The Netherlands is the eighth happiest country in the world.

For the third year in a row, Australia has taken the top prize for being the happiest place to live in the advanced world, according to the Organization for Economic Cooperation and Development’s (OECD)Better Life Index.

The annual index ranks the world’s 34 industrialized economies based on key criteria such as jobs, health, environment, education and income and Australia was the only Asia-Pacific country to find a place in the top 10.

The Netherlands performs very well in overall well-being, as shown by the fact that it ranks among the top countries in a large number of topics in the Better Life Index.

Money, while it cannot buy happiness, is an important means to achieving higher living standards. In the Netherlands, the average household net-adjusted disposable income is 25 493 USD a year, more than the OECD average of 23 047 USD a year. But there is a considerable gap between the richest and poorest – the top 20% of the population earn nearly five times as much as the bottom 20%.