Economy
Global Stars: The Most Innovative Countries, Ranked by Income Group
The Most Innovative Countries, Ranked by Income Group
Innovation can be instrumental to the success of economies, at macro and micro scales. While investment provides powerful fuel for innovation—the relationship isn’t always straightforward.
The 2020 ranking from the World Intellectual Property Organization (WIPO) reveals just that.
The above map breaks down the most innovative countries in each World Bank income group, based on data from WIPO’s Global Innovation Index (GII), which evaluates nations across 80 innovation indicators like research and development (R&D), venture capital, and high-tech production.
While wealthier nations continue to lead global innovation, the GII also shows that middle-income countries—particularly in Asia—are making impressive strides.
Fueling Innovation
The economic and regulatory spheres within countries can have an enormous impact on their level of innovation—and vice versa, as innovation in turn becomes an economic driver, stimulating further investment.
The positive feedback loop between investment and innovation results in the success of some of the top countries in the table below, which shows the three most innovative countries in each income group.
Income Group | Group Rank | Country (Overall Rank) |
---|---|---|
High | 1 | 🇨🇭 Switzerland (#1) |
High | 2 | 🇸🇪 Sweden (#2) |
High | 3 | 🇺🇸 United States of America (#3) |
Upper Middle | 1 | 🇨🇳 China (#14) |
Upper Middle | 2 | 🇲🇾 Malaysia (#33) |
Upper Middle | 3 | 🇧🇬 Bulgaria (#37) |
Lower Middle | 1 | 🇻🇳 Vietnam (#42) |
Lower Middle | 2 | 🇺🇦 Ukraine (#45) |
Lower Middle | 3 | 🇮🇳 India (#48) |
Low | 1 | 🇹🇿 Tanzania (#88) |
Low | 2 | 🇷🇼 Rwanda (#91) |
Low | 3 | 🇲🇼 Malawi (#111) |
Switzerland, Sweden, and the U.S. are the top three in the high-income group. Considering that Switzerland has the second-highest GDP per capita globally, it is not a surprise leader on this list.
Upper middle-income countries are led by China, Malaysia, and Bulgaria. Note that China far surpasses other nations in the upper-middle-income group ranking, reaching 14th spot overall in 2020. Others in the income group only appear in the overall ranking after 30th place.
Below are several income group leaders, and some of their key areas of output:
- Switzerland: First in Knowledge Creation, second in Global Brand Value
- U.S.: First in Entertainment and Media, Computer Software Spending, Intellectual Property Receipts
- China: First in Patents Registered
- Vietnam: Second in High-Technology Net Exports
- India: First in Information and Communication Technology Services Exports
- Tanzania: 23rd in Printing and Other Media
Shining a Light on Global Innovators
Since 2011, Switzerland has led the world in innovation according to this index, and the top five countries have seen few changes in recent years.
Sweden regained second place in 2019 and the U.S. moved into third—positions they maintain in 2020. The Netherlands entered the top two in 2018 and now sits at fifth.
