Where Startups Are Booming in 2026: The Global Cities Leading the Surge

The global startup economy has become a barometer for innovation, economic resilience, and future growth potential. Post-pandemic shifts in investment patterns, the rapid advancement of AI technologies, and the normalisation of remote infrastructure have altered where new businesses are being founded and scaled. 

Success is no longer confined to traditional hubs like Silicon Valley; smaller nations with supportive ecosystems are punching well above their weight. BusinessesForSale.com, a global online marketplace connecting business buyers and sellers across 130+ countries, analysed unicorn startup data to reveal which countries are building the most successful startup ecosystems. 

The study examined 45 countries with populations over 5 million, using unicorn companies (startups valued at over $1 billion USD) as a measure of entrepreneurial success. By calculating the number of unicorns per 10 million people, the analysis reveals which nations have created the most fertile ground for high-growth businesses, independent of overall population size.

The World’s Densest Startup Ecosystems

Table 1: Top 10 Countries by Startups Per Capita

Singapore claims the top position with 23.85 unicorns per 10 million people, despite having just 14 unicorn companies in total. This small city-state has built one of the world’s most concentrated startup ecosystems through strategic government investment, favourable tax policies, and positioning itself as Asia’s gateway for tech innovation. 

The United States follows closely with 20.50 unicorns per 10 million people, though its 712 total unicorns far exceed any other nation in absolute terms.

Ireland’s third-place ranking at 16.96 per capita demonstrates how smaller European nations have leveraged EU membership, English-speaking workforces, and competitive corporate tax rates to attract both startups and the multinational tech companies that often acquire them. 

The pattern continues with Norway (8.89), the United Kingdom (7.91), and Finland (7.11), all countries that have invested heavily in education, digital infrastructure, and research funding.

The Nordic countries particularly stand out, with Finland, Sweden, and Norway all appearing in the top ten despite modest populations. These nations share common characteristics: strong social safety nets that reduce the personal risk of entrepreneurship, highly educated workforces, and government policies that actively support innovation through grants and tax incentives.

“What these top-ranking countries demonstrate is that startup success is about creating the right conditions,” says Andrew Markou, Co-owner & CEO of BusinessesForSale.com.

Singapore and Ireland have built reputations as business-friendly environments with access to capital, talent, and markets. The Nordic countries show that strong public institutions and social infrastructure actually support risk-taking rather than inhibit it. These ecosystems are scalable because they’ve addressed the fundamental barriers: access to funding, regulatory clarity, and pathways to international markets.”

Switzerland (6.69), Canada (5.48), and the Netherlands (4.91) round out the top ten, each offering distinct advantages, from Switzerland’s financial services expertise to Canada’s immigrant-friendly policies and the Netherlands’ central European location and multilingual workforce.

Where Startup Growth Is Lagging

Table 2: Bottom 10 Countries by Startups Per Capita

The bottom of the rankings reveals a stark contrast. Nigeria and Egypt both register just 0.08 unicorns per 10 million people, despite Nigeria’s tech scene gaining international attention in recent years. 

The Philippines (0.09), Turkey (0.11), and South Africa (0.15) show similarly low rates, highlighting how even countries with growing economies and large populations struggle to create the conditions for unicorn-scale success.

Indonesia presents an interesting case, with 7 unicorns, it has more than most countries on this list, but its massive population of over 270 million means it still ranks near the bottom at 0.24 per capita. This shows how raw startup numbers can mask ecosystem underdevelopment when population size isn’t considered.

The barriers facing these countries are multifaceted: 

• Many lack mature venture capital markets, forcing entrepreneurs to seek funding abroad or bootstrap indefinitely. 
• Regulatory environments can be unpredictable, with bureaucratic hurdles that drain time and resources. 
• Infrastructure gaps, from unreliable internet connectivity to inefficient banking systems, add friction at every stage of business development. 
• Currency instability and capital controls can make it difficult to attract international investment or operate across borders.

“Countries at the bottom of this ranking are missing the ecosystem infrastructure that turns promising startups into billion-dollar companies,” notes Markou. “That means venture capital firms willing to write early-stage cheques, legal frameworks that protect intellectual property and enable smooth exits, and government policies that support business formation. These are solvable problems. Countries like Estonia have shown how deliberate policy reform can rapidly accelerate startup activity.”

Vietnam (0.20), Argentina (0.22), and Malaysia (0.28) occupy the middle ground of the bottom ten. Each has produced at least one unicorn, proving that breakthrough success is possible, but the low per-capita rates suggest these wins haven’t yet catalysed broader ecosystem development.

Andrew Markou, Co-owner & CEO of BusinessesForSale.com, commented:

“The global startup map is being redrawn. Over the next decade, we’ll likely see a continued shift away from the ‘winner-takes-all’ model where a handful of cities dominated all venture activity. Remote work has permanently changed where founders choose to build companies, and investors are becoming more comfortable backing teams outside traditional hubs.

“Emerging markets that address their infrastructure and regulatory gaps could see explosive growth. Countries like India and Brazil aren’t far behind the bottom ten but have massive domestic markets that could drive the next wave of unicorns. Meanwhile, established leaders like Singapore and the US will need to maintain their competitive advantages as talent and capital become more globally mobile.

“The countries that succeed will be those that view startup ecosystems as national infrastructure, as important as roads or schools. That means long-term commitment to funding, education, and creating environments where failure isn’t financially devastating.”

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