HDI is actually a really poor estimator of Standard of Living. It is measurement of development, but it really cannot be used to compare Standard of Living, esp

HDI is actually a really poor estimator of Standard of Living. It is measurement of development, but it really cannot be used to compare Standard of Living, especially in developed countries. HDI before 2010 was useless for comparing developed countries as it was literally just a composed index of life expectancy, literacy rate and GDP per capita: for most developed countries literacy rate and life expectancy are basically at the top of the index, so the only differentiating factor is GDP per capita (PPP) which is a pretty misleading indicator anyway. They then tried to make it more relevant in 2010 and also created an income inequality-adjusted version. This new index uses GNI instead of GDP and uses years of schooling rather than literacy rate (which is basically 99-100% for all developed countries) which makes it bit better, but it still doesn't figure in life satisfaction or other relevant measures into standard of living which is why it's still mainly a way to rank developing countries. The income inequality-adjusted version is slightly better, but still doesn't measure any psychological well-being.