India is the global leader for entrepreneurism according to The Global Entrepreneurial Report published today by Oracle Capital Group, the independent multi-family office and wealth consultancy.
At 7th Ireland is Europe’s most entrepreneurial country, with the UK appearing 28th in the entrepreneurial measure.
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The report presents a ranking measure of entrepreneurism in 33 major industrial nations and emerging economies, measuring the opinions, attitudes, experiences and activity that contribute to entrepreneurism, by looking at factors such as "perception of entrepreneurs", "attitude to risks involved in starting a new venture", "fear of failure", "willingness to risk personal finance" and "national levels of entrepreneurial activity", amongst others.
The findings provide a comparative study of factors driving and discouraging entrepreneurism in these economies versus the impact of these trends on the growth of national economies.
The report also provides data on key aspects of wealth development and distribution such as governmental support for entrepreneurship, as well as the attitudes of entrepreneurs to emigrating or remaining in their country of origin.
Key findings include:
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By GlobalData- Developing countries rank best for entrepreneurism
- The strong correlation between growth of personal and national wealth in countries where entrepreneurism is high
- A growing number of High Net Worth individuals come from ‘entrepreneurial’ countries
- Higher proportion of entrepreneurial activity in emerging economies, driven by necessity, despite these countries being more difficult to do business in
- More than half of the world’s richest 1,000 individuals come from the top ten entrepreneurial countries
- One of the biggest inhibitors to entrepreneurism is legislation and red tape
- Wealthy individuals from the most entrepreneurial countries tend to remain in their homelands
Martin Graham, Chairman of Oracle Capital Group, said: "The report is a valuable insight into the significance of entrepreneurial contribution to the growth of national economies and underscores the importance of businesses receiving support at government level. The striking results for emerging economies are a positive indicator of ongoing market development and growth in these regions.
"Oracle Capital Group, founded by entrepreneurs, has a unique understanding of the motivations and wealth management needs of this developing generation of wealthy entrepreneurs. Our strong and close client relationships importantly extend to ensuring we understand the socio economic backdrop of the regions in which they have created their wealth. These findings match clear trend we are seeing amongst our client base reflecting the significant rise of ‘new’ wealth orginating from emerging markets."
