25 most innovative economies in the world

There are some countries that encourage innovation, risk-taking and entrepreneurship, while there are some that don't put much emphasis on innovation.

Let's take a look at most innovative nations.

Source: Bloomberg Visual Data

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United States

Total score: 89.5 per cent

Rank on R&D intensity: 9

Rank on productivity: 3

Rank on high-tech density: 1

Rank on researcher concentration: 10

Rank on manufacturing capability: 52

Overall rank in innovation: 1

United States, which has a per capita income of $52,839, is ranked best when it comes to innovation.

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South Korea

Total score: 82.3 per cent

Rank on R&D intensity: 5

Rank on productivity: 33

Rank on high-tech density: 3

Rank on researcher concentration: 8

Rank on manufacturing capability: 3

Overall rank in innovation: 2

South Korea, which has a per capita income of $33,156, is ranked second when it comes to innovation.

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Germany

Total score: 81.1 per cent

Rank on R&D intensity: 8

Rank on productivity: 7

Rank on high-tech density: 4

Rank on researcher concentration: 17

Rank on manufacturing capability: 23

Overall rank in innovation: 3

Germany, which has a per capita income of $39,468, is ranked third when it comes to innovation.

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Finland

Total score: 80.2 per cent

Rank on R&D intensity: 2

Rank on productivity: 14

Rank on high-tech density: 11

Rank on researcher concentration: 1

Rank on manufacturing capability: 31

Overall rank in innovation: 4

Finland, which has a per capita income of $36,395, is ranked fourth when it comes to innovation.

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Sweden

Total score: 79.1 per cent

Rank on R&D intensity: 3

Rank on productivity: 11

Rank on high-tech density: 6

Rank on researcher concentration: 7

Rank on manufacturing capability: 49

Overall rank in innovation: 5

Sweden, which has a per capita income of $36,395, is ranked fifth when it comes to innovation.

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Japan

Total score: 76.0 per cent

Rank on R&D intensity: 4

Rank on productivity: 21

Rank on high-tech density: 20

Rank on researcher concentration: 6

Rank on manufacturing capability: 15

Overall rank in innovation: 6

Japan, which has a per capita income of $37,135, is ranked sixth when it comes to innovation.

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Singapore

Total score: 75.4 per cent

Rank on R&D intensity: 11

Rank on productivity: 20

Rank on high-tech density: 16

Rank on researcher concentration: 4

Rank on manufacturing capability: 10

Overall rank in innovation: 7

Singapore, which has a per capita income of $61,046, is ranked seventh when it comes to innovation.

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Austria

Total score: 75.0 per cent

Rank on R&D intensity: 10

Rank on productivity: 9

Rank on high-tech density: 14

Rank on researcher concentration: 15

Rank on manufacturing capability: 29

Overall rank in innovation: 8

Austria, which has a per capita income of $42,408, is ranked eighth when it comes to innovation.

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Denmark

Total score: 73.3 per cent

Rank on R&D intensity: 6

Rank on productivity: 12

Rank on high-tech density: 18

Rank on researcher concentration: 3

Rank on manufacturing capability: 66

Overall rank in innovation: 9

Denmark, which has a per capita income of $37,657, is ranked ninth when it comes to innovation.

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France

Total score: 72.3 per cent

Rank on R&D intensity: 14

Rank on productivity: 6

Rank on high-tech density: 8

Rank on researcher concentration: 18

Rank on manufacturing capability: 73

Overall rank in innovation: 10

France, which has a per capita income of $35,680, is ranked 10th when it comes to innovation.

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The Netherlands

Total score: 72.2 per cent

Rank on R&D intensity: 18

Rank on productivity: 4

Rank on high-tech density: 5

Rank on researcher concentration: 26

Rank on manufacturing capability: 60

Overall rank in innovation: 11

The Netherlands, which has a per capita income of $41,447, is ranked 11th when it comes to innovation.

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Ireland

Total score: 71.5 per cent

Rank on R&D intensity: 21

Rank on productivity: 8

Rank on high-tech density: 19

Rank on researcher concentration: 21

Rank on manufacturing capability: 7

Overall rank in innovation: 12

Ireland, which has a per capita income of $43,592, is ranked 12th when it comes to innovation.

