Seoul has been ranked 8th in a global survey of the best places to start a business in a report by the US-based startup research organization Startup Genome.

The 2025 report analyzed the startup environments of 300 cities worldwide, and Seoul remained in the top 10 for the second consecutive year, moving up from 9th in 2024. The city first entered the top 10 in 2022 but dropped to 12th in 2023 due to challenges such as weak investment flows, high inflation and rising interest rates.

Topping the list were Silicon Valley (1st), New York (2nd) and London (3rd) — long-standing global leaders known for their deep talent pools, strong funding ecosystems and robust innovation infrastructure.

The Seoul city government highlighted that this year’s all-time high ranking is especially meaningful as it places the city ahead of other major Asian startup hubs like Singapore (9th) and Tokyo (11th).