The World Reputation Rankings]. This ranking list universities by their academic reputation. It has little to do with undergraduate education, which in most cases, is just an important sideline for these universities.
The University of Toronto ranks #16 on this list. I mention this because many people in the USA are unaware of the quality of universities in other countries. They will not be surprised to learn that Harvard is #1 but do they know that Cambridge is #2 and Oxford is #3?
The USA has twenty-one universities in the top 40. It's population is 320 million.
The United Kingdom has seven in the top 40 with a population of 65 million.
It won't be long before China takes over.
It seems pretty obvious that the number and quality of universities is proportional to the wealth and the population of countries in the "Western" English-speaking world. It is not obvious that any one country can claim to be better than the others at fostering good universities. If you had to pick a country, it looks like the United Kingdom would be the clear winner.