A study by the Legatum Institute, a think-tank based out of Great Britain, has named Canada the best nation on Earth in terms of personal freedom, with 94 percent of Canadians believing that they have the "freedom to choose the course of their own lives," according to U.S. News & World Report.

The findings were the result of the group's annual prosperity index, which ranks 142 countries on several factors, including personal freedom and the nation's stance on immigrants.

Apart from being the freest country in the world, Canada was also named as the most tolerant nation on Earth, with 92 percent of Canadians thinking that the country is an ideal place for immigrants and ethnic minorities, reported Deseret News.

The U.S. has not made it to the top ten of the list, ranking 15th in personal freedom, with 87 percent of Americans believing that they have the freedom of choice in the course of their lives. About 84 percent of Americans who took part in the study also said that the U.S. is a good place for immigrants and ethnic minorities.

Overall, however, the top of the list still belongs to Norway, which has been considered as the most prosperous country in the world for seven years running. At the other end of the spectrum lies the Central African Republic, which is dubbed as the least prosperous in the world.

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