Denmark, Switzerland and Finland took the top three spots in the 2023 World Citizenship Report (WCR) which launched just last month.
In case you aren’t familiar with the report; The WCR ranks 188 countries across five key motivators. Ultimately, defining citizenship for the global citizen. This year, Denmark has taken the top spot.
More on the World Citizenship Report
As the world’s leading government and investment migration advisory firm, we are proud to bring you the WCR.
The report showcases the World Citizenship Index (WCI), an innovative tool that takes a holistic approach to rank the world’s citizenships across multiple dimensions. These include the following motivators:
- Safety and Security
- Quality of Life
- Economic Opportunity
- Global Mobility
- Financial Freedom
The WCI is the product of a research-driven approach that goes beyond ordinary concepts of passport strength. It does this by placing greater emphasis on the diverse attitudes regarding key facets of citizenship. Unlike other rating tools, the WCI ranking is designed to reflect a citizenship’s value through the lens of high-net-worth-individuals (HNWIs) and the newest generation of global citizens: the mass affluent.
How does the WCI work?
The WCIs unique methodology relies on the experience gained through CS Global Partners unparalleled work in the citizenship solutions industry. This is in addition to comprehensive research to evaluate 188 jurisdictions across the five motivators of citizenship out of a maximum attainable score of 100 points.
Denmark secures the top spot
This year, Denmark kicked Switzerland out of the top spot and scored the highest with 87.6 points. Switzerland scored 87.3 points, claiming the second spot and Finland retained the third spot for a second year in a row, with a score of 86.8 points.
Notably, global superpowers such as the United States and China did not rank in the top ten. Surprisingly, the question posed is: does this symbolise a significant shift in what these economic giants can tangibly offer the global elite? So it seems. In fact, HNWIs and mass affluent citizens are searching for a better quality of life. Additionally they are also seeking security and financial freedoms, all aspects which have been on shaky ground since the pandemic.
It comes down to Quality of Life
The surveyed cohort chose ‘Quality of Life’ as the most important feature of citizenship, which ranked first across the WCIs five pillars, eclipsing both Physical Safety and Financial Freedom.
The Report also found that:
- a competitive economy,
- public services, and
- environmental sustainability are the three areas mass affluent individuals feel most let down by their governments.
We are unfortunately living through a period where the standard of living is falling at the fastest rate in over a generation. At the end of 2022, the UK Office for Budget Responsibility reported that UK households are set to suffer a 7.1 per cent fall in living standards over the next two years, the largest decline in six decades. Furthermore, according to the latest United Nations Development Programme (UNDP) report published in the same period, living conditions in 90 per cent of the world’s countries deteriorated in 2021 – something that hasn’t been seen since the height of the previous global recession caused by the financial crisis in 2007.
Moreover, the UNDP report marked the first consecutive year of decline in the 32-year history of the Human Development Index (HDI) – these trends are reflected in the current World Citizenship Index scores. For example, the United States dropped to 29th position for the Quality-of-Life motivator from 20th position previously, which shows how living standards are coming under pressure even in the world’s economic powerhouses.
“The World Citizenship Report aims to capture what truly concerns and affects a global citizen,” added Micha Emmet.
“When there are options to gain a second or third citizenship, the first question in a HNWIs mind is ‘where is the next place to be associated with?'”
“High-net-worth individuals and the mass affluent must consider a myriad of factors when deciding something as monumental as where to obtain second citizenship and build a second home” she added.
These factors were then further explored by surveying the global mass affluent population on the value of second citizenship.
What does dual citizenship look like in 2023?
One of the ways to obtain a second nationality is to apply for citizenship through a citizenship by investment programme. CBI programmes offer the opportunity for reputable individuals to legally obtain a new citizenship in return for an investment in the economy of the host country.
The benefits of dual citizenship in 2023 include:
- Security and stability
- Access to better healthcare and education
- Global business opportunities
- Possible travelling privileges
- Dual citizenship is the ideal ‘Plan B’
You can read more on the benefits of dual citizenship here.
Where to from here?
Will Denmark take the top spot again in the 2024 WCR? What changes will come about in the investment migration industry in the months to follow? Stay tuned as we find out together.