Bloomberg ranked countries and sovereigns based on their overall ability to innovate and identified the top 50.
Six equally weighted metrics were considered and their scores combined to provide an overall score for each country from zero to 100.
1. R&D intensity: Research and development expenditure as a percentage of GDP
2. High-value manufacturing: Manufacturing value-added per capita
3. High-tech enterprises: Number of domestically domiciled high-tech public companies -- such as aerospace and defense, biotechnology, hardware, software, semiconductors, Internet software and services, and renewable energy companies -- as a share of world's total high-tech public companies
4. Postsecondary education: Number of secondary graduates enrolled in postsecondary institutions as a percentage of cohort; percentage of labor force with tertiary degrees; annual science and engineering graduates as a percentage of the labor force and as a percentage of total tertiary graduates
5. Research personnel: Professionals, including Ph.D. students, engaged in R&D per 1 million population
6. Patent activity: Resident utility patent filings per 1 million population and per $1 million of R&D spent; utility patents granted as a percentage of world total
Of the more than 200 countries and sovereigns evaluated, 69 had data for all six metrics. Postsecondary education and patent activity consisted of multiple factors that were weighted equally. Weights were rescaled for countries with some but not all of the factors in those two metrics. Most recent data available were used.
The factor rankings only include the top 50 countries. Ties were broken by extending the number of decimal points.
Sources: Bloomberg, International Monetary Fund, World Bank, Organisation for Economic Co-operation and Development, World Intellectual Property Organization, United Nations Educational, Scientific and Cultural Organization
January 14, 2015