Swedish Passport
Credit: Getty Images/Perspectives

There are all kinds of differences when it comes to the passports of the world, from the color to what they can get for the people who hold them.

Some passports come with more benefits than others, whether that's entry into more countries without visas or general convenience (like being able to have one travel document instead of toting around multiple forms of identification).

While some might think a U.S. passport would have the most clout, they would be incorrect.

According to wealth strategy company Nomad Capitalist, Sweden has the best passport in the world.

Swedish Passport
Credit: Getty Images/iStockphoto

The wealth strategy firm ranked 199 countries on their “value of citizenship”: The amount of taxes citizens living abroad are set with, the country's global reputation, how easy it is to have more than one passport at the same time, and the personal freedoms citizens are given.

Nomad Capitalist applauded Sweden's passport for its ability to get citizens into 176 countries without a visa, as well as the country's shining global reputation. The only passport that will get you into more countries without a visa is Germany, at 177.

(The U.S. passport provides access to 174 countries without a visa, according to Henley and Partners Visa Restrictions Index.)

There's one more benefit to the Swedish passport: “The ability to easily escape Swedish taxes by moving overseas.” Following Sweden on the list are Belgium, Spain and Italy (tied for third place), Ireland, and Finland and Germany (tied for fifth place).

You can check out the full index—and explanations behind each of the ranks—on Nomad Capitalist.