Most capitalist country in the world

Capitalism is one of the most widespread economic systems in the world. While countries tend to differ in how much government intervention they allow under this system, the core of capitalism lies in market-driven production, private ownership, and economic freedom.

This guide explores how capitalist systems differ from socialist ones, answers key questions like, “Is the United States still a capitalist country?” and ranks the top 10 most capitalist countries in 2025 based on trusted global indexes like the Heritage Foundation’s Index of Economic Freedom and the Fraser Institute’s Economic Freedom of the World.

Capitalism is an economic system based on private ownership, free markets, and the profit motive.

In capitalist countries, individuals and businesses, not the government, own and control property, capital, and the means of production.

Goods and services are produced for profit, and prices are determined by how much supply and demand there is in an open market.

The key features of capitalism include:

• Private property rights: All individuals can legally own and transfer assets.
• Free mar
  

  People’s Policy Project

  In the Heritage Foundation’s Index of Economic Freedom, Singapore ranks as the second most “economically free” country in the world just behind Hong Kong. Since many use this index as a shorthand for “most capitalist” countries, a lot of prominent people end up saying some really weird things about Singapore. For instance, in his Liberty Con remarks, Bryan Caplan claimed Singapore was one of the closest countries to the capitalist ideal.

  It is true of course that Singapore has a market economy. But it’s also true that, in Singapore, the state owns a huge amount of the means of production. In fact, depending on how you count it, the Singaporean government probably owns more capital than any other developed country in the world after Norway.

  The Singaporean state owns 90 percent of the country’s land. Remarkably, this level of ownership was not present from the beginning. In 1949, the state owned just 31 percent of the country’s land. It got up to 90 percent land ownership through decades of forced sales, or what people in the US call eminent domain.

  The Singaporean state does not merely own the la
  

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