Planning to migrate somewhere else? Germany, Canada, the United Kingdom, the United States and Sweden are your top five options based on the inaugural "Best Countries" ranking released last Wednesday at the World Economic Forum in Davos, Switzerland.

The list was the result of collaborative effort by the U.S. News & World Report, the University of Pennsylvania's Wharton School and global brand consultants BAV Consulting—the same team known for ranking several other institutions in the world.

The ranking, which included 60 countries across 24 categories, was based on the results of surveys conducted on more than 16,000 people.

In a statement, Mortimer B. Zuckerman, chairman and editor-in-chief of U.S. News, said the new ranking is aimed at helping countries around the world to assess how well they are doing in improving the lives of their citizens when compared to other nations.

"Just as we have done with universities, hospitals and other institutions, our Best Countries portal will be a global homepage for stories and data to help citizens, business leaders and governments evaluate performance in a rapidly changing world," Zuckerman said, as quoted by The Washington Post.

Germany emerged as the best country in the world based on the "Best Countries" ranking because of the low unemployment rate in the nation, its popularity across the globe, the high-quality brands it produces, and its appropriate use of soft power abroad.

U.S. News said Germany's high ranking on the list can be attributed to one person: German Chancellor Angela Merkel.

"Germany's ascendance as a world leader comes largely from the work of [Chancellor Angela] Merkel," Kevin Drew, senior international editor of U.S. News wrote in a report.

"Only the third German since World War II to hold the chancellorship for a decade or more, Merkel has shown decisive leadership on several issues. That is a change. Traditionally, Germans are consensus seekers who have chosen multilateral strategies over acting in a singularised manner," he added.

The United States came only in fourth place, behind Canada and the U.K. The U.S. was nevertheless ranked first in terms of power and influence.