Planning To Retire Soon? This Country Was Just Ranked No. 1 For Quality Of Life
If retirement is on the horizon for you, you may be considering the option of settling abroad. The number of Americans aged 55 and older interested in moving out of the country has grown substantially over the past few decades, according to a 2024 survey by Monmouth. Europe, with its generally more robust welfare system and pleasant lifestyle, is a top choice; 38 percent of the 450,000 Americans who have retired abroad chose to settle in a European country.
If you're going to choose a European country to live out your twilight years, why not make it the one with the best quality of life? Luxembourg has just been ranked number one in terms of living standards, according to data by Numbeo.
Why Luxembourg?
Measuring less than 1,000 square miles, Luxembourg may be small, but it has a mighty economy. It's a major hub for private banking and investment funds, with a high GDP per capita, which translates into a high standard of living, and the country offers competitive salaries, particularly in its key industries like finance and technology. It has the highest minimum wage out of any European country, and recently surpassed Denmark and other countries in quality of life rankings, mainly due to purchasing power and high income levels.
However, a country's economy is just one factor in the quality of life. Luxembourg also boasts an excellent work-life balance. Only 3 percent of employees work excessively long hours, which is much below the 30 percent global average, according to the International Labour Organization. Employees are routinely offered flexible hours, paid leave, and childcare services, and there is a strong cultural boundary between people's professional and private lives. Residents report having a high degree of personal freedom, a key factor in well-being. It's also a highly educated population, with generous government support available for schooling at all levels. What's more, public transportation in Luxembourg is free.
Other factors affecting Luxembourg's quality of life are safety, health, and access to nature. Luxembourg is known for its high level of public safety, with one of the lowest crime rates in Europe. Healthcare in Luxembourg is high-quality and centralized, with over 85 percent of it publicly funded. Life expectancy is 83.4 years, just three years less than the country with the highest in the world, Monaco. Luxembourg also rates highly in the World Happiness Report, largely thanks to residents' access to nature, which has been linked to lower stress and greater joy. National parks, forests, and other green spaces are readily available and easy to access from the capital. The country is known for its stunning scenery, and there are several significant green spaces within cities as well. Regular time in nature is associated with lower depression scores, lower blood pressure and heart rate, and better cognition.
Luxembourg also has a large community of expats. Locals are used to foreigners and welcoming towards people of all cultures. It's an extremely international country, with several languages being spoken. Its strategic location between Germany, France, and Belgium makes it easy and convenient to travel within Europe.
If, for some reason, the points above don't convince you that Luxembourg is the place for you, the Netherlands, Denmark, Switzerland, Finland, and Norway also rank highly based on standard of living, with Nordic countries always taking the top spots in the World Happiness Report.
