Markets
Mapped: Corruption in Countries Around the World
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Mapped: Corruption in Countries Around the World
How bad is public sector corruption around the world, and how do different countries compare?
No matter your system of government, the public sector plays a vital role in establishing your economic mobility and political freedoms. Measuring corruption—the abuse of power for private gain—reveals how equal a system truly is.
For more than a decade, the Corruption Perceptions Index (CPI) by Transparency International has been the world’s most widely-used metric for scoring corruption. This infographic uses the 2021 CPI to visualize corruption in countries around the world, and the biggest 10-year changes.
Which Countries are Most (and Least) Corrupt?
How do you measure corruption, which includes behind-the-scenes deals, nepotism, corrupt prosecution, and bribery?
Over the last few decades, the CPI has found success doing so indirectly through perceptions.
By aggregating multiple analyses from country and business experts, the index assigns each country a score on a scale of 0 to 100, where 0 is highly corrupt and 100 is very clean.
Here are the results of the 2021 CPI, with the least corrupt countries at the top:
Corruption Perception by Country | Score (2021) |
---|---|
Denmark | 88 |
Finland | 88 |
New Zealand | 88 |
Norway | 85 |
Singapore | 85 |
Sweden | 85 |
Switzerland | 84 |
Netherlands | 82 |
Luxembourg | 81 |
Germany | 80 |
UK | 78 |
Hong Kong | 76 |
Austria | 74 |
Canada | 74 |
Estonia | 74 |
Iceland | 74 |
Ireland | 74 |
Australia | 73 |
Belgium | 73 |
Japan | 73 |
Uruguay | 73 |
France | 71 |
Seychelles | 70 |
UAE | 69 |
Bhutan | 68 |
Taiwan | 68 |
Chile | 67 |
U.S. | 67 |
Barbados | 65 |
Bahamas | 64 |
Qatar | 63 |
Portugal | 62 |
South Korea | 62 |
Lithuania | 61 |
Spain | 61 |
Israel | 59 |
Latvia | 59 |
Saint Vincent and the Grenadines | 59 |
Cabo Verde | 58 |
Costa Rica | 58 |
Slovenia | 57 |
Italy | 56 |
Poland | 56 |
Saint Lucia | 56 |
Botswana | 55 |
Dominica | 55 |
Fiji | 55 |
Georgia | 55 |
Czechia | 54 |
Malta | 54 |
Mauritius | 54 |
Cyprus | 53 |
Grenada | 53 |
Rwanda | 53 |
Saudi Arabia | 53 |
Oman | 52 |
Slovakia | 52 |
Armenia | 49 |
Greece | 49 |
Jordan | 49 |
Namibia | 49 |
Malaysia | 48 |
Croatia | 47 |
Cuba | 46 |
Montenegro | 46 |
China | 45 |
Romania | 45 |
Sao Tome and Principe | 45 |
Vanuatu | 45 |
Jamaica | 44 |
South Africa | 44 |
Tunisia | 44 |
Ghana | 43 |
Hungary | 43 |
Kuwait | 43 |
Senegal | 43 |
Solomon Islands | 43 |
Bahrain | 42 |
Benin | 42 |
Bulgaria | 42 |
Burkina Faso | 42 |
Belarus | 41 |
Timor-Leste | 41 |
