The UK saw a five-point increase since last year’s Forbes survey of the best countries for business, and it is the first time it has come in first place.
The UK ranked among the top 25 countries, of the 153 measured, in 15 of the metrics used. However, in the political risk metric, the UK ranked 28th, according to Forbes.
The UK was placed 4th on technological readiness and 3rd on size and education of its workforce – it is the fifth largest economy in the world.
While some businesses are holding off on investments to see how Brexit effects trade relations, Britain’s business climate remains attractive, the information from Forbes suggested.
Despite voting for Brexit and predictions that the economy would collapse, the country managed to grow its GDP by 1.8% in 2016 and saw unemployment fall to a 42-year low at 4.3%.
Moreover, the investments made by companies like Wells Fargo and Apple in London also helped the UK to become more attractive.
The top 10 included Hong Kong, Denmark, Ireland, Singapore and Switzerland. The US came in 12th place followed by Germany, due to rising levels of red tape and bureaucracy.
China came in 66th place - despite being the world’s second largest economy - because of its lack of trade and monetary freedom.