New Zealand has come fourth in a list of countries with the most female business owners.
A recent study by Aston University in Birmingham, UK, showed that men are almost twice as likely to become entrepreneurs as women.
But in the last 10 years, the number of businesses owned by women has increased 45 percent.
RS Components has sourced the data from Mastercard's Index of Women Entrepreneurs 2018 to find out which countries are leading the way when it comes to female-owned businesses.
Ghana is at the top of the list, with 46 percent of businesses owned by women. Following Ghana is Russia with 33 percent, Uganda with 34 percent and then New Zealand with 33 percent.
The United States scraped by second to last with 26 percent, despite being home to the global centre for technology: Silicon Valley.
Silicon Valley is home to thousands of companies, but only 8.8 percent are female-owned.
Out of the 28 countries analysed, England, Germany, Thailand, Chile and France all matched for last place, with only 25 percent of business owners being female.
The top ten:
1. Ghana - 46%
2. Russia - 35%
3. Uganda - 34%
4. New Zealand - 33%
5. Australia - 32%
6. Vietnam - 31%
7. Poland - 30%
8. Spain - 29%
9. Romania - 29%
10. Portugal - 29%