The list is compiled by Bloomberg and uses the combined factors of R&D intensity, Manufacturing added-value, Productivity, High-tech density, Tertiary efficiency, Researcher concentration, and Patent activity.
The 2018 Bloomberg Innovation Index shows that South Korea has kept its #1 spot from last year. This marks the nation's 5th consecutive year on top. Meanwhile, the United States has been bumped down to #11 - it's the first time in 6 years that the U.S. has ranked out of the top 10.
South Korea's most-valuable company, Samsung Electronics Co., has once again played a vital role in the nation's economy and place on the innovation index.
The full list of 'Fifty Most Innovative Economies' can be found below.