Inc. explained that Vilnius outperformed the likes of Stockholm, London, Rome and Oslo thanks to its status as a financial centre and its focus on entrepreurialism. "As the capital of Lithuania and one of the largest financial centers in the Baltic region, it may not be so surprising that Vilnius also boasts some major small-business talent. Eighty-six companies based there made this year's Inc. 5000 Europe. While Vilnius is known for its iconic Old Town–the largest surviving medieval town in Northern Europe – the city has plenty to offer entrepreneurs of the future", wrote the business publication.
Paris was rated the top city in Europe for fast-growth businesses in Europe, with 151 rapidly growing private companies based in the city making it onto Inc.'s 5000 Europe list.
10. Budapest
Nestled on the banks of the Danube river, Budapest is home to 59 of the fastest-growing companies in Europe, including the food and beverage company Seitan. Seitan boasts three-year revenue growth of nearly 2,000%, reeling in more than €5 million ($5.7 million) in revenue in 2013.
9. Oslo
Norway's capital city is a major economic center. It's particularly crucial for maritime industries, given it's location alongside the Oslofjord. It's home to 66 of Europe's fastest-growing private businesses.
8. Rome
Italy's capital city is a historical gem, but its status as a business center is perhaps lesser known--particularly as its sister city in the north, Milan, is the nation's financial capital. The fourth-most populous city in the European Union isn't chopped liver either. The Eternal City boasts 69 companies on the Inc. 5000 Europe.
7. London
As a leading financial center and international tourist destination, London accounts for roughly 20% of the U.K.'s overall economy. It can also tout its tally of fast-growing companies, with 74 making this year's Inc. 5000 Europe.
6. Stockholm
You may know Stockholm as the headquarters of giant companies, including Ericsson and H&M, but Sweden's capital city is also home to relative newcomers like music-streaming service Spotify. And, as the inaugural Inc. 5000 Europe.
5. Bucharest
You might not think of Romania as being a hotbed for entrepreneurship, but Bucharest alone is fast becoming one. Nicknamed "Little Paris," the city is an industrial hub for the rest of Eastern Europe, and it's also home to 76 fast-growth companies on the Inc. 5000 Europe.
4. Vilnius
As the capital of Lithuania and one of the largest financial centers in the Baltic region, it may not be so surprising that Vilnius also boasts some major small-business talent. Eighty-six companies based there made this year's Inc. 5000 Europe.
The fastest-growing private business in Vilnius, BGroup, produces and supplies steel to more than 15 European countries. That company brought in roughly €13.8 million ($15.7 million) in revenue in 2013, representing a three-year revenue growth of 2,727%. While Vilnius is known for its iconic Old Town – the largest surviving medieval town in Northern Europe--the city has plenty to offer entrepreneurs of the future.
3. Milan
The second most populous city in Italy is home to the Italian stock exchange, myriad museums and landmarks, as well as 87 companies on the Inc. 5000 Europe.
Generating roughly 9% of the nation's economic growth, Milan's key industry sectors (besides fashion) include health, biotechnology, engineering, and finance. Milan's fastest-growing private business, however, specializes in travel and hospitality.
2. Riga
As the largest city in Latvia as well as its capital, Riga houses more than one third of the country's total population. Famous for its art nouveau architecture, Riga was once home to Richard Wagner and Mikhail Baryshnikov. Today, it claims 97 of Europe's fastest-growing private companies.
The city also generates more than half of Latvia's economic growth, with major economic sectors including manufacturing, transportation, IT services, and metallurgy. Its fastest-growing private company--Riga Container Line SIA--is a logistics and transportation business. Founded in 2006, Riga Container Line most recently saw three-year revenue growth of 3,747%.
1. Paris
Paris is the banking and financial center of France. It's also one of the wealthiest cities in Europe. So it's perhaps not surprising that the City of Light nabs the No. 1 spot on this year's Inc. 5000 Europe, with 151 rapidly growing private companies.#
At the top of the heap is Paris's Mobpartner. Mobpartner is a mobile advertising business that was also recently named one of Deloitte's "Fast 50" French companies. It has a three-year growth rate of 2,213%, reeling in more than €16 million ($18 million) in annual sales in 2013.
