Unicorn Companies: Singapore Leads in Market as WeWork Declares Bankruptcy

India CSR

Dec 31

SINGAPORE (India CSR): Singapore is ranked 10th globally, with its startup companies boasting the highest average valuation at $5.93 billion. In 2021, 515 companies achieved unicorn status, a significant contrast to the 261 in 2022, marking a 41% decrease. Globally, startups in media, entertainment, and insurance sectors have the lowest valuation among unicorn companies.

The List of countries producing the most unicorn companies

Country	Count of Companies	Sum of Valuation ($B)	Average Valuation ($B)	% of Total Unicorn Valuation
United States	668	2,064.31	3.09	54%
China	172	641.67	3.73	17%
India	72	195.75	2.72	5%
United Kingdom	52	188.67	3.63	5%
Germany	30	78.98	2.63	2%
France	25	59.55	2.38	2%
Israel	25	55.42	2.22	1%
Canada	21	52.23	2.49	1%
Brazil	16	39.08	2.44	1%
Singapore	15	88.91	5.93	2%

Singapore has emerged as a notable player in the global unicorn landscape, boasting 15 unicorn companies with a combined valuation of $88.91 billion. While this places Singapore third in the number of unicorn companies within Asia, its impact on the overall valuation is noteworthy, constituting 2% of the total unicorn valuation worldwide. The average valuation per unicorn in Singapore stands at $5.93 billion. Though Singapore's unicorn count is considerably smaller than that of the United States and China, its presence underscores the country's growing significance in the tech and innovation sectors.

The United States has the highest number of unicorn companies worldwide with an impressive 668 - over three times more than China in second place (172). Unicorn companies in the US have a combined valuation of over $2 trillion, accounting for over half (54%) of the total valuation of unicorn companies.

China has the second-highest number of unicorn companies, with a combined valuation of $641.67 billion, accounting for 17% of the total valuation of all unicorn companies in China. ByteDance - the parent company of TikTok - is the highest valued company in China, and is valued at over $225 billion.

India ranks third with 72 unicorn companies. However, when examining the rankings of individual companies, the top spots are predominantly occupied by the United States and China. The first Indian company to make an appearance in these rankings is BYJU's, which stands at 36th place with an impressive valuation of $11.50 billion.

The industries with the most unicorn companies worldwide

Industry	Count of Company	Total valuation ($B)
Enterprise Tech	377	1,048.81
Financial Services	216	706.91
Consumer & Retail	216	631.05
Industrials	193	613.95
Healthcare & Life Sciences	123	282.34
Media & Entertainment	84	501.01
Insurance	27	57.83

The research commissioned by FOREX.com can also reveal that the enterprise tech industry dominates unicorn companies, boasting a total of 377 with a combined valuation of just over $1 trillion. The highest-valued company within the enterprise tech sector is Canva, with an impressive valuation of $40 billion. Canva has the fifth highest valuation out of all global unicorn companies. Enterprise tech is projected to remain its position as a leading industry, surpassing growth and total valuation projections by 2027.

Within the financial services sector, 216 companies boast a combined valuation of $706 billion. Stripe claims the title for the highest-valued company within financial services valued at $50 billion and ranks fourth overall. Despite having the same number of unicorn companies, those in the financial services industry have a 10% higher total valuation than the consumer and retail industry.

The consumer and retail industry ranks third (216), with a collective valuation of over $631 billion. The unicorn with the highest valuation within this industry is SHEIN, valued at $66 billion, ranking third globally. SHEIN is valued at $8.17b higher than the combined valuation of all 27 unicorn companies in the insurance industry ($57.83b).

Innovative Horizons: The Transformative Journey of Startup Companies

Startup companies are young businesses that are typically founded by one or more entrepreneurs to develop a unique product or service and bring it to market. These companies are often associated with high growth potential and innovation. Startups usually aim to address a perceived market gap by offering a novel solution, a unique product, or a more effective service.

Key characteristics of startup companies include:

Innovation: Startups often focus on creating new products or services, or reimagining existing ones in innovative ways.
Growth Potential: They usually aim for rapid growth and often pursue markets that have the potential to scale significantly.
Funding: Startups often rely on external funding, which can come from a variety of sources including angel investors, venture capitalists, crowdfunding, and more.
Risk and Uncertainty: Due to their untested business models and markets, startups often face higher risks and uncertainty compared to established businesses.
Entrepreneurial Spirit: Startups are typically driven by the vision and passion of their founders, embodying an entrepreneurial mindset.
Agility and Adaptability: They are often more nimble and adaptable than larger, established companies, allowing them to pivot their business models in response to market feedback.