Trinidad and Tobago | 41 |
India | 40 |
Maldives | 40 |
Colombia | 39 |
Ethiopia | 39 |
Guyana | 39 |
Kosovo | 39 |
Morocco | 39 |
North Macedonia | 39 |
Suriname | 39 |
Tanzania | 39 |
Vietnam | 39 |
Argentina | 38 |
Brazil | 38 |
Indonesia | 38 |
Lesotho | 38 |
Serbia | 38 |
Turkey | 38 |
Gambia | 37 |
Kazakhstan | 37 |
Sri Lanka | 37 |
Cote d'Ivoire | 36 |
Ecuador | 36 |
Moldova | 36 |
Panama | 36 |
Peru | 36 |
Albania | 35 |
Bosnia and Herzegovina | 35 |
Malawi | 35 |
Mongolia | 35 |
Thailand | 35 |
El Salvador | 34 |
Sierra Leone | 34 |
Algeria | 33 |
Egypt | 33 |
Nepal | 33 |
Philippines | 33 |
Zambia | 33 |
Eswatini | 32 |
Ukraine | 32 |
Gabon | 31 |
Mexico | 31 |
Niger | 31 |
Papua New Guinea | 31 |
Azerbaijan | 30 |
Bolivia | 30 |
Djibouti | 30 |
Dominican Republic | 30 |
Kenya | 30 |
Laos | 30 |
Paraguay | 30 |
Togo | 30 |
Angola | 29 |
Liberia | 29 |
Mali | 29 |
Russia | 29 |
Mauritania | 28 |
Myanmar | 28 |
Pakistan | 28 |
Uzbekistan | 28 |
Cameroon | 27 |
Kyrgyzstan | 27 |
Uganda | 27 |
Bangladesh | 26 |
Madagascar | 26 |
Mozambique | 26 |
Guatemala | 25 |
Guinea | 25 |
Iran | 25 |
Tajikistan | 25 |
Central African Republic | 24 |
Lebanon | 24 |
Nigeria | 24 |
Cambodia | 23 |
Honduras | 23 |
Iraq | 23 |
Zimbabwe | 23 |
Eritrea | 22 |
Congo | 21 |
Guinea-Bissau | 21 |
Chad | 20 |
Comoros | 20 |
Haiti | 20 |
Nicaragua | 20 |
Sudan | 20 |
Burundi | 19 |
Democratic Republic of the Congo | 19 |
Turkmenistan | 19 |
Equatorial Guinea | 17 |
Libya | 17 |
Afghanistan | 16 |
North Korea | 16 |
Yemen | 16 |
Venezuela | 14 |
Somalia | 13 |
Syria | 13 |
South Sudan | 11 |
Ranking at the top of the index with scores of 88 are Nordic countries Denmark and Finland, as well as New Zealand.
They’ve consistently topped the CPI over the last decade, and Europe in general had 14 of the top 20 least corrupt countries. Asia also had many notable entrants, including Singapore (tied for #4), Hong Kong (#12), and Japan (tied for #18).
Comparatively, the Americas only had two countries score in the top 20 least corrupt: Canada (tied for #13) and Uruguay (tied for #18). With a score of 67, the U.S. scored at #28 just behind Bhutan, the UAE, and France.
Scoring towards the bottom of the index were many countries currently and historically going through conflict, primarily located in the Middle East and Africa. They include Afghanistan, Venezuela, Somalia, and South Sudan. The latter country finishes at the very bottom of the list, with a score of just 11.
How Corruption in Countries Has Changed (2012–2021)
Corruption is a constant and moving global problem, so it’s also important to measure which countries have had their images improved (or worsened).
