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Hurun Global Unicorn Index 2025 Countries List: The global unicorn ecosystem has hit a new milestone in 2025. According to the Hurun Global Unicorn Index 2025, there are now a record 1,523 privately held startups valued at over $1 billion each, an increase of 70 from last year. Together, these unicorns are worth a staggering $5.6 trillion.
A “unicorn” is referred to as a privately held startup company with a valuation of over $1 billion. This term, coined by American venture capitalist Aileen Lee in 2013, reflects the exceptional rarity of such successful enterprises and the unique combination of factors required for them to achieve such high valuations.
These startups are now spread across 52 countries, a 120% rise since 2019, and operate in 307 cities, reflecting a 160 per cent year-on-year jump in geographic spread.
The United States of America continues to dominate, with 758 unicorns (nearly half the global total), adding 55 new unicorns in the past year. Six of the world’s ten most valuable unicorns are based in the US. San Francisco retains its title as the “Unicorn Capital of the World,” with 199 unicorns, followed by New York, home to 142.
China remains in second place with 343 unicorns spread across key hubs like Beijing, Shanghai, and Shenzhen. The country also boasts three of the ten most valuable unicorns: ByteDance, Ant Group, and Shein.
European countries are increasingly establishing their presence with a total of 112 unicorns, led by Germany with 36 and France with 30 in the global top 10, along with Sweden, Finland, and Luxembourg in the top 30.
Rounding up the top 10, Singapore has risen to #9 this year, adding one unicorn, which brings its total to 18 unicorns, the same as South Korea.
| 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
Note:
Symbols in Rank Column:
City Rank: Numbers in parentheses next to cities represent their rank among the global top 30 cities by unicorn count.
India, reflecting growing momentum and increasing global significance, ranks third on the Hurun Global Unicorn Index 2025, with a total of 64 unicorns.
Bengaluru, at rank #7, leads the way among Indian cities with the most unicorns, followed by Mumbai at #22 and Gurugram, which makes its debut at #27.
FinTech and gaming are two of the primary sectors driving unicorn growth in India; Zerodha, valued at $8.2 billion, Dream11, valued at $8 billion, and Razorpay, with a valuation of $7.5 billion, being the country’s most notable unicorns in 2025.
