(Undated) -- Hong Kong is once again the best place in the world to do business, according to the latest annual rankings from Bloomberg. Canada jumps from sixth to second on the strength of its sizeable middle class and household consumption. The United States falls from second to third in the rankings, because the cost of starting a business in the U.S. has gone up more than in other countries. Bloomberg says the low cost of starting a business in Hong Kong is a big part of its hold on the top spot. Singapore, at number four, and fifth-place Australia round out the news and finance information service's top five.