The United Kingdom has been ranked the second most attractive country for investment, according to a survey of nearly 5,000 chief executives from 109 countries, conducted by consultancy PwC.

The survey, published ahead of the World Economic Forum (WEF) in Davos, shows the UK rising from fourth place in 2024 to second, behind only the United States.

The UK’s improved ranking highlights a vote of confidence from global CEOs despite economic uncertainties.

Among the 14% of CEOs who cited the UK as the top destination for upcoming capital investment, only the US (30%) was mentioned more frequently.

Germany and China followed at 12% and 9%, respectively.

The ranking marks the highest in the survey’s 28-year history.

Chancellor Rachel Reeves responded by emphasizing the importance of global investment in driving economic growth and improving living standards across the UK. Reeves is attending the WEF summit in Davos, where she plans to engage with business leaders, including JPMorgan Chase CEO Jamie Dimon.

Last week, the International Monetary Fund (IMF) revised its UK growth forecast for this year to 1.6%, up from 1.5%, due to factors such as increased investment and improved household finances.

However, concerns remain regarding certain aspects of Reeves's budget, including a £25 billion increase in employer National Insurance contributions.

Despite this, the UK’s stability and strength in sectors such as technology were highlighted as key factors for its attractiveness to investors.

This year’s WEF is also taking place amid political uncertainties, including the upcoming inauguration of US President Donald Trump and protests from Greenpeace activists calling for greater corporate responsibility on climate change and taxes.