Unicorns
Privately held startups valued at 1bn USD or more. Counted as companies; the chart also shows them per million inhabitants, by country.
Where Europe stands now
Unicorns
How many billion-dollar private companies an economy has produced. The United States has more than four times Europe's count.
'%3e%3cpath%20fill='%230052b4'%20d='M0%200h512v512H0z'/%3e%3cpath%20fill='%23ffda44'%20d='m256%20100.2%208.3%2025.5H291l-21.7%2015.7%208.3%2025.6-21.7-15.8-21.7%2015.8%208.3-25.6-21.7-15.7h26.8zm-110.2%2045.6%2024%2012.2%2018.9-19-4.2%2026.5%2023.9%2012.2-26.5%204.2-4.2%2026.5-12.2-24-26.5%204.3%2019-19zM100.2%20256l25.5-8.3V221l15.7%2021.7%2025.6-8.3-15.8%2021.7%2015.8%2021.7-25.6-8.3-15.7%2021.7v-26.8zm45.6%20110.2%2012.2-24-19-18.9%2026.5%204.2%2012.2-23.9%204.2%2026.5%2026.5%204.2-24%2012.2%204.3%2026.5-19-19zM256%20411.8l-8.3-25.5H221l21.7-15.7-8.3-25.6%2021.7%2015.8%2021.7-15.8-8.3%2025.6%2021.7%2015.7h-26.8zm110.2-45.6-24-12.2-18.9%2019%204.2-26.5-23.9-12.2%2026.5-4.2%204.2-26.5%2012.2%2024%2026.5-4.3-19%2019zM411.8%20256l-25.5%208.3V291l-15.7-21.7-25.6%208.3%2015.8-21.7-15.8-21.7%2025.6%208.3%2015.7-21.7v26.8zm-45.6-110.2-12.2%2024%2019%2018.9-26.5-4.2-12.2%2023.9-4.2-26.5-26.5-4.2%2024-12.2-4.3-26.5%2019%2019z'/%3e%3c/g%3e%3c/svg%3e)
'%3e%3cpath%20fill='%23eee'%20d='M256%200h256v64l-32%2032%2032%2032v64l-32%2032%2032%2032v64l-32%2032%2032%2032v64l-256%2032L0%20448v-64l32-32-32-32v-64z'/%3e%3cpath%20fill='%23d80027'%20d='M224%2064h288v64H224Zm0%20128h288v64H256ZM0%20320h512v64H0Zm0%20128h512v64H0Z'/%3e%3cpath%20fill='%230052b4'%20d='M0%200h256v256H0Z'/%3e%3cpath%20fill='%23eee'%20d='m187%20243%2057-41h-70l57%2041-22-67zm-81%200%2057-41H93l57%2041-22-67zm-81%200%2057-41H12l57%2041-22-67zm162-81%2057-41h-70l57%2041-22-67zm-81%200%2057-41H93l57%2041-22-67zm-81%200%2057-41H12l57%2041-22-67Zm162-82%2057-41h-70l57%2041-22-67Zm-81%200%2057-41H93l57%2041-22-67zm-81%200%2057-41H12l57%2041-22-67Z'/%3e%3c/g%3e%3c/svg%3e)
'%3e%3cpath%20fill='%23d80027'%20d='M0%200h512v512H0z'/%3e%3cpath%20fill='%23ffda44'%20d='m140.1%20155.8%2022.1%2068h71.5l-57.8%2042.1%2022.1%2068-57.9-42-57.9%2042%2022.2-68-57.9-42.1H118zm163.4%20240.7-16.9-20.8-25%209.7%2014.5-22.5-16.9-20.9%2025.9%206.9%2014.6-22.5%201.4%2026.8%2026%206.9-25.1%209.6zm33.6-61%208-25.6-21.9-15.5%2026.8-.4%207.9-25.6%208.7%2025.4%2026.8-.3-21.5%2016%208.6%2025.4-21.9-15.5zm45.3-147.6L370.6%20212l19.2%2018.7-26.5-3.8-11.8%2024-4.6-26.4-26.6-3.8%2023.8-12.5-4.6-26.5%2019.2%2018.7zm-78.2-73-2%2026.7%2024.9%2010.1-26.1%206.4-1.9%2026.8-14.1-22.8-26.1%206.4%2017.3-20.5-14.2-22.7%2024.9%2010.1z'/%3e%3c/g%3e%3c/svg%3e)
Unicorns per million inhabitants
World Population Review, unicorn companies by country · 2025
Annual dataset, 2025 values, refreshed with each yearly release.
The story
Unicorns are privately held startups valued above $1 billion. They are a small share of all new businesses and a disproportionate share of the innovation, investment and job creation.
The index scores the count, because a billion-dollar company competes in world markets whatever the population behind it.
The indicator captures how reliably an economy turns entrepreneurial activity into companies of global scale. Europe produces plenty of successful startups; it still produces far fewer unicorns than the United States, and the gap sits in the scale-up phase of the innovation lifecycle.
Why it matters
A unicorn is evidence that an ecosystem can scale what it starts. These companies attract international capital, create highly skilled jobs and often become the next generation of listed companies or global technology leaders. Their founders and early investors go on to build and fund the startups that follow, which is how strong ecosystems compound.
More unicorns means entrepreneurs can find the capital, talent and market access to grow ambitious companies. The metric reads on the health of the whole scale-up system, not just on entrepreneurial activity.
Policy context
Europe has become good at creating startups. The recurring theme in recent competitiveness work is the step after that: late-stage financing, integrated capital markets and the ability to expand across borders decide whether a young company reaches global scale.
The conditions that produce unicorns are largely the same conditions that produce productivity growth, technology leadership and long-term competitiveness. That is why this number belongs in the index.