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The Hurun Global Unicorn Index 2025 has unveiled its latest ranking of billion-dollar startups. Hurun Global Unicorn Index top 5 counturies are United States, China, India, UK and Germany. retaining the top three spots. The report highlights a record-breaking 1,523 unicorns globally—privately held startups valued at over $1 billion—up by 70 from the previous year, with a combined valuation of $5.6 trillion.
Table of Contents
Total value of unicorns in world us$5.6tn, up 22%
Average age of unicorn is 10.6yrs
On average, unicorns have two founders aged 46 years old
US Leads with Nearly Half the World's Unicorns
The United States continues to dominate the unicorn landscape with 758 unicorns, nearly half of the global total. In the past year alone, the US added 55 new unicorns, further solidifying its leadership. Notably, six of the world’s ten most valuable unicorns are based in the US.
San Francisco holds its position as the “Unicorn Capital of the World” with 199 unicorns, followed by New York with 142.
China Holds 2nd Position with 343 Unicorns
China remains in second place, home to 343 unicorns, with major startup hubs in Beijing, Shanghai, and Shenzhen. The country also boasts some of the world’s most valuable private tech companies, including ByteDance, Ant Group, and Shein.
India Retains 3rd Spot with 64 Unicorns
India ranks third globally with 64 unicorns, reflecting its growing influence in the global startup ecosystem. With strong momentum in fintech, edtech, healthtech, AI, and deep tech, India continues to be a vibrant hub for innovation and venture capital activity.
Europe and Asia Rise in the Ranks
Europe is also steadily climbing in unicorn numbers, accounting for 112 unicorns in total. Germany leads the European tally with 36 unicorns, followed by France with 30. Countries like Sweden, Finland, and Luxembourg are also among the top 30.
Singapore and South Korea are tied with 18 unicorns each, placing them jointly at #9 on the list. Singapore added one new unicorn this year, highlighting the region’s growing tech prowess.
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| Rank | Country | Total no. of Unicorns in 2025 | Cities with the most Unicorns (with City Ranks) |
| 1 – | USA | 758 | San Francisco (1), New York (2), Palo Alto (8), Boston (10), Austin (14), Mountain View (16), Chicago (17), Redwood City (19), Los Angeles (19), Denver (24), Cambridge, US (27), San Jose (27), Seattle (27) |
| 2 – | China | 343 | Beijing (3), Shanghai (4), Shenzhen (6), Guangzhou (11), Hangzhou (12), Suzhou (22) |
| 3 – | India | 64 | Bengaluru (7), Mumbai (22), Gurugram (27) |
| 4 – | UK | 61 | London (5) |
| 5 – | Germany | 36 | Berlin (13) |
| 6 – | France | 30 | Paris (8) |
| 7↑ | Canada | 28 | Toronto (24) |
| 8↓ | Israel | 20 | Tel Aviv (24) |
| 9 – | South Korea | 18 | Seoul (17) |
| 9↑ | Singapore | 18 | Singapore (14 |
Source: Hurun Research Institute – Global Unicorn Index 2025
Global Unicorn Landscape Expands Rapidly
The unicorn ecosystem now spans 52 countries and 307 cities, marking a 120% increase in country presence and a 160% year-on-year jump in geographical diversity since 2019. The growing global distribution underscores the decentralization of innovation and the rise of emerging tech hubs beyond traditional Silicon Valley strongholds.
As the global startup ecosystem continues to thrive, the Hurun report offers valuable insights into where the next wave of billion-dollar disruptors is emerging—and India is firmly part of that future.
