E-commerce platform Oberlo reviewed 200 cities worldwide, shortlisting 75 “based on factors which reflected their innovation, economic strength and entrepreneurial spirit.” This included infrastructure, bureaucracy to get a small business going, taxes, regulatory freedom and support for female founders.

London, New York, San Francisco, Sydney and Melbourne made up the top five of the ranking.

Luxembourg ranked 53rd overall, and 22nd among 34 EU cities in the list, behind cities from Berlin, Paris and Copenhagen to Amsterdam, Florence, Vienna or Warsaw.

The city performed well in the areas of economic freedom, covid support, logistics, access to global markets, unemployment benefits and business taxes. However, it lagged other cities in how long it takes to set up a limited liability company, human capital, small business loans and venture capital.