NZ tops Forbes list of best countries for business

New Zealand has topped Forbes annual list of the best countries for business.

We're up from number two last year, the US magazine says, "Thanks to a transparent and stable business climate that encourages entrepreneurship. New Zealand is the smallest economy in our top 10 at $US162 billion, but it ranks first in four of the 11 metrics we examined, including personal freedom and investor protection, as well as a lack of red tape and corruption.

Forbes adds,  "New Zealand’s economy is closely tied to Australia’s, and both held up better than most during the global financial crisis. The downside to the resilience of its economy is that the New Zealand dollar has appreciated, making the country’s agricultural exports more expensive. The higher prices have helped to push up unemployment to 7.3% - the highest level since 1999.

"New Zealand cut its corporate tax rate from 30% to 28% last year and eliminated certain deductions, making the cut fiscally neutral. Investors have prospered, with the country’s benchmark stock index, the NZX 50, up 24% over the past 12 months."

Australia came in 11th - which would be satisfying if real life business success could be measured in Forbes lists rather rather than real-life economic success.

Forbes Top 12 countries for business (all $ figures USD)

#1 New Zealand
GDP: $162 billion
GDP per capita: $39,300
Public debt as % of GDP: 36%

#2 Denmark
GDP: $333 billion
GDP per capita: $59,684
Public debt as % of GDP: 44%

#3 Hong Kong
GDP: $244 billion
GDP per capita: $34,457
Public debt as % of GDP: 30%

#4 Singapore
GDP: $240 billion
GDP per capita: $46,241
Public debt as % of GDP: 118%

#5 Canada
GDP: $1.7 trillion
GDP per capita: $50,345
Public debt as % of GDP: 87%

#6 Ireland
GDP: $217 billion
GDP per capita: $48,423
Public debt as % of GDP: 105%

#7 Sweden
GDP: $538 billion
GDP per capita: $56,927
Public debt as % of GDP: 38%

#8 Norway
GDP: $486 billion
GDP per capita: $98,102
Public debt as % of GDP: 58%

#9 Finland
GDP: $266 billion
GDP per capita: $49,391
Public debt as % of GDP: 49%

#10 United Kingdom
GDP: $2.4 trillion
GDP per capita: $38,818
Public debt as % of GDP: 86%

#11 Australia
GDP: $1.4 trillion
GDP per capita: $60,642
Public debt as % of GDP: 27%

#12 United States
GDP: $15.1 trillion
GDP per capita: $48,442
Public debt as % of GDP: 68%

See Forbes full list here.