The four Southern European countries are in the third quarter percentile (21st to 30th) of the National Intellectual Capital Indices for 40 countries (NICI40). Greece, Italy, Portugal, and Spain ranked number 29, 24, 26, and 22, respectively. Both Greece and Italy ranked higher in financial capital (ranked #23 and #19, respectively) than in their overall IC ranking. Italy is weak in market capital (ranked #36). Portugal lags five ranks behind (ranked #31) its overall IC ranking in renewal capital and Spain is relatively weak in renewal capital (ranked #25).