Here’s how the overall ranking shakes out:
Rank | Country | Score | Income Group |
---|---|---|---|
1 | Switzerland | 66.1 | High |
2 | Sweden | 62.5 | High |
3 | United States of America | 60.6 | High |
4 | United Kingdom | 59.8 | High |
5 | Netherlands | 58.8 | High |
6 | Denmark | 57.5 | High |
7 | Finland | 57.0 | High |
8 | Singapore | 56.6 | High |
9 | Germany | 56.6 | High |
10 | South Korea | 56.1 | High |
11 | Hong Kong, China | 54.2 | High |
12 | France | 53.7 | High |
13 | Israel | 53.6 | High |
14 | China | 53.3 | Upper Middle |
15 | Ireland | 53.1 | High |
16 | Japan | 52.7 | High |
17 | Canada | 52.3 | High |
18 | Luxembourg | 50.8 | High |
19 | Austria | 50.1 | High |
20 | Norway | 49.3 | High |
21 | Iceland | 49.2 | High |
22 | Belgium | 49.1 | High |
23 | Australia | 48.4 | High |
24 | Czech Republic | 48.3 | High |
25 | Estonia | 48.3 | High |
26 | New Zealand | 47.0 | High |
27 | Malta | 46.4 | High |
28 | Italy | 45.7 | High |
29 | Cyprus | 45.7 | High |
30 | Spain | 45.6 | High |
31 | Portugal | 43.5 | High |
32 | Slovenia | 42.9 | High |
33 | Malaysia | 42.4 | Upper Middle |
34 | United Arab Emiratesx | 42.4 | High |
35 | Hungary | 41.5 | High |
36 | Latvia | 41.1 | High |
37 | Bulgaria | 40.0 | Upper Middle |
38 | Poland | 40.0 | High |
39 | Slovakia | 39.7 | High |
40 | Lithuania | 39.2 | High |
41 | Croatia | 37.3 | High |
42 | Viet Nam | 37.1 | Lower Middle |
43 | Greece | 36.8 | High |
44 | Thailand | 36.7 | Upper Middle |
45 | Ukraine | 36.3 | Lower Middle |
46 | Romania | 36.0 | Upper Middle |
47 | Russian Federation | 35.6 | Upper Middle |
48 | India | 35.6 | Lower Middle |
49 | Montenegro | 35.4 | Upper Middle |
50 | Philippines | 35.2 | Lower Middle |
51 | Turkey | 34.9 | Upper Middle |
52 | Mauritius | 34.4 | Upper Middle |
53 | Serbia | 34.3 | Upper Middle |
54 | Chile | 33.9 | High |
55 | Mexico | 33.6 | Upper Middle |
56 | Costa Rica | 33.5 | Upper Middle |
57 | North Macedonia | 33.4 | Upper Middle |
58 | Mongolia | 33.4 | Lower Middle |
59 | Republic of Moldova | 33.0 | Lower Middle |
60 | South Africa | 32.7 | Upper Middle |
61 | Armenia | 32.6 | Upper Middle |
62 | Brazil | 31.9 | Upper Middle |
63 | Georgia | 31.8 | Upper Middle |
64 | Belarus | 31.3 | Upper Middle |
65 | Tunisia | 31.2 | Lower Middle |
66 | Saudi Arabia | 30.9 | High |
67 | Iran (Islamic Republic of) | 30.9 | High |
68 | Colombia | 30.8 | Upper Middle |
69 | Uruguay | 30.8 | High |
70 | Qatar | 30.8 | High |
71 | Brunei Darussalam | 29.8 | High |
72 | Jamaica | 29.1 | Upper Middle |
73 | Panama | 29.0 | High |
74 | Bosnia and Herzegovina | 29.0 | Upper Middle |
75 | Morocco | 29.0 | Lower Middle |
76 | Peru | 28.8 | Upper Middle |
77 | Kazakhstan | 28.6 | Upper Middle |
78 | Kuwait | 28.4 | High |
79 | Bahrain | 28.4 | High |
80 | Argentina | 28.3 | Upper Middle |
81 | Jordan | 27.8 | Upper Middle |
82 | Azerbaijan | 27.2 | Upper Middle |
83 | Albania | 27.1 | Upper Middle |
84 | Oman | 26.5 | High |
85 | Indonesia | 26.5 | Lower Middle |
86 | Kenya | 26.1 | Lower Middle |
87 | Lebanon | 26.0 | Upper Middle |
88 | United Republic of Tanzania | 25.6 | Lower I |
89 | Botswana | 25.4 | Upper Middle |
90 | Dominican Republic | 25.1 | Upper Middle |
91 | Rwanda | 25.1 | Lower I |
92 | El Salvador | 24.9 | Lower Middle |
93 | Uzbekistan | 24.5 | Lower Middle |
94 | Kyrgyzstan | 24.5 | Lower Middle |
95 | Nepal | 24.4 | Lower I |
96 | Egypt | 24.2 | Lower Middle |
97 | Paraguay | 24.1 | Upper Middle |
98 | Trinidad and Tobago | 24.1 | High |
99 | Ecuador | 24.1 | Upper Middle |
100 | Cabo Verde | 23.9 | Lower Middle |
101 | Sri Lanka | 23.8 | Upper Middle |
102 | Senegal | 23.8 | Lower Middle |
103 | Honduras | 23.0 | Lower Middle |
104 | Namibia | 22.5 | Upper Middle |
105 | Bolivia (Plurinational State of) | 22.4 | Lower Middle |
106 | Guatemala | 22.4 | Upper Middle |
107 | Pakistan | 22.3 | Lower Middle |
