Hurun Global Unicorn Index 2025: Key Highlights, Top Countries & Startups

Discover the Hurun Global Unicorn Index 2025 featuring key highlights, top countries like the US, China, and India, leading unicorn startups, and emerging innovation hubs across the world.

Table of Contents

The Hurun Global Unicorn Index 2025, released by the Hurun Research Institute, is the definitive annual report on the world’s most valuable private startups. These companies—commonly known as “unicorns”—are privately-held businesses valued at over $1 billion. With 1,523 unicorns across 52 countries, this year’s index reveals significant global expansion, sectoral diversification, and an increasing tilt towards emerging markets.

What Is the Hurun Global Unicorn Index?

The Hurun Global Unicorn Index is an annual ranking of the world’s most valuable billion-dollar startups, not yet listed on stock markets. These companies are considered game changers in their sectors, often driving innovation in technology, finance, healthcare, and beyond.

Key Statistics of Hurun Global Unicorn Index 2025

Total Number of Unicorns: 1,523
Total Valuation: $5.6 trillion
Number of Countries Represented: 52
Number of Cities Represented: 307
Top Sector: Fintech, followed by AI, SaaS, healthtech, and edtech

Compared to 2019, the number of countries with unicorns has increased by 120%, and the number of cities by 160%, signaling global expansion beyond Silicon Valley and Beijing.

Top 10 Countries with the Most Unicorns (2025)

Rank	Country	Total Unicorns	Key Cities (Global Rank)
1	United States	758	San Francisco (1), New York (2), Boston (10)
2	China	343	Beijing (3), Shanghai (4), Shenzhen (6)
3	India	64	Bengaluru (7), Mumbai (22), Gurugram (27)
4	United Kingdom	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

Top Global Cities by Unicorn Headquarters

City	Number of Unicorns
San Francisco	199
New York	142
Beijing	91
Shanghai	69
London	55
Shenzhen	46
Bengaluru	36
Paris	32
Palo Alto	30
Boston	27

Country-wise Overview

United States

Home to 758 unicorns – almost half of global count.
Added 55 new unicorns in 2025.
Leading in AI, fintech, enterprise SaaS, and space tech.
Top unicorns: OpenAI, Stripe, SpaceX, Databricks.

China

343 unicorns, mainly in consumer tech, fintech, and AI.
Key unicorns: ByteDance (TikTok), Shein, Ant Group.
Tech hubs: Beijing (91), Shanghai (69), Shenzhen (46).

India

Ranks 3rd globally with 64 unicorns.
Cities: Bengaluru (36), Mumbai, Gurugram.
Top sectors: fintech, gaming, edtech.
Top unicorns:
- Zerodha – $8.2B
- Dream11 – $8B
- Razorpay – $7.5B

United Kingdom

61 unicorns, largely based in London.
Strong in fintech, healthtech, and deeptech.

Germany

36 unicorns, mostly centered in Berlin.
Leading in mobility tech, enterprise software, e-commerce.

France

30 unicorns, mostly from Paris.
Gaining traction in AI, fashion tech, and climate tech.

Canada

Toronto drives innovation in AI, clean energy, and blockchain.
28 unicorns make Canada a top North American hub for innovation.

Israel

20 unicorns, mostly from Tel Aviv.
Leads in cybersecurity, defense tech, and agritech.

South Korea & 🇸🇬 Singapore

Each has 18 unicorns.
Seoul focuses on gaming and commerce.
Singapore leads Southeast Asia in fintech, logistics, and crypto.

Hurun Global Unicorn Index 2025: Country-wise Highlights

🇨🇳 Country	No. of Unicorns	Key Cities	Top Sectors	Notable Unicorns / Highlights
🇺🇸 United States	758	San Francisco (199), New York, Boston	AI, Fintech, Biotech	OpenAI, Stripe, SpaceX; 55 new unicorns in 2025
🇨🇳 China	343	Beijing (91), Shanghai (69), Shenzhen	E-commerce, Fintech, AI	ByteDance, Shein, Ant Group; Regulatory tightening slowed growth
🇮🇳 India	64	Bengaluru (36), Mumbai, Gurugram	Fintech, Gaming, Edtech	Zerodha ($8.2B), Dream11 ($8B), Razorpay ($7.5B); Ranked 3rd globally
🇬🇧 United Kingdom	61	London	Fintech, AI, Healthtech	Strong post-Brexit innovation resilience; London ranks #5 globally
🇩🇪 Germany	36	Berlin	Enterprise Tech, Mobility	Berlin is Europe’s fastest-growing unicorn hub
🇫🇷 France	30	Paris (32 unicorns)	Fashion Tech, SaaS, Green Energy	Paris emerging as a vibrant startup capital
🇨🇦 Canada	28	Toronto	AI, Clean Tech, SaaS	Canada rising as top North American player
🇮🇱 Israel	20	Tel Aviv	Cybersecurity, Healthtech, Agritech	Strong innovation despite minor drop in unicorn count
🇰🇷 South Korea	18	Seoul	Gaming, E-commerce	Strong digital infrastructure backing startup growth
🇸🇬 Singapore	18	Singapore	Fintech, Logistics, Crypto	Business-friendly hub attracting global investors

Emerging Trends in 2025

1. Rise of Emerging Markets

Countries like India, Singapore, and Brazil are climbing rapidly in unicorn creation.

2. Beyond Tech

Sectors like climate tech, edtech, biotech, and green energy are booming.

3. Focus on Profitability

Startups are shifting from growth-at-any-cost to sustainable business models.

4. Geopolitical Shifts

Stricter regulations in China and global tech decoupling are pushing unicorns to diversify locations.

Why This Matters

The Hurun Global Unicorn Index 2025 offers insights into:

Where innovation is happening
Which cities and countries are future tech leaders
What sectors are attracting the most investment
Where startup founders and VCs should focus next

Conclusion

The Hurun Global Unicorn Index 2025 captures the dynamic and decentralized nature of today’s global startup ecosystem. As unicorns emerge from new geographies and sectors, the world is witnessing a transformation in where and how innovation thrives.

With the United States, China, and India continuing to lead, and new players like Singapore, Israel, and South Korea rising fast, the next wave of billion-dollar ideas could come from any corner of the globe.

Hurun Global Unicorn Index FAQs