(Note: India has been ranked at the bottom of a list of 43 countries in terms of the best places to spend the sunset years, according to an index compiled by a French asset management company, according to a report in NDTV Profit – Isaac Gomes).
Norway was ranked the best place to spend the retirement years as per the index, based on Natixis Global Asset Management's 2016 Global Retirement Index. Switzerland (which was ranked No 1 last year), Iceland, New Zealand and Sweden rounded out the top five.
The US may be the world's biggest economy but it was ranked 14th while China, the world's second biggest economy, came in at the 38th spot.
Seven of the top ten places went to countries in northern Europe -Norway, Switzerland, Iceland, Sweden, Germany, Netherlands, and Austria.
The index was compiled using 18 indicators, which covered key aspects for welfare in retirement. Material means to live comfortably in retirement, access to quality financial services to help preserve savings value and maximize income, access to quality health services and a clean and safe environment are some of the parameters.
India spends 4.7 per cent of gross domestic product (as per 2014 data) on healthcare expenditure, the lowest among the BRIC nations. It was one of the reasons for the poor ranking of India in the index.
"Within Quality of Life, the country has the second worst score for biodiversity in the entire Global Retirement Index and the worst scores for air quality, happiness and water and sanitation," said the report.