Switzerland isn't making headlines this week solely because it's hosting the 2018 World Economic Forum in Davos.

The Alpine country was selected as "the best country in the world" by the 2018 Best Countries report, which is based on a survey of more than 21,000 “informed elites”, business leaders, and the general public.

The report takes 80 countries and ranks them based on attributes deemed relevant “to the success of a modern nation” such as economic openness, quality of life, and influence.

The report was carried out by the digital news service US News & World Report, marketing company Y&R and the Wharton Business School at University of Pennsylvania.

Switzerland made it to the top for the second year in a row for its low unemployment rate, skilled labour force, and stable and prosperous economy. The country is among the top for establishing a business, good “global citizenship”, entrepreneurship, and quality of life.

Six out of the 10 top countries ranked by the report are European. Below are the runner-ups to Switzerland:

#2: Canada

The North American country was again chosen as the second "best country in the world".

Canada is regarded as a high-tech industrial society with a high standard of living. The home of Prime Minister Justin Trudeau ranks among the best in the world at caring for its citizens because of its generous social safety nets and affordable healthcare and education.

#3: Germany

Germany jumped to position number three from number four this year for its economic prowess, increasing influence in the international community and affluent workforce.

Europe’s most populous country ranked as the most entrepreneurial country and was ranked the fifth most powerful country for its large economy and contributions to international aid.

#4: United Kingdom

The UK took the number four spot this year despite concerns about the country’s global influence post-Brexit. The birthplace of Shakespeare ranked high in the areas of cultural influence, entrepreneurship, and global power.

#5: Japan

The Asian nation remains the fifth best country according to the report. This year, Japan took the second place in entrepreneurship for the resources it gives its citizens to start new businesses.

#6: Sweden

Sweden stayed at spot number six this year. The Scandinavian country is best known in the world sphere for its commitment to human rights, public service, and sustainability.

The Nordic country ranks among the best for quality of life, global citizenship, and open for business.

#7: Australia

Australia jumped up one spot from number eight to number seven this year. The wealthy Pacific nation has a high gross domestic product and per capita income. Australian cities usually rank high in global livability survey.

The country ranked fifth for its quality of life.

#8: United States

Despite its drop from the seventh spot this year, the United States remains the most powerful nation in the world in terms of military spending and foreign policy influence.

The North American nation also ranks high in cultural influence and entrepreneurship.

#9: France

France stayed put at number nine as well from its rank in 2017. The western European country ranked second in cultural influence and fourth in heritage.

#10: Netherlands

The tenth spot was taken by the Netherlands this year. The country boasts a high quality of life, a stable economy with a trade surplus, and a highly-mechanised agricultural industry.

A note of the report’s methodology: to keep rankings comparable, the Best Countries ranking only included nations that reached benchmarks on the United Nation’s Top 100 countries in terms of foreign direct investment inflows, the Top 150 Countries in the UN’s Human Development Index, the World Bank’s Top 100 Countries in terms of GDP and the World Bank’s top 100 countries in terms of international tourism.