Switzerland Tops Global Innovation Index 2024 as Asian Middle-Income Economies Surge

The Global Innovation Index (GII) 2024 reveals the world’s leading economies in innovation, assessing 133 countries based on data primarily from 2022 and 2023. The report highlights top performers by income group and region, and identifies economies that outperform relative to their development level.

Switzerland retains its position as the global innovation leader for the 14th consecutive year. It ranks first in both Knowledge and Technology Outputs and Creative Outputs, and places within the top five across nearly all GII pillars except Infrastructure, where it ranks seventh. Sweden and the United States hold steady at second and third place, respectively, for the second year running.

Sweden excels in Infrastructure, Business Sophistication, Knowledge and Technology Outputs, and Human Capital and Research. It leads globally in the number of researchers, intellectual property payments and receipts, knowledge-intensive employment, global brand value, and low-carbon energy use. The United States ranks first worldwide in nine of the 78 innovation indicators, including university quality, scientific publication impact (H-index), software spending, and intellectual property receipts.

Singapore advances to fourth place, moving deeper into the top five. It leads globally in 14 innovation indicators—the highest number for any economy—surpassing the United States. Singapore tops rankings in regulatory quality, policy stability for doing business, ICT access, logistics performance, venture capital received and investors, high-tech manufacturing, and GitHub commits. Despite this, Singapore faces challenges breaking into the top three due to gaps in innovation outputs, particularly in creative outputs.

The Republic of Korea climbs to sixth place, ranking among the top three worldwide in key indicators such as number of researchers (second), R&D expenditures (second), business-performed R&D (first), and production and export complexity (third).

China rises to 11th place, nearing the top 10 once again. It remains the highest-ranked upper middle-income economy and third in the South East Asia, East Asia, and Oceania region, behind Singapore and the Republic of Korea. China leads in eight innovation indicators, including utility models, trademarks, and industrial designs, and ranks in the top three globally for high-tech exports, global corporate R&D investors, labor productivity growth, and business-financed GERD.

Japan holds firm at 13th place, a position maintained since 2021. Canada reenters the top 15 at 14th place, its best ranking since 2014. Canada leads globally in venture capital recipients and joint venture/strategic alliance deals, and ranks highly for university quality and scientific publication impact.

Ireland (19th) and Luxembourg (20th) enter the top 20, climbing three and one ranks respectively. Ireland’s strong ICT sector presence contributes to its top global rankings in ICT services exports and intellectual property payments, as well as a second-place ranking in intangible asset intensity.

Australia (23rd) and New Zealand (25th) continue upward trends within the top 25. Australia excels in university quality, scientific publication impact, and knowledge-intensive employment. New Zealand ranks highly in regulatory environment, firms offering formal training, and domestic credit to the private sector.

Within the European Union, Cyprus (27th), Spain (28th), and the Czech Republic (30th) improve their standings inside the top 30, while Poland enters the top 40 at 40th place. Serbia (52nd) and Montenegro (65th) also advance, with Montenegro joining the top 70.

Among middle-income economies, only five appear in the top 40: China (11th), Malaysia (33rd), Türkiye (37th), Bulgaria (38th), and India (39th). Thailand (41st) and Viet Nam (44th) progress toward the top 40, with Thailand achieving its best rank since 2009. Türkiye advances to third among upper middle-income economies, overtaking Bulgaria. All these countries except Bulgaria improved their rankings this year.

In the Middle East, the United Arab Emirates remains 32nd, while Saudi Arabia (47th) and Qatar (49th) climb into the top 50. Only the UAE, the Islamic Republic of Iran (64th), and Oman (74th) have improved their rankings since 2013.

Other notable improvements include Georgia (57th) and Armenia (63rd), entering the top 60 and top 70 respectively, though their rankings have fluctuated over time.

Several middle- and low-income economies excel in specific innovation areas relative to their GDP or population. Bolivia, Cambodia, and Nepal lead in loans from microfinance institutions; Malaysia ranks first in graduates in science and engineering; Mexico leads in creative goods exports; Morocco tops industrial designs; the Islamic Republic of Iran leads in trademarks; and Namibia ranks highest in education expenditure.

The GII 2024 underscores the dynamic nature of global innovation, highlighting sustained leadership by Switzerland and emerging advancements among Asian middle-income economies and select countries worldwide.