According to the World Economic Forum, that is. The US held second until last month, now Sweden and Singapore have passed the US. Switzerland just passed the US to take the #1 spot last year. China's moving up and has reached #27. Germany's also climbing the scale, now in the #5 spot. Japan's #6. Finland is #7 and Denmark is #9 putting Scandinavia as a whole in the top 10. Netherlands is #8 and Canada is #10. At the moment. Things are definitely shifting.
The rating is based on 12 variables: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.