The World Economic Forum says the United States is no longer the global leader in exploiting technology for economic gain.

An annual report Wednesday by the Geneva-based independent organization says Denmark is now ranked number one on the forum's "networked readiness index," with the United States dropping to seventh place.

The forum ranks 122 governments on their official policies on using communication technology for economic competitiveness.

The report gives Denmark the top spot for what the forum calls a liberalized telecommunications industry, excellent regulations, and the ability of the Danish government to conduct business electronically.

The United States fell six slots, but the report says it is still the world leader in innovation.

The rest of the tops 10 are Western European nations, except for number three Singapore.

Hong Kong, Taiwan, Japan, Australia, and Korea are included in the top 20. India and China are 44th and 59th. Chile, at 31st place, is the highest-ranked Latin American country. Nigeria is the only sub-Saharan African country not to fall in the rankings. Number 18 Israel is the highest-rated Middle Eastern nation.

Some information for this report was provided by AP.