* indicates monthly or quarterly data series

Financial freedom index (0-100), 2023:

The average for 2023 based on 175 countries was 49 points. The highest value was in Australia: 90 points and the lowest value was in North Korea: 0 points. The indicator is available from 1995 to 2024. Below is a chart for all countries where data are available.

Measure: points; Source: The Heritage Foundation
Select indicator
* indicates monthly or quarterly data series


Countries Financial freedom, 2023 Global rank Available data
Australia 90 1 1995 - 2024
Switzerland 90 2 1996 - 2024
Bahrain 80 3 1995 - 2024
Canada 80 4 1995 - 2024
Czechia 80 5 1995 - 2024
Denmark 80 6 1996 - 2024
Finland 80 7 1996 - 2024
Georgia 80 8 1996 - 2024
Liechtenstein 80 9 2013 - 2024
Luxembourg 80 10 1996 - 2024
Netherlands 80 11 1996 - 2024
New Zealand 80 12 1996 - 2024
Singapore 80 13 1995 - 2024
Sweden 80 14 1995 - 2024
UK 80 15 1995 - 2024
USA 80 16 1995 - 2024
Albania 70 17 1995 - 2024
Armenia 70 18 1996 - 2024
Austria 70 19 1995 - 2024
Belgium 70 20 1996 - 2024
Botswana 70 21 1995 - 2024
Chile 70 22 1995 - 2024
Colombia 70 23 1995 - 2024
Estonia 70 24 1995 - 2024
France 70 25 1995 - 2024
Germany 70 26 1995 - 2024
Hungary 70 27 1995 - 2024
Iceland 70 28 1997 - 2024
Ireland 70 29 1995 - 2024
Israel 70 30 1995 - 2024
Lithuania 70 31 1996 - 2024
Mauritius 70 32 1999 - 2024
Morocco 70 33 1995 - 2024
Panama 70 34 1995 - 2024
Poland 70 35 1995 - 2024
Slovakia 70 36 1995 - 2024
Spain 70 37 1995 - 2024
Argentina 60 38 1995 - 2024
Azerbaijan 60 39 1996 - 2024
Bahamas 60 40 1995 - 2024
Barbados 60 41 1996 - 2024
Bosnia & Herz. 60 42 1998 - 2024
Bulgaria 60 43 1995 - 2024
Cape Verde 60 44 1996 - 2024
Croatia 60 45 1996 - 2024
Cyprus 60 46 1996 - 2024
El Salvador 60 47 1995 - 2024
Ghana 60 48 1995 - 2024
Honduras 60 49 1995 - 2024
Indonesia 60 50 1995 - 2024
Japan 60 51 1995 - 2024
Jordan 60 52 1995 - 2024
Kuwait 60 53 1996 - 2024
Latvia 60 54 1996 - 2024
Mexico 60 55 1995 - 2024
North Macedonia 60 56 2002 - 2024
Norway 60 57 1996 - 2024
Oman 60 58 1995 - 2024
Paraguay 60 59 1995 - 2024
Peru 60 60 1995 - 2024
Philippines 60 61 1995 - 2024
Portugal 60 62 1995 - 2024
Qatar 60 63 1999 - 2024
South Korea 60 64 1995 - 2024
Taiwan 60 65 1995 - 2024
Thailand 60 66 1995 - 2024
Turkey 60 67 1995 - 2024
UA Emirates 60 68 1996 - 2024
Belize 50 69 1995 - 2024
Benin 50 70 1996 - 2024
Brazil 50 71 1995 - 2024
Brunei 50 72 2014 - 2024
Cambodia 50 73 1997 - 2024
Cameroon 50 74 1995 - 2024
Costa Rica 50 75 1995 - 2024
Djibouti 50 76 1997 - 2024
Egypt 50 77 1995 - 2024
Fiji 50 78 1995 - 2024
Gambia 50 79 1997 - 2024
Greece 50 80 1995 - 2024
Guatemala 50 81 1995 - 2024
Italy 50 82 1995 - 2024
Ivory Coast 50 83 1995 - 2024
Jamaica 50 84 1995 - 2024
Kazakhstan 50 85 1998 - 2024
Kenya 50 86 1995 - 2024
Kyrgyzstan 50 87 1998 - 2024
Madagascar 50 88 1995 - 2024
Malawi 50 89 1995 - 2024
Malaysia 50 90 1995 - 2024
Malta 50 91 1995 - 2024
Moldova 50 92 1995 - 2024
Mongolia 50 93 1995 - 2024
