What is the highest quality candle wax?

Could you elaborate on the characteristics that define the highest quality candle wax? Is it the purity of the wax itself, its ability to burn cleanly without soot, or perhaps its scent retention? Are there specific types of wax, such as beeswax or paraffin, that are generally considered superior? How does the wax's melting point affect its overall quality? Is it the wax's consistency, color, or other factors that determine its premium status? I'm interested in understanding the nuances that separate a top-tier candle wax from a run-of-the-mill option.