The global AgeWatch Index ranks the conditions for old people in different states by income security, health status, capability, and whether there is an enabling environment for those over 60 years of age.
This year Switzerland came in first, largely due to its 100 percent pension coverage and an ageing population that is satisfied with their social situation and health care.
Norway came second, followed closely by Sweden in third place.
Norway was commended for having the world's highest level of education among those over 60, and a high employment rate, with 71 percent of those between 55 and 64 years of age still in paid work.
Despite Norway's high ranking in the Agewatch index, large numbers of Norwegian people choose to move to to southern Europe when they retire.
An estimated 20, 000 Norwegians are now living in Spain, where it is possible to claim a Norwegian pension, with a further 80,000 moving to Spain during the winter.
Gunila Herrera Norén of the Alfaz del Pi municipality in Costa Blanca told Norwegian broadcaster NRK earlier this summer that many Norwegian pensioners ended up feeling isolated, leaving them at risk of alcoholism.
“We are experiencing that more elderly Norwegians are alone and feel lonely. In that case, many go to the nearest bar,” she said.