South Korea has reclaimed the top in the latest Bloomberg Innovation Index ranking. It ousted Germany, which slide to fourth behind Singapore and Switzerland.
Sweden, Denmark, Israel, Finland, the Netherlands, and Austria complete the top 10.
What’s remarkable is that the US, which is renowned for innovations, has dropped out of the top 10 altogether.
The index analyses dozens of criteria using seven equally weighted metrics, including research and development spending, manufacturing capability and concentration of high-tech public companies.
Korea topped in patent activity and performed well in R&D and manufacturing.
Singapore climbed to second on the back of funding to help workers and companies in digital transition, scoring top marks in manufacturing and its globally competitive universities.