Uganda has surprisingly been named as the most entrepreneurial country in the world in a report by B2B marketplace Approved Index.
The research looked at 73 countries and the results are based on the proportion of adults who have started a business.
In Uganda 28% have done so, which is almost twice as many as have done in the second ranked country Thailand (16.7%).
Australia ranks the highest of the developed nations in 26th place. This is followed by Canada in 27th, the UK in 33rd and the US is 37th.
Italy is the least entrepreneurial country in Europe as only 1.4% of adults from the country have started their own business.
Trilby Rajna of Approved Index said that in poorer countries with high unemployment “citizens turn to starting their own small businesses where they see opportunity”.
“I am South African and will never forget the makeshift cardboard photo booth pitched outside the traffic department in Cape Town,” she said.
“All that was needed was a camera, a portable printer and a plain wall. People like myself who had forgotten to bring ID photos along for their license renewal were queuing up outside. It was an excellent idea.”
Top 10 Most Entrepreneurial Countries in the World (percentage of adults who have started a business)
- Uganda (28.10%)
- Thailand (16.70%)
- Brazil (13.80%)
- Cameroon (13.70%)
- Vietnam (13.30%)
- Angola (12.40%)
- Jamaica (11.90%)
- Botswana (11.10%)
- Chile (11.00%)
- Philippines (10.50%)
The 10 Least entrepreneurial countries
- Suriname 0.2%
- Puerto Rico 1.3%
- Italy 1.3%
- Japan 1.3%
- France 1.3%
- Kosovo 1.8%
- Sweden 1.9%
- Croatia 2.0%
- Spain 2.2%
- Luxembourg 2.3%
Further reading: Branson – entrepreneurs should be force for good