Global Unicorn Index 2025

The Hurun Research Institute has released the Hurun Global Unicorn Index 2025, which is an important report for the global startup ecosystem. In 2023, there were a record 1,523 privately held businesses that had achieved valuations over $1 billion, which are called unicorns. Together, they are worth $5.6 trillion and they are leading the way, in terms of global innovation and entrepreneurship.

Global Growth of Unicorns

Since 2019, the number of countries with unicorns has grown by 120%, now at 52 countries. Likewise, unicorns are now in 307 cities, representing a year-on-year increase of 160%, showing a diversity in geography. The startup ecosystem is spreading beyond traditional tech hubs.

Key Points:

• The United States and China together host over 72 percent of the world’s unicorns.
• India is number three, which reflects India’s increasing importance in the global technology environment.
• Europe – mainly the German market, France and the UK – has an increasing number of unicorns.
• Singapore’s position shows Southeast Asia as an important region of the innovation economy.
• Unicorns are showing up in fintech, healthcare, green energy, education and gaming industries beyond normal tech sectors.

Top 10 Countries by Number of Unicorns (2025)