On April 27, the Hurun Research Institute released the Hurun Future Unicorns in the World 2023, a list of the world's gazelles, defined as start-ups founded in the 2000s, worth over $500 million, not yet listed on a public exchange and most likely to 'go unicorn' within three years.

The institute found that the US and China dominate with two thirds of the world's known gazelles, despite representing only a quarter of the world's population. The rest of the world is currently led by India, the UK, Germany, Israel and Singapore.

Let's take a look at the top 10 countries.

10 Singapore

Number of gazelles (year-on-year change)

10 (+0)

9 South Korea

Number of gazelles (year-on-year change)

11 (-1)

8 France

Number of gazelles (year-on-year change)

11 (-1)

7 Canada

Number of gazelles (year-on-year change)

11 (+6)

6 Israel

Number of gazelles (year-on-year change)

12 (+2)

5 Germany

Number of gazelles (year-on-year change)

19 (+4)

4 UK

Number of gazelles (year-on-year change)

42 (+16)

3 India

Number of gazelles (year-on-year change)

48 (+19)

2 China

Number of gazelles (year-on-year change)

218 (+47)

1 USA

Number of gazelles (year-on-year change)

247 (+46)