Vilnius was ranked seventh in the list for capital cities that have the biggest clusters of fast-growing companies, with Inc. saying that the city boasted 73 companies on the Inc. 5000 Europe list of high growth companies.
It highlighted the success of Lithuanian duty free retailer Globus Trade which grew its annual revenue by 818%, to €7.4 million, during the three years to the end of 2014.
London was ranked number one in Europe, with the British capital being home to the most companies – 152 – on the Inc. 5000 Europe. Stockholm came in second in the rankings followed by Budapest in third.
The capital of Baltic neighbour Latvia, Riga, was ranked fourth, with 101 companies on the Inc. 5000 Europe. Inc. said its fastest-growing private business was financial services company Creamfinance, which grew its annual revenues 4,542% to €11.4 million in the three years to the end of 2014.
Bucharest rounded out the top 5 cities selected by Inc. This is just the second time Inc. have produced the rankings to find the fastest-growing private businesses in Europe, as measured by three-year revenue growth.