The 22 happiest, richest, healthiest, and most crime-free areas in Britain
However, in 2016 the think-tank has released its first ever UK only Prosperity Index, ranking the regions of the UK by their level of prosperity.
Prosperity is not just about how much money a region has, but also includes how people feel in their day-to-day lives, and how happy they are.
As the report's director Alexandra Mousavizadeh notes: "We believe that true prosperity is as much about well being as it is about wealth, and something has held the UK back."
To find out where in the UK is most prosperous, the Legatum Institute looked at 43 variables, including traditional indicators like unemployment, all the way to more obscure indicators like how much people smoke and how quick the internet is.
The variables are then split into seven sub-indexes: economic quality, business environment, education, health, safety and security, social capital, and natural environment.
The index looked at 389 of the 391 local authorities across the UK, excluding only the City of London and the Isles of Scilly, where there was not enough data.
Here are the results: