The world’s most innovative countries in 2024

The WIPO Global Innovation Index (GII) 2024 provides a comprehensive look at how innovation is shaping economies worldwide, covering 133 countries. 

This year's report highlights major shifts in innovation rankings, the rise of social entrepreneurship, and key global trends in technological progress and investment. If you're interested in how different countries' patent landscapes are evolving or looking for insights into emerging trends in innovation, the GII 2024 offers valuable data. Let’s explore the top insights, country rankings, and key statistics.

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Global innovation rankings in 2024
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The GII 2024 ranks countries based on their ability to foster and produce innovation through a mix of innovation inputs and innovation outputs. Inputs include factors like institutions, human capital, infrastructure, and business conditions that support innovation. Outputs look at tangible results, such as patents, technology creation, and creative goods. 

The top 10 countries leading in innovation this year are:

10. Denmark:

Denmark excelled in institutions (2nd) and human capital and research (3rd). Known for its strong focus on entrepreneurship and sustainable technology, Denmark also performs well in creative outputs (10th) and infrastructure (8th), making it a key player in green and social innovation.

9. Germany:

Germany holds its place with a strong performance in human capital and research (5th) and business sophistication (18th). The country also ranks 7th in knowledge and technology outputs, reflecting its industrial strength and innovative capabilities, particularly in the high-tech manufacturing and engineering sectors.

8. Netherlands:

The Netherlands is a global leader in institutions (9th) and creative outputs (7th). It also excels in business sophistication (7th) and market sophistication (14th), showing strong university-industry collaboration and a thriving startup ecosystem that supports technological advancement.

7. Finland:

Finland stands out in infrastructure (2nd) and institutions (4th). Its strong innovation ecosystem is driven by sustainability and smart technology development, and Finland ranks 6th in knowledge and technology outputs, contributing significantly to its competitive edge in digital innovation.

6. Republic of Korea:

Korea moves up to 6th place in 2024, making notable strides in human capital and research (1st) and business sophistication (5th). It leads in R&D expenditures (2nd) and R&D performed by businesses (1st), and ranks 10th in knowledge and technology outputs, underscoring its strength in high-tech industries and export complexity.

5. United Kingdom:

The UK maintains its position, excelling in market sophistication (3rd) and creative outputs (3rd). With strong human capital and research (7th), the UK fosters a highly innovative environment, supported by top-tier universities and a vibrant tech ecosystem.

4. Singapore:

Singapore continues its ascent, moving further into the top 5 by ranking 1st in institutions and 2nd in human capital and research. It holds the greatest number of GII indicators ranking 1st (14 out of 78), overtaking the United States in key areas such as university quality and software spending. Despite excelling in innovation inputs, it still lags behind the overall top 3 countries in creative outputs (19th).

3. United States:

The U.S. keeps its position in the global innovation list, ranking 1st in market sophistication and business sophistication. It leads the world in several indicators, including the quality of its universities, the H-index of scientific publications, and IP receipts, underscoring its strength in research and knowledge creation. However, it ranks lower in infrastructure (30th), which slightly impacts its overall innovation efficiency.

2. Sweden:

Sweden ranks 2nd, maintaining its position for the second consecutive year. It leads in infrastructure (1st), business sophistication (1st), and knowledge and technology outputs (2nd). Sweden's strong performance is further reinforced by its top rankings in researchers (1st), IP payments (1st), and knowledge-intensive employment (3rd), showcasing its well-developed innovation ecosystem.

1. Switzerland:

Switzerland ranks first for the 14th consecutive year and continues to lead in knowledge and technology outputs and creative outputs (both 1st). Although its infrastructure ranking is lower (7th), it remains in the top 5 for all other GII pillars, making it the most balanced and consistently high-performing country in global innovation. Switzerland's leadership in both inputs and outputs solidifies its position as the world's top innovator.

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Top emerging innovator countries in 2024
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Several countries showed significant progress in the 2024 GII rankings:

• Singapore and the United Arab Emirates (UAE) made notable upward moves, with Singapore reaching 4th and UAE ranking 32nd, driven by technological advancements and social entrepreneurship policies.
• Indonesia, Mauritius, Saudi Arabia, and Brazil have climbed steadily over the past five years, with Brazil leading in the Latin America and Caribbean region.
• China remains the highest-ranked middle-income economy, positioned at 11th, showing strong performance in patent filings, R&D, and technology output.

Compared to the 2023 report, countries like China, India, and Türkiye have continued to improve their innovation ecosystems. China maintains its rank in the top 15, while India and Türkiye have made strides in innovation inputs and outputs. 

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Overperformer countries in innovation
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Economies that overperform in innovation relative to their development levels include:

• India, Vietnam, and the Philippines: Leading in their respective income groups, these countries show how emerging markets can drive technological and social innovation.
• Rwanda and Togo: Stand out as top performers in the low-income category, demonstrating the potential for innovation even in developing economies.

These countries exemplify how strategic and social innovation practices and supportive patent policies can lead to growth and competitiveness, even with limited resources.

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Trends shaping global innovation
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The downturn in global innovation investment

After a growth spurt between 2020 and 2022, the report reveals a downturn in global innovation investment in 2023. Venture capital investments saw a significant drop of 36% in 2022 and further declined by 39% in 2023, returning to pre-pandemic levels​. This trend poses challenges for startups and innovators relying on external funding.

In the long term, however, venture capital deal values have shown 13.8% annual growth over the past decade (2013–2023), indicating that while there may be short-term disruptions, there is still overall long-term confidence in innovation financing.

Focus on social entrepreneurship

The WIPO GII 2024 places a significant focus on social entrepreneurship, highlighting its growing role in driving innovation and addressing critical societal challenges. Social enterprises contribute around 2 trillion dollars to global GDP, offering sustainable solutions to issues like poverty and environmental sustainability. 

With 30 million social entrepreneurs globally, the report emphasizes the untapped potential of this sector and calls for governments to align policies and investment strategies to better support these innovators. Strengthening social entrepreneurship can greatly enhance socio-economic impact, especially for countries looking to improve their patent frameworks for more inclusive growth.

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Innovation challenges and technological gain
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5G technology adoption

‍Despite investment challenges, tech adoption continues to grow. 5G technology has seen rapid uptake, with 22.6% growth in adoption from 2022 to 2023. The long-term growth (from 2021 to 2023) has been an impressive 45.3%. This indicates a surge in connectivity and the potential for more robust digital services and innovations globally.‍

Green technology

The adoption of electric vehicles has surged by an impressive 53.8% between 2022 and 2023, signifying strong momentum toward greener technologies and sustainable transportation. In the long term, electric vehicle adoption has grown 58.9% annually from 2013 to 2023, marking a significant shift in consumer and industry focus toward green mobility.‍

Supercomputing & technology progress‍

There’s been a steady improvement in the performance of supercomputers worldwide, which continues to support tech-driven innovation. Green supercomputers have shown significant improvements, with a 13.6% increase from 2022 to 2023. Over the past decade, the performance of green supercomputers has improved by 30.6% annually (2013 to 2023), reinforcing their growing role in data processing.‍

Scientific publications‍

In 2023, the number of scientific publications saw a 5% decrease, indicating slower research output after several years of strong growth. This decline could point to broader funding or collaboration hurdles in the research community, despite advances in computing power.

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Innovation’s path forward in 2024
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The WIPO Global Innovation Index 2024 captures a mixed landscape of progress and challenges in global innovation. While investment in R&D and venture capital has seen a decline, strides in technology adoption, sustainability, and social entrepreneurship mark positive steps forward.

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