Forbes released its annual list of the best countries in which to do business on Wednesday and Korea ranked 29th, up two notches from last year.

Forbes compiled the list based on the 2011 economic indexes of 141 countries and 11 factors: property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection and stock market performance.

Korea was preceded by Israel in 27th and Mauritius in 28th. Japan came in 30th. New Zealand topped the list, moving up from second last year. Denmark was the runner-up, followed by Hong Kong and Singapore. The U.S. dropped to 12th, while Canada ranked fifth, the U.K. in 10th, and Australia in 11th.