Austria placed 14 out of 96 countries around the world in the 2014 Global AgeWatch Index, whilst Norway overtook Sweden to become the best country in the world for elderly people.
Austria scored best for its enabling environment (social connectedness, safety, civic freedom and access to public transport) and income status, but got low scores for health and the employment and education of older people.
Only 43.1 percent of the population aged 55-64 are employed, and 62.3 percent of the population aged 60 plus have secondary or higher education.
The study measured nations according to the social and economic wellbeing of older people.
It reported that Austria has 2 million people over the age of 60 (24 percent of the population) and an average life expectancy of 84.
The United Kingdom finished just outside the top ten in 11th place, followed by Denmark at 12th.
The news was bleaker for the less developed countries around the world. The report concluded that one in three of those countries were unprepared for ageing populations.
The report predicted that by 2050, 21 percent of the world’s population will be over 60 years old.