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Until the 20th century, Iceland relied largely on subsistence fishing and agriculture, and was among the poorest in Europe.
Industrialisation of the fisheries and Marshall Plan aid following World War II brought prosperity, and Iceland became one of the wealthiest and most developed nations in the world.
Iceland ranks high in economic, political and social stability and equality.
In 2016, it was ranked as the 9th most developed country in the world by the United Nations' Human Development Index, and ranks first on the Global Peace Index.