, Standard Chartered has contributed to the transformation of the country into the world-class financial and commercial center that it is today.  

Its contribution, however, goes beyond the business and trade domains. To promote community involvement, Standard Chartered grants its employees three days of annual leave for volunteer work. Additionally, the bank sponsors the Singapore Marathon, also known as the Standard Chartered Marathon, which attracts approximately 60,000 runners from all over the world each year since 1982.

https://www.sc.com/sg

Alongside the Development Bank of Singapore (DBS) and Oversea-Chinese Banking Corporation (OCBC), United Overseas Bank is one of the three big local banks in Singapore. 

UOB offers a broad spectrum of financial services, from personal banking essentials like savings, loans, and credit cards, to insurance services, trade and corporate finance, and wealth management for high-net-worth clients. Over the years, United Overseas Bank has earned many honors from Global Finance, most recently winning the coveted award for Best Bank in Asia-Pacific and in Singapore for 2024.

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.