SINGAPORE: Singapore came in joint fourth in the world for how fast its startups turned into unicorns, according to a global ranking by United Kingdom price comparison website Money.co.uk.

       Singapore’s six unicorns took an average of six years and 11 months to cross US$1bil (RM4.23bil) in valuation, according them that status.

       China topped the ranking. Its 155 unicorns took an average of just five years and 10 months to reach the US$1bil (RM4.23bil) mark.

       The second-fastest country for startups turning into unicorns is Hong Kong, where they took an average of six years and one month, followed by Japan with six years and three months.

       Singapore shares the fourth spot for fastest time with the United States, which has 378 unicorn companies, and Australia, with six.

       When it comes to producing the most unicorns, the US took the top spot, followed by China (155) and India (34).

       Known for their rarity, there are currently only 750 unicorns in the world, Money.co.uk said, citing cbinsights.com.

       The top-performing sector when it comes to time taken to reach US$1bil (RM4.23bil) valuation was auto and transportation, whose 31 unicorns took an average of four years and five months.

       Fintech produced the most unicorns with 131 such startups, followed by e-commerce and direct-to-consumer firms with 82.

       Money.co.uk sourced its list of unicorns from cbinsights.com. These were any privately-owned companies valued at over US$1bil (RM4.23bil).

       Countries with fewer than five startups were excluded from the study due to insufficient data to draw a relevant conclusion, the financial analytics and research firm said. — The Straits Times/ANN