International business news – Here is the eye-opening new ranking of the Top countries with the highest number of startup Unicorns per capita globally, according to the latest report by Startup Genome:
Top countries with the highest number of startup Unicorns per capita globally:
1 – Israel
Israel stands out as the No. 1 country with the highest number of startup Unicorns per capita globally with 5.6 unicorns per million population for the period H2 2021 – 2023.
Israel, known as the 'Startup Nation,' has fostered innovation through substantial R&D investments, strong ties between academia and industry, and programs like the Israel Innovation Authority that provide funding and resources to startups.
Israel has become a global leader in cybersecurity startups, leveraging its unique geopolitical situation and military expertise to create a niche in which it holds a significant competitive advantage.
2 – Estonia
Estonia ranks 2nd country with the highest number of startup Unicorns per capita globally with 3 unicorns per million population for the period H2 2021 – 2023.
Estonia has positioned itself as a pioneer in digital government solutions, building on its early adoption of e-governance to create a fertile ground for Govtech startups.
Estonia's e-Residency program and digital-first approach have made it incredibly easy to start and run a business remotely, while its startup visa program attracts global talent.
3 – Singapore
Singapore ranks 3rd country with the highest number of startup Unicorns per capita globally with 2.4 unicorns per million population for the period H2 2021 – 2023.
Singapore has focused on strategic government investments in key technologies like AI and 5G, coupled with generous grant schemes such as the Startup SG initiative, which provides funding and support for early-stage companies.
4 – United States
The US ranks 4th country with the highest number of startup Unicorns per capita globally with 1.8 unicorns per million population for the period H2 2021 – 2023.
While the United States leads Unicorn production among G20 economies, this is not the case per capita globally, since several smaller, highly innovative economies outperform the U.S. in terms of Unicorns per million population.
5 – Luxembourg
Luxembourg ranks 5th country with the highest number of startup Unicorns per capita globally with 1.6 unicorns per million population for the period H2 2021 – 2023.
The new report showing the ranking of countries with the highest number of startup Unicorns per capita globally reveals that the United States actually ranks fourth worldwide in Unicorn production per capita, despite its dominance within the G20. Notably, some G20 countries, including South Africa and Russia, have not produced any active Unicorns in the period from H2 2021 to 2023. This stark contrast in Unicorn production points to deeper systemic differences in how each nation supports and nurtures high-growth startups, according to Startup Genome.
The report on startup Unicorns globally highlights that countries like Israel, Estonia, and Singapore have demonstrated that size is not a determining factor in startup ecosystem success. Estonia, Singapore, and Israel have implemented comprehensive policies that have significantly boosted their startup ecosystems.