There are a lot of factors involved in this question, all of which increase or decrease the standard of living. The Human development Index (HDI) is a key measure of standard of living. The other primary form is GDP per capita.
First, we need to understand what the HDI is. The HDI is a composite statistic of life expectancy, education, and income per capita. A country scores higher HDI when the life expectancy at birth is longer, the education period is longer, and the income per capita is greater. It is used to distinguish whether a country is developed, developing or underdeveloped.
