South Korea ranked fifth in the Global Innovation Index 2021 released by the World Intellectual Property Organization(WIPO), marking its highest rank to date.

Seoul's Industry Ministry and the Korean Intellectual Property Office said Monday that Korea climbed five slots from last year to rank fifth overall and the highest in Asia.

Switzerland took the top spot followed by Sweden, the U.S. and Britain. In Asia, Singapore ranked eighth, China 12th and Japan 13th.

The index, introduced in 2007, measures innovation, a key component of economic development, to provide countries with information necessary for policy-making and management strategies. 

This year, 132 countries were evaluated in 81 categories covering seven areas such as human capital, research and infrastructure. 

The ministry attributed the jump in rankings to continued investment for the future that has expanded Korea's intangible assets.