When you think about the most innovative countries, the U.S. and South Korea often come to mind. But what about Iceland or Iran? How do they compare?Bloomberg Rankings recently examined more than 200 countries and sovereign regions to determine their innovation quotient. The final universe was narrowed down to 96. What follows is the top 50.Innovation was measured by seven factors, including R&D intensity, productivity, high-tech density, researcher concentration, manufacturing capability, education levels and patent activity. The methodology, definitions and weightings are explained in the last slide.--Wei Lu contributed to this report.