108 | Ghana | 22.3 | Lower Middle |
109 | Tajikistan | 22.2 | Lower I |
110 | Cambodia | 21.5 | Lower Middle |
111 | Malawi | 21.4 | Lower I |
112 | Côte d’Ivoire | 21.2 | Lower Middle |
113 | Lao People’s Democratic Republic | 20.7 | Lower Middle |
114 | Uganda | 20.5 | Lower I |
115 | Madagascar | 20.4 | Lower I |
116 | Bangladesh | 20.4 | Lower Middle |
117 | Nigeria | 20.1 | Lower Middle |
118 | Burkina Faso | 20.0 | Lower I |
119 | Cameroon | 20.0 | Lower Middle |
120 | Zimbabwe | 20.0 | Lower Middle |
121 | Algeria | 19.5 | Upper Middle |
122 | Zambia | 19.4 | Lower Middle |
123 | Mali | 19.2 | Lower I |
124 | Mozambique | 18.7 | Lower I |
125 | Togo | 18.5 | Lower I |
126 | Benin | 18.1 | Lower I |
127 | Ethiopia | 18.1 | Lower I |
128 | Niger | 17.8 | Lower I |
129 | Myanmar | 17.7 | Lower Middle |
130 | Guinea | 17.3 | Lower I |
131 | Yemen | 13.6 | Lower I |
Nordic countries like Sweden, Denmark, and Finland continue their strong showing across innovation factors—like Knowledge Creation, Global Brand Value, Environmental Performance, and Intellectual Property Receipts—leading to their continued presence atop global innovators.
But the nations making the biggest moves in GII ranking are found in Asia.
China, Vietnam, India, and the Philippines have risen the most of all countries, with all four now in the top 50. China broke into the top 15 in 2019 and remains the only middle-income economy in the top 30.
In 2020, South Korea became the second Asian economy to enter the top 10, after Singapore. As the first Asian country to move into the global top five, Singapore joined the leaders in 2018, and now sits at 8th place.
In another first for 2020, India has now broken into the top 50.
Innovation Input & Output: The Overachievers
While annual rankings like these confirm the importance of a robust economy and innovation investment, variations in the relationship between input and output are not uncommon.
The correlation between wealth and innovation isn’t always straightforward, and neither is the connection between innovation input and output.
Below is an overview of the GII inputs and outputs, as well as several of the world’s overall leaders in each pillar.
Input variables can be characterized as factors that foster innovation—everything from the quality of a country’s university institutions to its levels of ecological sustainability.
Input Pillars | Input Examples | Input Leaders |
---|---|---|
Institutions Human Capital & Research Infrastructure Market Sophistication Business Sophistication | University Institutions Regulatory Environment Intangible Assets Entrepreneurship R&D Spending Venture Capital Deals Researchers | 1. Singapore 2. Switzerland 3. Sweden 4. U.S. 5. Denmark 6. U.K. 7. Hong Kong, China 8. Finland 9. Canada 10. South Korea |
Output factors include innovation indicators like the creation of new businesses, and even the number of Wikipedia edits made per million people.
Output Pillars | Output Types | Output Leaders |
---|---|---|
Knowledge & Technology Creative | Registered patents Creative goods and services Scientific publications National feature films Entertainment and media High-tech manufacturing | 1. Switzerland 2. Sweden 3. United Kingdom 4. Netherlands 5. U.S.A. 6. China 7. Germany 8. Finland 9. Denmark 10. South Korea |
Countries with impressive innovation outputs compared to input levels include:
- China: 26th in inputs, but sixth in overall innovation outputs
- Netherlands: 11th in innovation input, but fourth across outputs
- Thailand: 48th in overall input, first in business R&D
- Malaysia: 34th in overall input, first in high-tech net exports
Innovation Fuel Reductions Up Ahead?
Although financial markets have ignited, the economy as a whole has not fared well since lockdowns began. This begs the question of whether a steep decline in innovation capital will follow.
