The Venture Capital & Private Equity
Country Attractiveness Index
Alexander Groh, Heinrich Liechtenstein, Karsten Lieser and Markus Biesinger
Ranking 2023
 
Country Rank/Trend Score Country Rank/Trend Score Country Rank/Trend Score
United States 1 ‐ 100.0   Latvia 43 ↑ 53.3   Georgia 85 ↑ 34.6
United Kingdom 2 ‐ 88.0   Egypt 44 ↓ 53.1   Ivory Coast 86 ↑ 33.8
Japan 3 ↑ 86.8   Hungary 45 ‐ 53.0   Macedonia 87 ↑ 33.7
Canada 4 ‐ 86.6   Bulgaria 46 ↓ 52.7   Azerbaijan 88 ↑ 33.3
Germany 5 ↓ 84.6   Pakistan 47 ↑ 52.7   Mongolia 89 ↑ 31.3
Korea, South 6 ↑ 83.1   Chile 48 ↓ 52.5   Ecuador 90 ↓ 31.2
Singapore 7 ↑ 82.4   Cyprus 49 ↑ 52.4   Botswana 91 ↓ 31.2
China 8 ↑ 82.2   Morocco 50 ↓ 51.9   Montenegro 92 ↑ 31.1
Australia 9 ↓ 81.9   Luxembourg 51 ↓ 51.7   Bosnia-Herzegovina 93 ↑ 30.4
France 10 ↑ 81.5   Slovenia 52 ↓ 51.7   Uganda 94 ↓ 30.4
Netherlands 11 ‐ 79.3   Kazakhstan 53 ↓ 49.9   Zambia 95 ↑ 29.2
Norway 12 ↑ 78.8   Tunisia 54 ↑ 49.3   Senegal 96 ↑ 28.4
Denmark 13 ↓ 78.1   Oman 55 ↑ 49.3   Malawi 97 ↑ 28.4
Switzerland 14 ↓ 76.2   Kuwait 56 ↑ 49.0   Algeria 98 ↑ 28.2
Hong Kong 15 ↓ 75.8   Iceland 57 ↑ 48.9   Armenia 99 ↓ 28.1
Finland 16 ‐ 75.6   Qatar 58 ↓ 48.4   Dominican Republic 100 ↓ 28.1
Israel 17 ‐ 74.6   Malta 59 ↑ 47.8   Moldova 101 ‐ 27.5
India 18 ↑ 74.2   Vietnam 60 ↑ 47.7   Zimbabwe 102 ↑ 26.4
Belgium 19 ↓ 73.9   Croatia 61 ↑ 46.6   Kyrgyzstan 103 ↓ 25.9
Malaysia 20 ↓ 73.0   Slovakia 62 ↓ 46.3   Bolivia 104 ‐ 25.7
Spain 21 ↓ 71.4   Bahrain 63 ↓ 46.0   Albania 105 ↓ 25.5
Italy 22 ‐ 70.7   Bangladesh 64 ↑ 45.9   Lebanon 106 ↓ 25.2
Taiwan 23 ↓ 70.5   Colombia 65 ↓ 45.7   Cambodia 107 ‐ 24.4
Ireland 24 ‐ 67.4   South Africa 66 ↓ 45.3   Guatemala 108 ↓ 23.3
Thailand 25 ↑ 66.6   Jordan 67 ↑ 44.2   Burkina Faso 109 ↓ 22.8
Saudi Arabia 26 ↑ 66.1   Kenya 68 ↑ 43.6   El Salvador 110 ‐ 21.8
Poland 27 ↓ 65.5   Nigeria 69 ↑ 43.6   Ethiopia 111 ‐ 21.7
Sweden 28 ↓ 64.0   Belarus 70 ↓ 43.5   Madagascar 112 ↑ 21.4
New Zealand 29 ↓ 63.0   Peru 71 ↓ 43.3   Paraguay 113 ↓ 21.1
Czech Republic 30 ↑ 62.7   Ukraine 72 ↑ 42.9   Cameroon 114 ↑ 20.6
Austria 31 ↓ 62.0   Russian Federation 73 ↓ 41.7   Mali 115 ↓ 20.5
Estonia 32 ↑ 61.3   Sri Lanka 74 ↓ 41.5   Mozambique 116 ↓ 20.2
United Arab Emirates 33 ↑ 59.6   Argentina 75 ↓ 41.5   Nicaragua 117 ↑ 20.1
Portugal 34 ‐ 59.0   Mauritius 76 ‐ 41.3   Benin 118 ↓ 19.6
Indonesia 35 ↑ 58.8   Jamaica 77 ↓ 41.1   Syria 119 ↓ 17.9
Romania 36 ↑ 58.2   Ghana 78 ↓ 40.3   Lesotho 120 ‐ 15.6
Turkey 37 ‐ 57.8   Tanzania 79 ↑ 39.7   Angola 121 ↑ 14.6
Mexico 38 ↓ 57.6   Panama 80 ↓ 38.9   Burundi 122 ↑ 12.5
Brazil 39 ↑ 54.5   Serbia 81 ↓ 38.4   Mauritania 123 ↓ 12.4
Philippines 40 ↑ 54.5   Rwanda 82 ↓ 37.5   Chad 124 ‐ 11.8
Lithuania 41 ↑ 54.4   Namibia 83 ↓ 36.7   Venezuela 125 ‐ 11.6
Greece 42 ↑ 54.4   Uruguay 84 ↓ 36.3  
↑ indicates a rank increase over a five-year period. ↓ indicates a rank decrease over a five-year period.
Last updated: 4 Nov 2023