The Venture Capital & Private Equity
Country Attractiveness Index
Alexander Groh, Heinrich Liechtenstein, Karsten Lieser and Markus Biesinger

Belgium  
Rank: 19 · Score: 73.9  

Basic facts        
Population (millions) 11.7   IPOs and pulic issues (quartile) 3rd
GDP (US$ billions) 581.0   M&A volume (quartile) 3rd
GDP per capita (US$) 49,784.9   Venture capital investments (quartile) Top
GDP growth (per cent) 0.7   Private equity investments (quartile) Top
 
 
 
Performance Overview
Indicator   Rank / 125 Rank Trend Score
VC/PE Country Attractiveness Index 19 107, 107, 107, 107, 106 73.9
1 Economic Activity 33 93, 91, 102, 94, 92 80.4
2 Depth of Capital Market 24 97, 99, 101, 99, 101 69.2
3 Taxation 64 46, 46, 41, 50, 61 90.4
4 Investor Protection and Corporate Governance 12 107, 113, 113, 113, 113 96.6
5 Human and Social Environment 26 101, 100, 99, 99, 99 46.5
6 Entrepreneurial Opportunities 18 108, 108, 108, 108, 107 81.9


 
Historic performance, 2019-2023   Key driver performance, 2023
 

   
VC/PE Rank  
VC Rank  
PE Rank
Belgium  
Western Europe
 
 
 
Peer Group Comparison
 
Regional Peers Economic Activity Depth of Capital Market Taxation Investor Protection and
Corporate Governance
Human and Social
Environment
Entrepreneurial
Opportunites
Denmark 79.1 67.9 98.9 102.0 60.4 86.7
Switzerland 83.4 68.0 108.9 75.3 65.1 85.3
Finland 74.6 66.2 105.4 101.5 53.5 86.3
Belgium 80.4 69.2 90.4 96.6 46.5 81.9
Spain 72.9 70.0 90.9 82.6 53.4 74.8
Italy 81.6 76.4 89.8 63.7 47.8 75.8
Ireland 84.6 52.9 92.3 98.2 48.1 71.9
Last updated: 4 Nov 2023