Switzerland is a four-time champ when it comes to global innovation. The United States? Not so much lately — the country last achieved that spot in 2009.

The United Kingdom jumped ahead of Sweden to claim the No. 2 spot behind Switzerland in the recently released Global Innovation Index 2014, put out jointly by the business school INSEAD, the World Intellectual Property Organization and Cornell University.

The index covers many variables that contribute to innovation, including institutions, human capital and research, infrastructure, market and business sophistication, knowledge and technology and creativity. It gathers data for 81 different indicators in 143 economies to come up with rankings.

In 2007, the United States was at the top of the list. In 2010, it plummeted to 11th place, partially due to the battering of the economy by the financial crisis.

Among the regions in the report, Europe holds the top spot, followed by North America.

The highest-income countries tend to lead the rankings, but among the middle-income economies, China — in 29th place — is improving at a faster rate than its fellow BRICS countries and, according to the report, could break into the top 10 within a few years.