Forbes Magazine has released its best countries for business rankings for 2016. The United Kingdom has moved up to 5th place from 10th last year.
Forbes determined the Best Countries for Business by rating 139 nations on 11 different factors: property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection, and stock market performance. Each category was equally weighted.
The World Bank’s Doing Business report was used to grade countries’ taxes, investor protection and red tape/bureaucracy.
The Heritage Foundation’s Index of Economic Freedom provided the basis for ratings on trade freedom and monetary freedom.
Personal freedom ratings came from Freedom House’s Freedom in the World report.
Ratings on technology and innovation came compliments of the World Economic Forum’s annual Global Competitiveness Report.
The corruption rankings were taken from Transparency International’s Corruption Perceptions Index and Forbes used the Property Rights Alliance’s International Property Rights Index to gauge property rights.
Rankings for stock market performance were pulled from Bloomberg and based on the 12-month returns through Dec. 12 for the leading stock index for countries with major equity markets.