One of the key issues in magnetic refrigeration is generating the magnetic field that the magnetocaloric material must be subjected to. The magnet constitutes a major part of the expense of a complete magnetic refrigeration system and a large effort should therefore be invested in improving the magnet design. A detailed analysis of the efficiency of different published permanent magnet designs used in magnetic refrigeration applications is presented in this paper. Each design is analyzed based on the generated magnetic flux density, the volume of the region where this flux is generated and the amount of magnet material used. This is done by characterizing each design by a figure of merit magnet design efficiency parameter, Λ_cool. The designs are then compared and the best design found. Finally recommendations for designing the ideal magnet design are presented based on the analysis of the reviewed designs.