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According to the World Intellectual Property Organization’s last published report in 2023, The Global Innovation Index scores and ranks are derived from students’ assessment of the innovation index of 132 countries around the globe. The rankings are as per the GII model and under multiple pillars and indicators of innovation.
The key factors that form the basis of the GII rankings include:
- Innovation Inputs
- Institutions
- Human capital and research
- Infrastructure
- Market sophistication
- Business sophistication
- Innovation Outputs
- Knowledge and technology outputs
- Creative outputs
These pillars are split down into second-layer sub-indicators consisting of the political environment, education, ICT usage, credit, investment, knowledge production, known impact, and creative goods/ services.
The GII employs quantitative and qualitative methods whereby it assigns scores to each indicator based on a combination of quantitative information and survey data. It is therefore calculated as the arithmetic mean of the GII Input Sub-Index and GI Output Sub-Index.
This is done to determine each economy’s position with the other economies in the index used to establish the rankings. The world’s top-ranked economies perform well in most aspects of innovation pillars and indicators as shown below.
The GII also point to the over and under-achievers in innovation for each level of economic development as well as the economies that have been moving to the top or bottom with speed for the past decade. Below are the Top 10 Countries in the Global Innovation Index as per the World Intellectual Property Organization (WIPO) -
| Rank | Country | 2024 | 2023 | 2022 |
| 1 | Switzerland | 67.6 | 67.6 | 65.5 |
| 2 | Sweden | 64.2 | 64.2 | 63.7 |
| 3 | United States | 63.5 | 63.5 | 61.3 |
| 4 | United Kingdom | 62.4 | 62.4 | 61.7 |
| 5 | Singapore | 61.5 | 61.5 | 59.2 |
| 6 | Republic of Korea | 61.2 | 61.2 | 59.9 |
| 7 | Netherlands | 60.4 | 60.4 | 59.8 |
| 8 | Germany | 59.6 | 59.6 | 58.9 |
| 9 | Finland | 59.5 | 59.5 | 58.1 |
| 10 | Denmark | 59.4 | 59.4 | 58.6 |
Key Takeaways
- Comparing innovation economies in 2023, the country ranking shows that Switzerland takes the first place ranking in first place for the position of the most innovative economy for 13 years in succession.
- Sweden reached second place in 2023 bypassing the USA in the ranking.
- Singapore will move up to the top 5 by 2023.
- Finland appears on the list again at a higher position at #6 in 2023 still ranking away from the top 5’s position.
The Global Innovation Index gives insight into the innovation landscape of 132 countries around the World and helps to capture trends and serve as a measure of comparison.
India's Ranking in the Global Innovation Index
India has been steadily improving its ranking in the Global Innovation Index (GII) over the past few years:
- In 2022, India ranked 40th among 132 economies, climbing 6 positions from the previous year. This was the first time India entered the top 40.
- In 2023, India retained its 40th rank, with a statistical confidence interval between 37 and 43.
- India ranks 1st among the 37 lower-middle-income group economies and 1st among the 10 economies in Central and Southern Asia.
The Global Innovation Index 2024 underscores the importance of innovation across economies, with Switzerland maintaining its top spot for 13 consecutive years. The rankings reflect the dynamic shifts in global innovation, offering valuable insights for policymakers, businesses, and researchers aiming to enhance their competitive edge in the global economy.
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