Last year, Israel was ranked number 10. The big jump had a lot to do with the huge number of Israeli patents filed over the past 12 months.

First place in the index went to South Korea, which has now held that position for six years running. The Asian country invests heavily in new technologies, and is seen as one of the best places to launch new start-up companies. Germany came in second, followed by Finland and Switzerland.

The ranking is based on research and development spending, production capacity and number of private hi-tech companies. Bloomberg analyzes these factors in 200 countries each year.

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