This marks a significant leap from the UK’s fourth-place ranking last year and is seen as a major endorsement of the country’s economic prospects.

The survey, which polled 4,701 chief executives worldwide, found that 14% of global CEOs believe the UK will attract the largest share of international investment, behind only the US at 30%. Germany followed at 12%, China at 9%, and India at 7%.

This positive outlook is reflected in the optimism of UK CEOs, with 61% expressing confidence in the UK’s economic growth over the next 12 months, up from 39% in 2023. This comes despite recent concerns over sluggish growth, highlighted by November’s meagre 0.1% expansion, and challenges facing Chancellor Rachel Reeves regarding the national debt and recent budget measures.

Marco Amitrano, senior partner of PWC UK, said: “Our CEO survey findings are a vote of confidence in the UK as a place for business and investment.

“The UK’s relative stability at a time of instability should not be underestimated, nor should its strength in key sectors, including technology.

“However, there is no room for complacency. Reasserting Britain’s place on the global stage requires a tangible path to growth and a consistent government approach to business and investment.”

Despite concerns that budget measures increasing wage costs could impact hiring, the survey revealed that 53% of UK CEOs plan to expand their workforce this year, an increase from 48% in 2023. However, longer-term confidence in their own companies’ prospects has dipped slightly, with 57% feeling very positive about the next three years, down from 61% last year.

The survey was conducted between 1 October and 8 November 2024.