Which country has the highest standard of living in the world?

You often hear economists give fancy statistics for countries - GDP etc. to prove certain things but is there a country which can be said with certainty to have the highest standard of living in the world or is such a standard impossible to quantify?

For example the United States is regarded as the richest nation on earth but has poverty and people without basic necessities which others take for granted like healthcare. A developing country such as India which may be regarded as poor to Western European standards has millionaires.

So, who tops the list - if there is one at all?

Answer:
To really answer that question you'd really have to visit every country in the world and compare.
Apparently Kuwait has the strongest currency in the world, and the elite citizen population probably enjoy a lavish life style. But as far as the imported workers go, their life style may be lacking.

Tough question.
Last I heard it was Finland.
of course, the poor countries. because people barely catch up the daily living.
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UN Human Development Index 2006 rankings (based on 2004 figures)
1. Norway
2. Iceland
3. Australia
4. Ireland
5. Sweden

The United States is ranked 7.

HTH
The USA is ranked number one (see source below). India has millionaires as does America who also has billionaires. However, the number of people in poverty as compared to population in India is grater than the number of middle or high class. Of course one can see the big bungalows people have in India, but what about the millions of poor people who live in the streets, or can barely afford to feed themselves or their family? Really, there is no way to determine who has the best standard of living because there always will be people who have more or less than someone else.

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