Not really. For the overwhelming majority of people on this planet, the size and strength of their country's military has no bearing whatsoever on their daily quality of life. Lots of them live in countries with no military at all to speak of, including Iceland, the country that topped the list. The military only matters if you are in a war (a real one, not the kind on terror). Access to technology impacts quality of life, but the inventor and his or her country of origin does not. Economics certainly matters, but not in terms of "mine's bigger than yours". That has no bearing at all. China's economy is massive compared to say, Bermuda's or Norway's, but the two far smaller economies have a far higher standard of living for the average citizen. And it's not even close.

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I wasn't born with enough middle fingers.