Montenegro 50 94 2002 - 2024
Mozambique 50 95 1995 - 2024
Nicaragua 50 96 1995 - 2024
Romania 50 97 1995 - 2024
Saudi Arabia 50 98 1996 - 2024
Serbia 50 99 2002 - 2024
Slovenia 50 100 1996 - 2024
South Africa 50 101 1995 - 2024
Tanzania 50 102 1995 - 2024
Tr.&Tobago 50 103 1996 - 2024
Uzbekistan 50 104 1998 - 2024
Vietnam 50 105 1995 - 2024
Zambia 50 106 1995 - 2024
Angola 40 107 1995 - 2024
Bangladesh 40 108 1995 - 2024
Bolivia 40 109 1995 - 2024
Burkina Faso 40 110 1996 - 2024
Chad 40 111 1997 - 2024
Dominica 40 112 2009 - 2024
Domin. Rep. 40 113 1995 - 2024
Ecuador 40 114 1995 - 2024
Gabon 40 115 1995 - 2024
Guinea 40 116 1995 - 2024
India 40 117 1995 - 2024
Lesotho 40 118 1996 - 2024
Mali 40 119 1995 - 2024
Mauritania 40 120 1996 - 2024
Namibia 40 121 1997 - 2024
Niger 40 122 1996 - 2024
Nigeria 40 123 1995 - 2024
Pakistan 40 124 1995 - 2024
Rwanda 40 125 1997 - 2024
Saint Lucia 40 126 2009 - 2024
St. Vincent & ... 40 127 2009 - 2024
Senegal 40 128 1996 - 2024
Swaziland 40 129 1995 - 2024
Uganda 40 130 1995 - 2024
Vanuatu 40 131 2009 - 2024
Algeria 30 132 1995 - 2024
Bhutan 30 133 2009 - 2024
Burundi 30 134 1997 - 2024
C.A. Republic 30 135 2002 - 2024
Comoros 30 136 2009 - 2024
Eq. Guinea 30 137 1999 - 2024
G.-Bissau 30 138 1999 - 2024
Guyana 30 139 1995 - 2024
Haiti 30 140 1995 - 2024
Kiribati 30 141 2009 - 2024
Lebanon 30 142 1996 - 2024
Maldives 30 143 2009 - 2024
Micronesia 30 144 2009 - 2024
Nepal 30 145 1996 - 2024
Papua N.G. 30 146 1996 - 2024
R. of Congo 30 147 1996 - 2024
Russia 30 148 1995 - 2024
Samoa 30 149 1996 - 2024
S.T.&Principe 30 150 2009 - 2024
Seychelles 30 151 2009 - 2024
Solomon Isl. 30 152 2009 - 2024
Sri Lanka 30 153 1995 - 2024
Suriname 30 154 1996 - 2024
Tajikistan 30 155 1998 - 2024
Togo 30 156 1999 - 2024
Tunisia 30 157 1995 - 2024
Uruguay 30 158 1995 - 2024
Belarus 20 159 1995 - 2024
Burma 20 160 1996 - 2024
China 20 161 1995 - 2024
DR Congo 20 162 1995 - 2024
Eritrea 20 163 2009 - 2024
Ethiopia 20 164 1995 - 2024
Laos 20 165 1996 - 2024
Liberia 20 166 2009 - 2024
Sierra Leone 20 167 1995 - 2024
Sudan 20 168 1995 - 2024
Tonga 20 169 2009 - 2024
Cuba 10 170 1995 - 2024
Iran 10 171 1996 - 2024
Turkmenistan 10 172 1998 - 2024
Venezuela 10 173 1995 - 2024
Zimbabwe 10 174 1995 - 2024
North Korea 0 175 1995 - 2024



Definition: The Financial freedom index evaluates: the extent of government regulation of financial services, the degree of state intervention in banks and other financial firms through direct and indirect ownership, the extent of financial and capital market development, government influence on the allocation of credit and openness to foreign competition. Higher index values denote banking efficiency and independence from government control and interference in the financial sector.

Selected articles from our guide:

International lending and sovereign debt

Are trade deficits bad for the economy?

The unholy trinity of international finance

All articles

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