By using CPI scores dating back to 2012, we can examine how country scores have changed over the last decade:
Change in Corruption by Country | 10-Year Trend (2012-2021) |
---|---|
Seychelles | +18 |
Armenia | +15 |
Italy | +14 |
Greece | +13 |
Myanmar | +13 |
Guyana | +11 |
Uzbekistan | +11 |
Estonia | +10 |
Latvia | +10 |
Belarus | +10 |
Saudi Arabia | +9 |
Kazakhstan | +9 |
Laos | +9 |
Timor-Leste | +8 |
Vietnam | +8 |
Afghanistan | +8 |
North Korea | +8 |
Taiwan | +7 |
Lithuania | +7 |
Senegal | +7 |
Cote d'Ivoire | +7 |
Angola | +7 |
Sudan | +7 |
South Korea | +6 |
Slovakia | +6 |
China | +6 |
Jamaica | +6 |
Benin | +6 |
Ethiopia | +6 |
Indonesia | +6 |
Nepal | +6 |
Ukraine | +6 |
Papua New Guinea | +6 |
Austria | +5 |
Ireland | +5 |
Bhutan | +5 |
Czechia | +5 |
Oman | +5 |
Montenegro | +5 |
Kosovo | +5 |
Paraguay | +5 |
Iraq | +5 |
Somalia | +5 |
United Kingdom | +4 |
Costa Rica | +4 |
Burkina Faso | +4 |
India | +4 |
Tanzania | +4 |
Ecuador | +4 |
Georgia | +3 |
Sao Tome and Principe | +3 |
Tunisia | +3 |
Colombia | +3 |
Argentina | +3 |
Gambia | +3 |
Sierra Leone | +3 |
Azerbaijan | +3 |
Kenya | +3 |
Kyrgyzstan | +3 |
Tajikistan | +3 |
Zimbabwe | +3 |
Trinidad and Tobago | +2 |
Morocco | +2 |
Suriname | +2 |
Albania | +2 |
Turkmenistan | +2 |
Luxembourg | +1 |
Germany | +1 |
Uruguay | +1 |
United Arab Emirates | +1 |
Jordan | +1 |
Namibia | +1 |
Croatia | +1 |
Romania | +1 |
South Africa | +1 |
Bulgaria | +1 |
Egypt | +1 |
Russia | +1 |
Pakistan | +1 |
Cameroon | +1 |
Guinea | +1 |
Cambodia | +1 |
Haiti | +1 |
Chad | +1 |
Norway | 0 |
France | 0 |
Rwanda | 0 |
Moldova | 0 |
Togo | 0 |
Bangladesh | 0 |
Burundi | 0 |
Hong Kong | -1 |
Japan | -1 |
Portugal | -1 |
Israel | -1 |
Malaysia | -1 |
Kuwait | -1 |
Serbia | -1 |
Mongolia | -1 |
Algeria | -1 |
Philippines | -1 |
Denmark | -2 |
Finland | -2 |
New Zealand | -2 |
Singapore | -2 |
Switzerland | -2 |
Netherlands | -2 |
Belgium | -2 |
Cabo Verde | -2 |
Poland | -2 |
Cuba | -2 |
Ghana | -2 |
Panama | -2 |
Peru | -2 |
Malawi | -2 |
Thailand | -2 |
Niger | -2 |
Dominican Republic | -2 |
Uganda | -2 |
Central African Republic | -2 |
Democratic Republic of the Congo | -2 |
Sweden | -3 |
Saint Vincent and the Grenadines | -3 |
Dominica | -3 |
Malta | -3 |
Mauritius | -3 |
Sri Lanka | -3 |
Mexico | -3 |
Mauritania | -3 |
Iran | -3 |
Nigeria | -3 |
Eritrea | -3 |
Equatorial Guinea | -3 |
Spain | -4 |
Slovenia | -4 |
North Macedonia | -4 |
El Salvador | -4 |
Zambia | -4 |
Gabon | -4 |
Bolivia | -4 |
Guinea-Bissau | -4 |
Libya | -4 |
Chile | -5 |
Qatar | -5 |
Brazil | -5 |
Eswatini | -5 |
Mali | -5 |
Mozambique | -5 |
Honduras | -5 |
Congo | -5 |
Venezuela | -5 |
United States of America | -6 |
Djibouti | -6 |
Madagascar | -6 |
Lebanon | -6 |
Bahamas | -7 |
Lesotho | -7 |
Bosnia and Herzegovina | -7 |
Yemen | -7 |
Iceland | -8 |
Guatemala | -8 |
Comoros | -8 |
Bahrain | -9 |
Nicaragua | -9 |
Canada | -10 |
Botswana | -10 |
Barbados | -11 |
Turkey | -11 |
Australia | -12 |
Hungary | -12 |
Liberia | -12 |
Cyprus | -13 |
Syria | -13 |
Saint Lucia | -15 |
Fiji | N/A |
Grenada | N/A |
Vanuatu | N/A |
Solomon Islands | N/A |
Maldives | N/A |
South Sudan | N/A |
The biggest climber with +18 was Seychelles, Africa’s smallest country and also its least corrupt with a score of 70. Other notable improvements include neighboring countries Estonia, Latvia, and Belarus, with Estonia rising into the top 15 least corrupt countries.
