he intellectual capital of the four Southeast Asian countries of our study varies considerably. Malaysia, the Philippines, Singapore, and Thailand earned ranks of 25, 39, 6, and 30, respectively, for the NICI40. In comparing each individual country’s overall ranking, Singapore is particularly strong in market capital (ranked #1) and process capital (ranked #3). Malaysia and Thailand are also relatively strong in market capital (ranked #8 and #20, respectively); however, such strength was not effectively transferred to their respective financial capital (ranked #31 and #37, respectively). The Philippines have the lowest score in national intellectual capital in this cluster.