South Korea has been ranked 27th in the Prosperity Index announced by the London-based think tank “Legatum Institute” on Tuesday. The ranking is down one notch from last year.

South Korea came in 15th in terms of its economy, eighth in education and 18th in entrepreneurial climate.

It ranked 31st in governance, 30th in health and 33rd in safety and security.

Out of 110 countries studied, South Korea was ranked 64th in personal freedom and 59th in social capital.

Norway topped the list by coming in first in terms of its economy and social capital while taking second place in the categories of safety and security, and personal freedom.

Other countries in the top ten include Denmark, Finland, Australia, New Zealand, Sweden, Canada, Switzerland, the Netherlands and the U.S.