On the opposite side, both Australia (-12) and Canada (-10) have actually fallen out of the top 10 least corrupt countries over the last decade. They’re joined by decreases in Hungary (-12) and Syria (-13), which is now ranked as the world’s second-most corrupt country.
Which countries will rise and fall in corruption perceptions over the next 10 years, and how do your perceptions compare with this list?
Markets
Beyond Big Names: The Case for Small- and Mid-Cap Stocks
Small- and mid-cap stocks have historically outperformed large caps. What are the opportunities and risks to consider?
Beyond Big Names: The Case for Small- and Mid-Cap Stocks
Over the last 35 years, small- and mid-cap stocks have outperformed large caps, making them an attractive choice for investors.
According to data from Yahoo Finance, from February 1989 to February 2024, large-cap stocks returned +1,664% versus +2,062% for small caps and +3,176% for mid caps. Â
This graphic, sponsored by New York Life Investments, explores their return potential along with the risks to consider.
Higher Historical Returns
If you made a $100 investment in baskets of small-, mid-, and large-cap stocks in February 1989, what would each grouping be worth today?
Small Caps | Mid Caps | Large Caps | |
---|---|---|---|
Starting value (February 1989) | $100 | $100 | $100 |
Ending value (February 2024) | $2,162 | $3,276 | $1,764 |
Source: Yahoo Finance (2024). Small caps, mid caps, and large caps are represented by the S&P 600, S&P 400, and S&P 500 respectively.
Mid caps delivered the strongest performance since 1989, generating 86% more than large caps.
This superior historical track record is likely the result of the unique position mid-cap companies find themselves in. Mid-cap firms have generally successfully navigated early stage growth and are typically well-funded relative to small caps. And yet they are more dynamic and nimble than large-cap companies, allowing them to respond quicker to the market cycle.
Small caps also outperformed over this timeframe. They earned 23% more than large caps.Â
Higher Volatility
However, higher historical returns of small- and mid-cap stocks came with increased risk. They both endured greater volatility than large caps.Â
Small Caps | Mid Caps | Large Caps | |
---|---|---|---|
Total Volatility | 18.9% | 17.4% | 14.8% |
Source: Yahoo Finance (2024). Small caps, mid caps, and large caps are represented by the S&P 600, S&P 400, and S&P 500 respectively.
Small-cap companies are typically earlier in their life cycle and tend to have thinner financial cushions to withstand periods of loss relative to large caps. As a result, they are usually the most volatile group followed by mid caps. Large-cap companies, as more mature and established players, exhibit the most stability in their stock prices.
Investing in small caps and mid caps requires a higher risk tolerance to withstand their price swings. For investors with longer time horizons who are capable of enduring higher risk, current market pricing strengthens the case for stocks of smaller companies.
Attractive Valuations
Large-cap stocks have historically high valuations, with their forward price-to-earnings ratio (P/E ratio) trading above their 10-year average, according to analysis conducted by FactSet.
Conversely, the forward P/E ratios of small- and mid-cap stocks seem to be presenting a compelling entry point.Â
Small Caps/Large Caps | Mid Caps/Large Caps | |
---|---|---|
Relative Forward P/E Ratios | 0.71 | 0.75 |
Discount | 29% | 25% |
Source: Yardeni Research (2024). Small caps, mid caps, and large caps are represented by the S&P 600, S&P 400, and S&P 500 respectively.
Looking at both groups’ relative forward P/E ratios (small-cap P/E ratio divided by large-cap P/E ratio, and mid-cap P/E ratio divided by large-cap P/E ratio), small and mid caps are trading at their steepest discounts versus large caps since the early 2000s.
Discovering Small- and Mid-Cap Stocks
Growth-oriented investors looking to add equity exposure could consider incorporating small and mid caps into their portfolios.
With superior historical returns and relatively attractive valuations, small- and mid-cap stocks present a compelling opportunity for investors capable of tolerating greater volatility.
Explore more insights from New York Life Investments
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