Norway has officially been named the happiest country on Earth. According to the United Nations 2016 World Happiness Report, the Scandinavian country is the place to be. Norway replaced Denmark as the happiest country based on a few contributing factors, such as freedom, generosity, honesty, and good governance. 

So what really gave Norway the competitive edge this year? The U.N. reports that the country is so happy because it produces its oil slowly. Yes, you read that right. "It is sometimes said that Norway achieves and maintains its high happiness not because of its oil wealth, but in spite of it," the U.N World Happiness Report reads. "By choosing to produce its oil slowly, and investing the proceeds for the future rather than spending them in the present, Norway has insulated itself from the boom-and-bust cycle of many other resource-rich economies. To do this successfully requires high levels of mutual trust, shared purpose, generosity, and good governance—all factors that help to keep Norway and other top countries where they are in the happiness rankings."

After Norway and Denmark, countries like Iceland, Switzerland, Finland, the Netherlands, Canada, New Zealand, Australia, and Sweden made the top of the list. The United States of America ranked at 14th on the list of happiest countries in the world.