South Korea's Pohang University of Science and Technology heads a list of the world's Top 100 "young" universities for the second consecutive year.
The annual '100 Under 50' rankings, published by The Times newspaper's 'Higher Education' supplement here yesterday, also found China and Russia lagging behind in terms of newer universities.
"South Korea's experience shows that it is possible for nations with sufficient political will to build in a relatively short time world-class universities that can compete with the traditional elites in the US and the UK," said Phil Baty, editor of Times Higher Education rankings.
The 100 Under 50 is based on the same 13 performance indicators covering teaching, research, interaction with industry and internationalisation that underpin the supplement's definitive World University Rankings, although academic reputation is less significant.
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To qualify for inclusion in the ranking, universities have to be 50 years old or younger, founded in 1963 onwards.
The ranking provides a fresh perspective on the concept of the "elite university", which some believe better reflects past glories and reputation built up over centuries than current academic excellence.
The Korea Advanced Institute of Science and Technology (Kaist) also rises from fifth to third, while the Hong Kong University of Science and Technology drops one place to fourth.
Only one UK institution - the University of York, in seventh place - makes the top 10, compared with three last year.
After York, the highest-placed UK institutions are the University of Warwick (13th), Lancaster University (14th) and the University of East Anglia (16th).
Other strong national systems include Australia (13 institutions), the US (eight), France (seven), Spain (six) and Taiwan (five).