The Unites States has fallen from the list of top 10 freest economies in the world.

The Heritage Foundation ranks the United States as the 12th most economically free country.

Fox Business Network contributor Charles Payne said government size is a large factor in economic freedom rankings.

“It’s about regulations, it’s about how hard it is to start a business it’s about how hard it is to borrow money, how much taxes you’re paying, how much you get to keep, and it takes away the incentive for people to go out and do things, like hire other people,” Fox Business Network’s Melissa Francis said.

Below are the top 10 freest world economies:

  1. Hong Kong
  2. Singapore
  3. Australia
  4. Switzerland
  5. New Zealand
  6. Canada
  7. Chile
  8. Mauritius
  9. Ireland
  10. Denmark