The index, entirely dedicated to the measurement of intellectual and physical property rights, covers 128 countries which represent 98 per cent of world gross domestic product and 93 per cent of world population. The 2015 index covered 129 countries.

In the 17 sub-categories, Thailand ranks the highest, 7th, in the “Registering Property” area, and the lowest, 108th, in the “Political Stability” area.

Finland remains in first place in the 2016 IPRI, followed by New Zealand, Luxemburg, Norway and Switzerland.

At the bottom is Venezuela followed by Myanmar, Bangladesh, Haiti, Zimbabwe, Burundi, Nigeria, Pakistan, Moldova, Mauritania, Chad, Lebanon, Madagascar, Ukraine and Nicaragua.

“Property rights are the linchpin of a prosperous society. They say what is yours, what is not, and how to exchange with others in order to create value” said Lorenzo Montanari, executive director of the Property Rights Alliance which completed the ranking. “That is why they are human rights and essential to individual liberty. A weak property rights regime means shorter lives, less civic engagement, and the inability to participate in the global efforts to discover, invent, and share knowledge”.