TORONTO - A new report suggests women are joining the growing ranks of Ontario's entrepreneurs in increasing numbers, outpacing the rest of the country.

The Ontario edition of the Global 2015 Entrepreneurship Monitor (GEM) found that 14.4 per cent of Ontario respondents were involved in setting up a business, putting it ahead of larger economies like the U.S. and Australia.

For every 100 male entrepreneurs in the province, the survey suggested that there are 92 female counterparts.

This number put Ontario ahead of Canada and many of the other 62 economies included in the global survey.

But the study, conducted by the Ryerson University's Brookfield Institute for Innovation & Entrepreneurship, also indicated that women in Ontario are dogged by stronger fear of failure than their peers elsewhere in the world.

It found 52.4 per cent of female respondents in Ontario said fear of failure would prevent them from starting their own business, well above the 40.7 per cent of male respondents in the province and 47 per cent of female in the rest of Canada.