Countries with the most women business owners as a percentage of total business owners, 2018

Ghana has come in first on a list of countries with the most women business owners as a percentage of total business owners.

In Ghana, 46.4% of businesses are owned by woman. Taking the second spot is Russia with 34.6%. The third, fourth and fifth spots belong to Uganda with 33.8%, New Zealand with 33%, and Australia with 32.1%.

Out of the 57 countries studied, the United States placed 23rd, with only 25.5% of business owners being female.

To create the list, CEOWORLD magazine reviewed the data from Mastercard’s Index of Women Entrepreneurs to find out which countries are leading the way when it comes to women-owned businesses. The findings show that while the U.S. has the right conditions for female-owned businesses to thrive, women in America’s motivation to start and run a business is low as compared to the countries with a high index score.