The world is quickly changing and each year industries become more and more automatized. If it is true that many jobs will be replaced by machines, it is also relevant to notice that all this technology opens doors for many startups seeking solutions to new daily problems of modern society. Thus, it is fundamental for countries to place their bets onto entrepreneurship, opening their borders to young minds and making sure they place enough incentives on newly born companies.
Now, we present to you the top 10 countries ranked among the best for entrepreneurs. This ranking was made by U.S. News & World Reports, who each year share their nine global classifications on different categories. Looking at the last one, we will see the countries that have climbed up in this subranking, who accounts 80 nations in total and why each of them offer the best conditions for employers and employees.
- 10 – Singapore
With a total of $323.9 billion of Gross Domestic Product (GDP), $94,105 per capita, is the first of the Four Asian Tigers to appear on this top 10. Being one of the less corrupt countries in the world, Singapore has also one of the most developed free-market economies in the world and their policies are business friendly, with low tax rates. The fact that the majority of the country’s population lives in the capital, also plays in their favor. Furthermore, Singapore geographical status makes its port one of the most attractive and therefore busiest in southeast Asia. Singapore also ranks second on the quality of life in the continent, just behind Japan.
9 – Australia
The biggest island in the world, that is also the 6th largest nation by area and has a GDP of $1.3 trillion, Australia rose four places compared to last year’s ranking. The nation known for kangaroos and koalas, holds great cosmopolite centers like Sydney and Melbourne that are perfect for a startup hub. Also, add to this the fact that the Australian government is giving a helping hand to many new companies, providing grants and loans to companies with higher growth prospect. Furthermore, according to research, the average job tenure in the country is 3.3 years, which implicates that there is a high mobility between jobs and even careers. The Australian employment scenario favors this setup, inviting to versality and proactivity by their employees.
8 – South Korea
Another Asian Tiger coming up on this list, South Korea has a GDP of $1.5 trillion and one of the fastest growing economies in the world. At the beginning of the 60s, South Korea was just recovering from a long impactful war and agriculture was the main source of income for most of its population. So how did they transform so quickly? The economical reforms, who opened the country to foreign markets and investors, raising incentives for innovation might be some of the possible reasons for this change. According to the Global Entrepreneurship Index, they have currently the highest entrepreneurship environment of all the Asian Nations, scoring 54%. Being home to some high-profile tech companies like Samsung or LG Electronics, it is no surprise South Korea keeps ascending year after year on this ranking.
7 – Sweden
The prosperity of this Scandinavian nation, with $538.0 billion GDP, might have started because of Johan August Gripenstedt. In the XIX century, Gripenstedt proposed to fight the economic stagnation of Sweden, by implementing an ultra-liberal system, that allowed free trade everywhere and low taxes. Nowadays, though, they have the highest income tax rate in the world, but taxes for corporations are still relatively low. And although people are forced to pay high contributions, in exchange they have access to free education and healthcare. Besides, employees have large social benefits and substantial amounts of vacation time. Sweden is also home to some of the most influential worldwide brands, such as IKEA and Spotify, who are always seeking to implement new ideas and solutions.
6 – Canada
Ranked first in the countries with highest quality of life, it is no surprise that Canada shows up on this list too. Accumulating $1.7 trillion of GDP, the second largest country in the world is widely known as a place who welcomes immigrants and treats them as their own residents. This might be one of the reasons why cities like Vancouver, Montreal and Toronto attract foreign investors. Add to this the increasing government aid and the notorious technological institutions and universities and you got the Canadian recipe for success. Some successful startups born in Canada are Hootsuite and Top-Hat, but there are many more born every day.
5 – United Kingdom
While it is still unknown how Brexit will eventually affect United Kingdom’s placement in this ranking, they are still up ahead in this list for now, mainly due to having one of the highest GDP in the globe: $2.6 trillion. Great Britain is still the home of many buzzing urban centers, where street food and vendors have a large role, coworking is becoming a pattern and tech centers are growing. Either due to government incentives or for being home to some high profile investors, like will.I.am, entrepreneurship still plays a great part in the country’s economy.
4 – Switzerland
Having a name for being a very organized and clean country, Switzerland is much more than chocolates and clocks. With a GDP of $678.9 billion, the small nation craved in the Alps, continues to be one of the wealthiest economies, therefore attracting high quality technical talent. To this it also contributes the fact they have two of the university campuses with highest reputation in Europe: the École Polytechnique Fédérale de Lausanne and the Swiss Federal Institute of Technology. Switzerland also has the highest gross average monthly salaries in Europe, which definitely makes it an attractive place to work on.
3 – United States
It’s no surprise that the USA would show up on this list, since they are one of the most popular and influential nations in the world. They are the main center of the capitalist economic system in the planet, with the highest GDP ($19.4 trillion), and the flow of their economy influences the financial status of the multiple countries which they make transactions with. The ‘American Dream’ prevails and many people still believe that everyone can become rich and successful there. The USA are home to Silicon Valley, a worldwide reference in the industry of electronics, and they attract tons of startups and investors from all around the globe.
2 – Germany
After three years of being the number 1 on this ranking, Germany have lowered to the second place, which is still quite admirable. With the highest GDP in Europe, $3.7 trillion, Germany story of success should be looked upon, specially considering they had to reconstruct most of the country after WWII. Nowadays, Berlin competes toe to toe with San Francisco as a world tech center, allowing to create a business in less time and with a lower budget than the American counterpart. Their geographical position, at center of Europe, bordering nine countries, is somehow important, but also add to this that Germany has a series of policies that favor entrepreneurship and employees. They have a worker retraining system, which helps people to adjust to the emergent industries, offering also job security to its population.
1 – Japan
Stealing the crown from the Germans, Japan reaffirms itself as the number one place for entrepreneurs. Also having been widely affected by the WWII, Japan developed immensely in the second part of last century, completely reinventing themselves to adapt to modern world, having now a GDP of $4.9 trillion. During the present decade, Japan have implemented regulations on several important areas, such as energy and medical care, which allowed new opportunities into their own market. In the country that is home to companies such as Sony and Nintendo, there are cities like Tokyo and Kyoto who provide the perfect environment for companies to grow and for a satisfying quality of life.