The Institute for Economics and Peace (IEP) released its Global Peace Index (GPI) for 2024 earlier this year, ranking the most peaceful countries in the world. The GPI is based on various factors, with economic stability being a key determinant in measuring how peaceful a nation is amid global challenges.
In peaceful countries, citizens experience higher income growth, stronger currency values, and increased investment flows. These factors are often tied to political stability, which plays a significant role in maintaining peace and prosperity. A peaceful environment fosters economic growth and strengthens a nation's resilience in adversity.
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The GPI also highlights the economic cost of global conflict. In 2023, the global economy lost an estimated $19.1 trillion due to conflict, equivalent to 13.5% of the world's GDP. This translates to an average economic loss of approximately $2,380 per person.
The 2024 Global Peace Index assesses 163 countries and independent territories, covering 99.7% of the world's population, and ranks them based on 23 indicators across three main categories: societal safety and security, ongoing domestic and international conflict, and militarization.
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Here are the top 10 most peaceful countries in the world for 2024:
1. Iceland
Iceland remains the most peaceful country in the world for the 17th consecutive year. With low crime rates and no military, it exemplifies high political stability, a strong welfare system, and exceptional safety.
2. Ireland
Despite facing protests during the pandemic, Ireland continues to rank among the most peaceful countries, thanks to its robust economic and social resilience. It is also one of the wealthiest and happiest countries globally.
3. Austria
Austria maintains its position as one of the most peaceful countries, despite social challenges such as political tensions over immigration. Increased security measures after the 2020 terror attacks slightly impacted its GPI ranking.
4. New Zealand
New Zealand, previously ranked second in 2017, falls to fourth place in 2024. While its societal safety remains strong, its GPI score declined due to rising arms imports and military updates. The country remains a top destination for its high standards of education and welfare.
5. Singapore
Since 2008, Singapore has steadily climbed in the GPI rankings, reaching fifth place in 2024. Though it scores high in societal safety, its militarization ranking limits its rise, as the city-state relies heavily on defense to protect its maritime trade.
6. Switzerland
Known for its political stability and security, Switzerland remains a prosperous nation that values cultural and religious diversity. Despite its involvement in arms exports, it continues to bolster its defense while preserving peace.
7. Portugal
Portugal has steadily risen in the GPI, from 18th place in 2014 to consistently being in the top 10. Its strong social welfare and high quality of life make it a popular destination for expatriates, with relatively affordable living costs in Europe.
8. Denmark
Dropping out of the top five for the first time since 2008, Denmark ranks eighth but still maintains high political stability. It is known for respecting human rights, income equality, and being one of the happiest countries in the world.
9. Slovenia
Slovenia, renowned for its biodiversity, is the only Central European country in the top 10 of the 2024 GPI. With its natural beauty and continued rise in global peace rankings, it outpaces other Central European nations like the Czech Republic and Hungary.
10. Malaysia
For the first time, Malaysia breaks into the top 10 most peaceful countries in 2024, ranking third in Asia-Pacific. It excels in indicators of domestic and international conflict and militarization, climbing nine places from its previous ranking of 32nd since the index was first released in 2008.