In response to the 2020 pandemic, will spending on R&D echo the 2009 recession and aftermath of 9/11? Will venture capital flows continue to decline more than they have since 2018?
Because innovation is so entwined with the economic growth strategies of companies and nations alike, the WIPO notes that the potential decline may not be as severe as historical trends might suggest.
No Stopping Human Innovation
Thankfully, innovation opportunities are not solely contingent on the level of capital infused during any given year. Instead, the cumulative results of continuous innovation stimuli may be enough to maintain growth, while strategic cash reserves are put to use.
What the GII ranking shows is that inputs don’t always equal outputs—and that innovative strides can be made with even modest levels of capital flow.
Economy
The Most Valuable Companies in Major EU Economies
From semiconductor equipment manufacturers to supercar makers, the EU’s most valuable companies run the gamut of industries.
Most Valuable Companies in the EU, by Country
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
In this graphic, we mapped out the most valuable corporations in 11 major EU economies, based on their market capitalizations as of April 15th, 2024. All figures are in USD, and were sourced from Companiesmarketcap.com.
Novo Nordisk is currently worth more than $550 billion, making it Europe’s most valuable company by a wide margin. The pharmaceutical giant specializes in diabetes and weight-loss drugs. Demand for two of them, Ozempic and Wegovy, has surged due to their weight-loss capabilities, even causing nationwide shortages in the United States.
The following table includes an expanded list of the most valuable publicly-traded company in larger EU economies. Many of these were not included in the graphic due to space limitations.
Country | Company | Sector | Market Cap |
---|---|---|---|
🇩🇰 Denmark | 💊 Novo Nordisk | Pharmaceuticals | $562B |
🇫🇷 France | 👜 LVMH | Luxury Goods | $422B |
🇳🇱 Netherlands | 🔧 ASML | Semiconductor Equipment | $382B |
🇩🇪 Germany | 💼 SAP | Enterprise Software | $214B |
🇮🇪 Ireland | 🖥️ Accenture | IT Services | $197B |
🇪🇸 Spain | 👗 Inditex | Retail | $147B |
🇧🇪 Belgium | 🍻 Anheuser-Busch InBev | Beverages | $116B |
🇸🇪 Sweden | 🛠️ Atlas Copco | Industrial Equipment | $80B |
🇮🇹 Italy | 🏎️ Ferrari | Automotive | $76B |
🇫🇮 Finland | 🏦 Nordea Bank | Banking | $40B |
🇦🇹 Austria | 🔌 Verbund AG | Energy | $26B |
🇱🇺 Luxembourg | 🏗️ Tenaris | Oil & Gas Equipment | $22B |
🇨🇿 Czech Republic | 💡 CEZ Group | Energy | $20B |
🇵🇱 Poland | ⛽ PKN Orlen | Energy | $20B |
🇵🇹 Portugal | 🔌 EDP Group | Energy | $16B |
🇬🇷 Greece | 🏦 Eurobank | Banking | $7B |
🇭🇺 Hungary | ⛽ MOL Group | Energy | $7B |
🇭🇷 Croatia | 🏦 Zagrebacka Banka | Banking | $6B |
🇷🇴 Romania | ⛽ Romgaz | Energy | $4B |
🇸🇮 Slovenia | 💊 Krka | Pharmaceuticals | $4B |
Note: Figures are rounded and last updated on April 15th, 2024. Countries with top publicly-traded companies worth under $4 billion are excluded.
Luxury supergiant LVMH—which owns brands like Tiffany, Christian Dior, and TAG Heuer to name a few—is Europe’s second largest company by market cap, at $420 billion.
Rounding out the top three is ASML, which produces equipment crucial to chip manufacturers, worth $380 billion.
When looking at the region, there is a vast disparity between EU member states and their most valuable companies.
For example, as mentioned earlier, Denmark’s Novo Nordisk and France’s LVMH are worth between $400-550 billion each. Meanwhile, some countries don’t even have a single publicly-listed company that is worth over $1 billion.
In fact, only 12 EU countries (less than half of the union) are home to the top 100 most valuable companies within the bloc. An additional four countries are represented if you look at the list of the top 200 companies.
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