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Norway

Total score: 71.2 per cent

Rank on R&D intensity: 20

Rank on productivity: 2

Rank on high-tech density: 13

Rank on researcher concentration: 5

Rank on manufacturing capability: 81

Overall rank in innovation: 13

Norway, which has a per capita income of $55,398, is ranked 13th when it comes to innovation.

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Russia

Total score: 69.6 per cent

Rank on R&D intensity: 29

Rank on productivity: 41

Rank on high-tech density: 2

Rank on researcher concentration: 24

Rank on manufacturing capability: 38

Overall rank in innovation: 14

Russia, which has a per capita income of $18,083, is ranked 14th when it comes to innovation.

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Belgium

Total score: 69.1 per cent

Rank on R&D intensity: 15

Rank on productivity: 5

Rank on high-tech density: 15

Rank on researcher concentration: 20

Rank on manufacturing capability: 55

Overall rank in innovation: 15

Belgium, which has a per capita income of $37,883, is ranked 15th when it comes to innovation.

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Luxembourg

Total score: 68.5 per cent

Rank on R&D intensity: 22

Rank on productivity: 1

Rank on high-tech density: 12

Rank on researcher concentration: 9

Rank on manufacturing capability: 84

Overall rank in innovation: 16

Luxembourg, which has a per capita income of $79,785, is ranked 16th when it comes to innovation.

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Canada

Total score: 67.9 per cent

Rank on R&D intensity: 16

Rank on productivity: 15

Rank on high-tech density: 25

Rank on researcher concentration: 11

Rank on manufacturing capability: 67

Overall rank in innovation: 17

Canada, which has a per capita income of $43,146, is ranked 17th when it comes to innovation.

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United Kingdom

Total score: 67.0 per cent

Rank on R&D intensity: 19

Rank on productivity: 13

Rank on high-tech density: 23

Rank on researcher concentration: 16

Rank on manufacturing capability: 69

Overall rank in innovation: 18

United Kingdom, which has a per capita income of $37,299, is ranked 18th when it comes to innovation.

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Slovenia

Total score: 66.9 per cent

Rank on R&D intensity: 17

Rank on productivity: 23

Rank on high-tech density: 34

Rank on researcher concentration: 19

Rank on manufacturing capability: 19

Overall rank in innovation: 19

Slovenia, which has a per capita income of $28,195, is ranked 19th when it comes to innovation.

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Iceland

Total score: 66.4 per cent

Rank on R&D intensity: 12

Rank on productivity: 16

Rank on high-tech density: N/A

Rank on researcher concentration: 2

Rank on manufacturing capability: 54

Overall rank in innovation: 20

Iceland, which has a per capita income of $39,223, is ranked 20th when it comes to innovation.

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Switzerland

Total score: 64.8 per cent

Rank on R&D intensity: 7

Rank on productivity: 17

Rank on high-tech density: 10

Rank on researcher concentration: 22

Rank on manufacturing capability: N/A

Overall rank in innovation: 21

Switzerland, which has a per capita income of $45,999, is ranked 21st when it comes to innovation.

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Australia

Total score: 64.2 per cent

Rank on R&D intensity: 13

Rank on productivity: 10

Rank on high-tech density: 37

Rank on researcher concentration: 14

Rank on manufacturing capability: 80

Overall rank in innovation: 22

Australia, which has a per capita income of $43,042, is ranked 22nd when it comes to innovation.

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The Czech Republic

Total score: 62.5 per cent

Rank on R&D intensity: 24

Rank on productivity: 30

Rank on high-tech density: 26

Rank on researcher concentration: 28

Rank on manufacturing capability: 11

Overall rank in innovation: 23

The Czech Republic, which has a per capita income of $27,190, is ranked 23rd when it comes to innovation.

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Italy

Total score: 61.3 per cent

Rank on R&D intensity: 28

Rank on productivity: 19

Rank on high-tech density: 22

Rank on researcher concentration: 34

Rank on manufacturing capability: 36

Overall rank in innovation: 24

Italy, which has a per capita income of $29,598, is ranked 24th when it comes to innovation.

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Portugal

Total score: 60.4 per cent

Rank on R&D intensity: 23

Rank on productivity: 34

Rank on high-tech density: 27

Rank on researcher concentration: 13

Rank on manufacturing capability: 57

Overall rank in innovation: 25

Portugal, which has a per capita income of $22,930, is ranked 25th when it comes to innovation.