Israel ranked second after Japan in the number of patent applications submitted in Europe in 2005, according to research published by Business Data Israel on Monday. "The consistent growth in the number of patent submissions and in the number of registered Israeli patents is an indicator of the technological wealth in the Israeli economy, of its supply and of its capacity to continue to grow," said Tehila Yanai, co-CEO of BDI-Coface. According to the research, which compared the number of patents submitted by foreign countries - "not including Europe" - in Europe relative to the number of inhabitants, Japan scored in first place with 168.5 patent submissions per million inhabitants. In second place was Israel with 112.3 patent applications, ahead the US with 110.7. Korea came in fourth place with 79.3 applications followed by Canada with 54.4 submissions, while China and India scored relatively low with 0.4 applications per million inhabitants. Meanwhile, economists at BDI found that only 22 percent of all patent applications in Israel were submitted by Israeli companies, while the remainder was submitted by foreign companies. Furthermore, BDI determined that the number of approved Israeli patents in the US rose by 18% in 2006. In the submission of patents in the US, Israel was ranked in fourth place in 2006 with 178.5 applications before Switzerland, Sweden, Germany, Korea and Canada. In 2005, the number of Israeli patents submitted in the US rose by 25% to 462 applications from the previous year, putting Israel at number three after Taiwan in first place and Japan in second place.