Riga – one of the fastest growing European cities by number of companies with high growth rates

The capital city of Latvia, Riga, ranks fourth on the list of fastest growing European cities by number of companies with high growth rates, according to Inc. 5000 Europe 2016. The largest city in the Baltic states, Riga boasts 101 companies on the Inc. 5000 Europe list, which features companies that have grown from more than 90% all the way to nearly 12,000% over the past three years. London (with 151 companies), Stockholm (with 118 companies) and Budapest (with 116 companies) claimed the top three spots, while Bucharest ranked right after Riga at number five with 91 companies.

Riga’s fastest-growing private business – financial services company Creamfinance – grew annual revenue 4,542%, to €11.4 million, between 2011 and 2014. The company clinched the strong second spot on the list of the fastest growing private companies in Europe.

The fastest growing industries in Europe, according to Inc. 5000 Europe 2016, are security and telecommunications (both showing a growth of 227%), financial services (221%) and consumer products and services (204%).