Investors have been pouring money into emerging markets—to the tune of $50 billion last year for mutual funds that invest in developing countries, according to EPFR Global. But not all emerging markets are created equal. Bloomberg Market magazine ranked the top 20, based on more than a dozen criteria. The data come from Bloomberg's own financial-market statistics, IMF forecasts, and the World Bank. The countries were also rated on areas of particular interest to foreign investors: the ease of doing business, the perceived level of corruption, and economic freedom. Asian nations dominated the top of the list, followed by Latin America. Surprisingly, off-the-beaten-path destinations in Africa also had a strong showing, even outscoring some members of the European Union.