Joint publication of "2014 Global Innovation Index Report"

Cornell University, the European College of Business Administration and the World Intellectual Property Organization jointly released the 2014 Global Innovation Index Report. The list shows that Switzerland ranks first in all countries, making it the fourth time the country has topped the list.

Britain overtook Sweden for second place on the list. The United States topped the list in 2009, ranking sixth this year. In 2007, the United States ranked No. 1 and its ranking dropped to No. 11 in 2010, due in part to the U.S. economy being dragged down by the financial crisis.

The Global Innovation Index has multiple parameters, including institutional, human, research, infrastructure, market, firm maturity, knowledge, technology and innovation, taking 81 different indicators from 143 economies to arrive at the final rankings.

Regionally, Europe has the highest number of top-ranked countries, followed by North America. Countries with higher incomes are generally ranked higher on the list, and China is ranked 29th among middle-income countries. The report argues that China's ability to innovate is rapidly rising compared to other BRICS countries and is expected to top 10 in the next few years.