Australian universities have featured heavily in the fourth annual Times Higher Education 100 under 50 index, compiled to compare universities under 50 years of age.

The index was established to identify the world's up-and-coming universities that could be set to challenge the long-established and better-known higher education institutions.

Among the 16 Australian universities to make the cut, Queensland University of Technology, established in 1989, was ranked 33 in the world, while Griffith University, established in 1971, came in at 82.

The University of Technology Sydney was the best ranked Australian University, at 21 on the list.

The list disqualifies some of Australia's better known universities, such as the University of Queensland, the University of Sydney and the University of Melbourne, all of which were established well before 1964.

Times Higher Education rankings editor Phil Batty said the universities were ranked on the same 13 performance indicators that underpin the publication's annual world university rankings.

"This forward-looking ranking highlights the new breed of global universities with the potential to become the next generation's Harvard or Oxford,those that have managed to join the world elite in decades rather than centuries," he said.

While Swiss University  École Polytechnique Fédérale de Lausanne took out top spot in the ranking for the first time, the key rankings were dominated by Asian universities, with institutions from Hong Kong, South Korea and Singapore all rounding out the top five.

However, among the 100, Mr Batty said Australia had overtaken the United Kingdom to claim the highest number of universities in the index.

"Australia has emerged as the number one nation, with 16 top 100 institutions, up from 14 last year and one more than the UK, which it tied with last year," he said.

"Australia is now the world's number one nation when it comes to the new generation of world-class universities.

"While its group of eight old guard continue to shine in the traditional World University Rankings, Australia also has a thriving community of young, dynamic universities that are making a global impact, too.

"Their diversity is also a great sign for a healthy future, with institutions founded in the 1960s, 1970s, 1980s and 1990s making the list.

"This is great news for the Australian sector."