This paper evaluates the performance of national higher education systems in 48 countries as measured with 20 variables grouped under the four headings of Resources, Environment, Connectivity and Output. Rankings within each module are then combined into an overall ranking that is topped by the United States followed by Sweden, Canada, Finland and Denmark. Relationships between different attributes are explored. Countries ranked highest on output tend to be ranked highly on resources. Research output is correlated with government funding, especially expenditure on research and development (R&D). The impact of the policy and regulatory environment is also examined. The weakest national systems are those with low government funding but high government control.