1. United States

 The United States remains the top startup nation globally in 2025, clearly ahead of the rest. Its lead over the United Kingdom has narrowed from five times in 2020 to 3.7 times in 2022, and has held steady since. However, the U.S. shows signs of slowing, with the lowest ecosystem growth rate among the top 10 at just 18.2%. The number of U.S. cities in the global top 100 has declined to 32—the lowest in five years—and representation in the global top 300 also dropped, from 85 cities in 2024 to 81 in 2025. U.S. cities now make up only 22% of the global top 1,000, continuing a consistent downward trend. Of the top 10 U.S. cities, six declined in rank this year, while only three cities in the top 100 showed any upward movement.

 2. United Kingdom

 The United Kingdom strengthens its hold on second place in 2025, widening the gap over Israel after years of convergence. The difference between the UK and Israel grew from 8.6% in 2024 to 13.8% in 2025. With a population-adjusted growth rate of 26%, the UK is one of the fastest-growing ecosystems in the top 20. It also maintains its status as Europe’s leading startup nation, with a total score more than double that of the next-best European country, Sweden. However, the number of UK cities in the global top 1,000 has declined for the third consecutive year, now standing at 68, down from a peak of 78 in 2022. London continues to dominate domestically, with a score 15 times higher than the next-ranked UK city, Cambridge.

 3. Israel

 Israel remains in third place globally for the fifth consecutive year. Although it had narrowed the gap with the UK from 17% in 2022 to 8.6% in 2024, the trend reversed in 2025, with the UK reestablishing a 13.8% lead. Israel’s growth rate of 20.6% is the fourth-lowest among the top 20 countries. The country remains the highest-ranked nation with a population between 2 and 10 million. However, its city-level momentum has weakened, with the number of Israeli cities in the global top 1,000 falling to 12, and seven of them experiencing negative ranking movement.

 4. Singapore

 Singapore makes a historic leap to 4th place in 2025, overtaking Canada and becoming the first country outside the U.S., UK, Israel, and Canada to break into the global top 4. Singapore posted one of the highest ecosystem growth rates among the top 20 at 44.9%, well above the average of 28.5%. Since 2020, Singapore has climbed 12 places, marking one of the fastest growth trajectories in the world. After surpassing China in 2022, Singapore has now doubled China’s total score. The country ranks 2nd globally in both Ecommerce & Retail and Fintech, and excels in sub-industries such as Financial Services, Blockchain, and Virtual Currency.

 5. Canada

 Canada drops to 5th place in 2025, ending its five-year tenure in the global top 4. The country’s growth rate of 18.8% is the second-lowest in the top 20, underscoring the difficulty of sustaining rapid growth at the highest levels. Canada’s number of cities in the global top 1,000 decreased to 39, down from a brief peak of 46 in 2024. Despite this decline, Canada remains one of only four countries—along with the U.S., China, and India—with at least three cities in the global top 50. Canadian ecosystems in the top 100 showed mixed performance, with half improving and half declining, and no new cities entering the top 1,000 this year.

 6. Sweden

 Sweden holds its 6th-place position globally and remains the top-ranked country in the European Union. It also retains second place in Europe behind the UK. With a growth rate exceeding 30%, Sweden leads among the top three EU countries. The number of Swedish cities in the global top 1,000 increased from 12 in 2024 to 19 in 2025, with seven cities entering the ranking for the first time. Although six of Sweden’s top 10 cities declined in global rank, this is a slight improvement from the previous year. The country’s ecosystem remains centered around Stockholm, which has a score seven times higher than Gothenburg, reversing last year’s narrowing trend.

 7. Germany

 Germany continues to hold 7th place globally in 2025. It maintains a robust population-adjusted growth rate of 28.4%, well above the global average. The number of German cities in the global top 1,000 rose from 45 to 53, increasing the ecosystem’s depth and geographic diversity. Germany also leads the EU in terms of representation in the EU top 50 list, with eight cities, despite losing one from last year. Berlin remains the leading startup hub, although the gap with Munich is gradually narrowing. Germany’s top-performing industry is Transportation, where it ranks 5th globally.

8. France

 France holds steady in 8th place globally and remains 4th in Europe and 3rd in the EU. It records a strong population-adjusted growth rate above 30%, making it one of the top performers in the global top 10. The gap between France and both Switzerland and the Netherlands has widened. France now has 32 cities in the global top 1,000, including five newcomers in 2025. Paris remains the country’s dominant ecosystem, being the only French city in the global top 10, while two others place within the top 150. Notably, all of France’s top-ranked cities, except Toulouse, grew by at least 30%. France ranks 6th globally in Ecommerce & Retail, its strongest industry.

 9. Switzerland

 Switzerland climbs one spot to 9th globally in 2025, recovering further from its four-place drop in 2022. It now ranks 5th in Europe, surpassing the Netherlands. With a growth rate exceeding 31%, Switzerland has the highest growth among the top five European countries. The country has 16 cities in the global top 1,000, one fewer than last year, though its top three ecosystems continue to show positive momentum. Switzerland stands out for its decentralized structure, with no cities in the global top 50. Its top-ranked industry is Healthtech, where it ranks 3rd globally and 2nd in Europe.

 10. Netherlands

 The Netherlands falls one place to 10th in the global rankings and drops to 6th in Europe while holding steady as 4th in the EU. The country recorded a growth rate of over 26%, strong but not enough to keep pace with Switzerland and France. It now has its highest-ever number of cities in the global top 1,000, increasing from 20 to 24. Amsterdam remains its leading startup city, the only one in the global top 30, with four more cities ranked in the top 200. The Netherlands ranks 5th globally and 1st in the EU in Ecommerce & Retail, its best-performing industry.