South Korea has the world's eighth-best business environment, according to a survey by a renowned consulting firm.

Grant Thornton International on Wednesday released the Global Dynamism Index based on its research of the business environments of 50 major nations.

South Korea recorded 64.9 out of the perfect 100 points in the overall assessment of the business operating environment, economics and growth, science and technology, labor and human capital, and the financing environment, the Chicago-headquartered firm said.

South Korea ranks eighth after Singapore, Finland, Sweden, Israel, Austria, Australia and Switzerland.

The U.S. ranks 10th, China 20th, and Japan 26th.

In particular, South Korea is the highest-ranking Asian nation in the science and technology field, ahead of Japan and Taiwan in the top 10.

"The structure of business in Korea is unusual in that the top ten businesses, the Chaebol, have around 55% of market capitalization," it pointed out. "These firms, such as Samsung and Hyundai, have large, vertically integrated supply chains which help them stay at the forefront of technological innovation."

The Chaebol refers to family-owned conglomerates in South Korea.

South Korea also received a relatively high score in the labor and human capital sector.

"Korea's position at sixth (in this field) is supported by a low unemployment rate (3.4%) and high school life expectancy," it said. (Yonhap News)