10 nations with most economically empowered women

Australian women are the most economically empowered in the world, according to a survey by international consulting and management firm Booz & Company. The country scored 70.6 on the 'Third Billion Index'.

With a score of 70.6, Norway stands at No. 2 of the Index. The ‘Third Billion Index’ is a ranking of 128 countries based on how effectively leaders are empowering women as economic agents. The Index is a composite of established data on women’s economic and social status; it aims to isolate factors that facilitate women’s access into the larger economy as well as determine how additional advancements and further integration can be achieved.

Sweden (Index score 69.5) is ranked at No. 3. Women in the workforce play a pivotal role in spurring economic growth. Yet – despite amounting to almost 1 billion worldwide and rivaling the populations of India and China – this fast-growing group of people has not received sufficient attention from key decision-makers in many countries.

The Third Billion Index is a combination of indicators of women’s potential for economic participation, drawn from a spectrum of criteria – all of which were taken from existing data compiled by the World Economic Forum or the Economist Intelligence Unit. The index divides all the characteristics of women’s economic standing into two separate clusters: the first, “inputs”, identifies measures that a government and other entities can take to affect the economic position of women. These are grouped into three combined elements that include women’s level of preparation for joining the workforce, the country’s access-to-work policies and entrepreneurial support.

Finland (Score 69.3) is ranked at No.4

New Zealand is ranked at No. 5, with a score of 67.7. The second cluster studied by the Index centres on a set of “outputs”, which are based on observable aspects of women’s contribution to the national economy. These comprise issues such as inclusion in the workforce, the degree of advancement in the national economy and equal pay for equal work in practice.

With a score of 67.2, Netherlands is ranked at No 6. The results of the index lead to several revelations about government practices and women’s economic progress. The countries with a strong set of both inputs and outputs are labeled “on the path to success”; these are typically developed economies. Moreover, the countries “taking the right steps” have implemented a slate of input policies and are just beginning to see their efforts pay off. They vary widely in other political and social dimensions and include Malaysia, Tunisia, and Venezuela. On the other hand, a small number of states also comprising China and Cambodia are “forging their own path”; they are seeing modest output results, but have not yet established a strong foundation of inputs.

Seventh-ranked Canada has the same score. According to the research, tThe next group of countries, classified as “average,” consists of those that have taken slow steps to improve inputs to women’s economic progress and have, subsequently, seen commensurate output results. Nations such as Columbia, Serbia and Thailand belong to that realm.

Lastly, there are nations that have not yet approached the problem at all; those are said to be “at the starting gate” and include most of the Arab states in the Index, as well as Indonesia, Laos, and Nigeria. This category accounts for the largest number of the 128 countries, suggesting an immense economic opportunity in many parts of the world.

Germany, with a score of 67.1, is ranked No. 8. Perhaps the most significant finding from the Third Billion Index is the impact of “inputs” and “outputs” on “outcomes” – the latter which refers to broader indications of well-being, including per capita GDP, literacy rates, access to education, and infant mortality.

Belgium (score 66.8) is ranked ninth on the 'Third Billion Index'. Booz & Company created the Third Billion Index, a ranking of 128 countries worldwide that is based on how effectively leaders are empowering women as economic agents in the marketplace.

Tenth-ranked France has a score of 65.3. India, with a score of 37.3 ranks 115 among the 128 countries surveyed.

India, with a score of 37.3 ranks 115 among the 128 countries surveyed. Here's how India fared.

Preparation: 36.0

Rank: 115

Access-to-Work Policy43.7

Access-to-Work Policy Rank: 91

Entrepreneurial Support: 44.2

Entrepreneurial Support Rank: 89

Inputs: 39.9

Inputs Rank: 110

(Photo by Daniel Berehulak/Getty Images)