Source: WIPO's Global Innovation Index 2022
Switzerland is the most innovative economy in the world in 2022, for the 12th year in a row. Due to its relative lack of natural resources, the country has for a long time focused on research and development.
The USA is the second-most innovative country in the world. Its developed infrastructure, best universities and policies make it easier for entrepreneurs and startups to attract funding and investments.
Sweden has a long history of innovation, and its startup infrastructure has gained a lot of attention worldwide. More than 3 per cent of the country's gross domestic product (GDP) is utilised in R&D (research and development).
The UK is in the fourth spot in the Global Innovation Index 2022. While the UK’s expenditure on innovation has been lower than some of its competitors, the government has committed to boosting investment in R&D to 2.4% of GDP by 2027.
The Netherlands is the fifth-most innovative country in the world. Its innovation culture has been long-standing, as they are the inventors of Wi-Fi and bluetooth. The country is home to 13 unicorns, ranking fourth in Europe for financial investors to support new ideas.
South Korea is the sixth-most innovative country in the world and ranks 1 in the South East Asia, East Asia and Oceania category in terms of innovation. Korea’s cultural and creative services exports marked the most significant jump last year.
Singapore is the second Asian country in this index. Over the past few decades, the country has established itself as a hub for innovation and research and development (R&D), offering companies around the world a robust platform to grow their businesses in the region.