The 10 countries with the most economic freedom in the world and their world economy ranking

Economic freedom is a measure of the level of government intervention in the economy and the degree to which individuals and businesses are able to make their own economic decisions. The Heritage Foundation and Wall Street Journal's "Economic Freedom Index" is a widely-used tool for measuring the economic freedom of countries around the world. Based on the 2021 index, the following are the top 10 countries with the most economic freedom in the world, along with their world economy ranking:

10º - Chile

With a score of 73.4, Chile is ranked as the tenth most economically free country in the world. Chile has a free market economy, with minimal government intervention and a strong tradition of protecting property rights. According to the IMF World Economic Outlook Database, Chile's GDP per capita is ranked at 57th in the world.

9º - Ireland

With a score of 74.6, Ireland is ranked as the ninth most economically free country in the world. Ireland's pro-business policies and low corporate tax rate have helped to make it one of the most economically free countries in the world. According to the IMF World Economic Outlook Database, Ireland's GDP per capita is ranked at 34th in the world.

8º - Australia

With a score of 74.8, Australia is ranked as the eighth most economically free country in the world. Australia has a market-oriented economy and a high standard of living. According to the IMF World Economic Outlook Database, Australia's GDP per capita is ranked at 17th in the world.

7º - United Kingdom

With a score of 75.1, the United Kingdom is ranked as the seventh most economically free country in the world. The UK's economy is based on free market principles and it is one of the world's leading economic powers. According to the IMF World Economic Outlook Database, the United Kingdom's GDP per capita is ranked at 15th in the world.

6º - Canada

With a score of 76.1, Canada is ranked as the sixth most economically free country in the world. Canada has a market-oriented economy and a high standard of living. According to the IMF World Economic Outlook Database, Canada's GDP per capita is ranked at 14th in the world.

5º - United States

With a score of 76.3, the United States is ranked as the fifth most economically free country in the world. The U.S. has a large, diverse economy and is one of the world's leading economic powers. According to the IMF World Economic Outlook Database, the United States' GDP per capita is ranked at 10th in the world.

4º - Switzerland

With a score of 81.9, Switzerland is ranked as the fourth most economically free country in the world. Switzerland has a stable economy and a high standard of living. According to the IMF World Economic Outlook Database, Switzerland's GDP per capita is ranked at 1st in the world.

3º - New Zealand

With a score of 84.0, New Zealand is ranked as the third most economically free country in the world. The country has a market-oriented economy and a high standard of living. According to the IMF World Economic Outlook Database, New Zealand's GDP per capita is ranked at 21st in the world.

2º - Singapore

With a score of 89.4, Singapore is ranked as the second most economically free country in the world. Singapore is a major center for trade and finance and has a highly developed economy. According to the IMF World Economic Outlook Database, Singapore's GDP per capita is ranked at 9th in the world.

1º - Hong Kong

With a score of 90.2 out of 100, Hong Kong is ranked as the most economically free country in the world. Hong Kong's economy is heavily dependent on international trade, and it is a major financial center. According to the IMF World Economic Outlook Database, Hong Kong's GDP per capita is ranked at 35th in the world.

It's worth noting that these rankings are based on the 2021 data of Economic Freedom Index by The Heritage Foundation and Wall Street Journal, which also include other factors such as regulations, monetary policy, and trade freedom. And these rankings are subject to change over time. Additionally, it's important to note that a high ranking in economic freedom does not necessarily correlate with a high GDP per capita or overall economic success. Factors such as political stability, access to natural resources, and education levels also play a role in a country's economic prosperity.

In conclusion, these countries have a relatively low level of government intervention in the economy and a high degree of economic freedom, which allows individuals and businesses to make their own economic decisions. This creates a business-friendly environment and a lack of red tape, making it a popular destination for foreign investment. As a result, these countries have a strong and growing economy that contributes to their high standard of living.