Despite considerable efforts to increase the quality of Higher Education (HE) in many countries, the absence of a methodology to guide scholars and policymakers to assess its quality has been a barrier. In 2017, the United Nations Development Program (UNDP) and Mohamad bin Rashid Al Maktoum Knowledge Foundation (MBRF) launched the Global Knowledge Index (GKI), a tool by which data from 131 countries were collected for seven sectors--one of which was HE. In this paper, an analysis of the HE index data is introduced. Then, three key issues which emerged from data are discussed. The first issue is HE efficiency, which is measured by comparing the indexes of HE inputs and outputs. The second issue is the enabling environment factors that might support or limit the growth of HE. The third issue is the intricate relationship between HE, economy, and Research and Development (R&D). The study found that HE efficiency is declining globally except in a few areas. A strong positive relationship was found between the enabling environment and variables of political stability and government effectiveness and HE's ability of knowledge production. Furthermore, strong relationships were found between HE outputs, economy, and R&D respectively. The study concludes with future directions for increasing the quality of HE.