as "one of the most corrupt in the world". It has the world's twentieth largest economy by nominal GDP and the thirty-eighth largest by purchasing power parity. It is the seventeenth largest exporter. Zürich and Geneva are regarded as global cities, ranked as Alpha and Beta respectively. Basel is the capital of Switzerland's pharmaceutical industry, hosting Novartis, Roche, and many other players. It is one of the world's most important centres for the life sciences industry. Switzerland had the highest European rating in the Index of Economic Freedom 2010, while also providing significant public services. On a per capita basis, nominal GDP is higher than those of the larger Western and Central European economies and Japan, while adjusted for purchasing power, Switzerland ranked 11th in 2017, fifth in 2018 and ninth in 2020. The 2016 World Economic Forum's Global Competitiveness Report ranked Switzerland's economy as the world's most competitive; as of 2019, it ranks fifth globally. The European Union labeled it Europe's most innovative country and the most innovative country in the Global Innovation Index in 2022, as it had done in 2021, 2020 and 2019. It ranked 20th of 189 countries in the Ease of Doing Business Index. Switzerland's slow growth in the 1990s and the early 2000s increased support for economic reforms and harmonisation with the European Union. In 2020, IMD placed Switzerland first in attracting skilled workers. For much of the 20th century, Switzerland was the wealthiest country in Europe by a considerable margin (per capita GDP). Switzerland has one of the world's largest account balances as a percentage of GDP. In 2018, the canton of Basel-City had the highest GDP per capita, ahead of Zug and Geneva. According to Credit Suisse, only about 37% of residents own their own homes, one of the lowest rates of home ownership in Europe. Housing and food price levels were 171% and 145% of the EU-25 index in 2007, compared to 113% and 104% in Germany. Switzerland is home to several large multinational corporations. The largest by revenue are Glencore, Gunvor, Nestlé, Mediterranean Shipping Company, Novartis, Hoffmann-La Roche, ABB, Mercuria Energy Group and Adecco. Also, notable are UBS AG, Zurich Financial Services, Richemont, Credit Suisse, Barry Callebaut, Swiss Re, Rolex, Tetra Pak, The Swatch Group and Swiss International Air Lines. Switzerland's most important economic sector is manufacturing. Manufactured products include specialty chemicals, health and pharmaceutical goods, scientific and precision measuring