There’s something weird going on here. The World Economic Forum has issued its second annual financial development report and rated Australia as second in the world after the UK and ahead of the US?

Isn’t the UK a basket case? Am I just too close to realise how well our cousins are doing?

Yet the report’s authors include the vindicated sceptic Nouriel Roubini.

The report ranks 55 of the world’s leading financial systems and capital markets. It analyses the drivers of financial system development and economic growth in developed and developing countries to serve as a tool for countries to benchmark themselves and establish priorities for reform.

So the Aussies have reason to trumpet the report, even if one doubts that its criteria can have much to do with longer term prosperity, seeing as all three leading countries have been living off other countries savings for some time.

Perhaps that is what most of those criteria boil down to – success in persuading other people to let you have their money.

The report ranks 55 countries, New Zealand not included. Here are the top 10