Taiwan ranked 26th in this year’s Mastercard Index of Women Entrepreneurs (MIWE), the second year that the credit company has published the report. Its ranking was unchanged from last year. Among Asia Pacific, Taiwan ranked eighth, behind Vietnam and ahead of China.

New Zealand topped the rankings for Asia Pacific and the world for the second year in a row, though its score decreased slightly from the previous year. It was followed by Sweden and Canada, respectively. In Asia Pacific, Singapore ranked second, followed by Australia, the Philippines, Thailand, Hong Kong, and Vietnam.

South Korea showed the greatest improvement worldwide, improving its score by 7%, driven by its Women Entrepreneurial Activity. Japan saw the largest decline in women entrepreneurship, ranking 46th worldwide. Singapore and Thailand also saw a widening gender gap, according to the report.

When it comes to women business owners as a percent of total business owners, Ghana came out on top with 46.4%. Taiwan came in at 20.6%, behind Costa Rica and ahead of Ireland. Taiwan’s percentage of women business owners remained unchanged from the previous year. China’s percentage of women business owners was 23.1%, while Thailand was 25.2%. The US was only slightly higher at 25.5%.

According to Mastercard, the report uses “12 indicators and 25 sub-indicators, …[to look] at how 57 economies (representing 78.6 percent of the world’s female labor force) differ in terms of the level of Women’s Advancement Outcomes, Knowledge Assets & Financial Access and Supporting Entrepreneurial Factors.”

The report found that “women’s progress as entrepreneurs are not always aligned to the wealth and advancement of their respective economies.”