[ryanjshaw]

It seems important in a report such as this to distinguish between place of control vs. operation.

As a South African who wants to leave for better opportunities overseas, it was a bit odd to see South Africa as 3rd on the list given my personal experience. I've been presented with opportunities at both the 1st and 3rd largest South African companies on that list and rejected them for what appeared to be better opportunities elsewhere. Seeing them here had me second-guessing myself.

Looking closely, it's clear Naspers is the reason for South Africa's position. Yet only 54% of their revenue comes from Internet-based business -- nearly all of which represents foreign-based acquisitions [1].

What is the objective of the report? As you point out, Europe dominates the 'unicorn club', and being closer to whatever magic makes that possible seems more appealing to me as a person seeking business opportunities, but this conclusion is not obvious from the presentation of the data.

[1] http://www.naspers.com/pdf/financials/provisional-results/20...