The study measured business costs according to prices of labor and services as well as tax levels in 100 cities in 11 industrialized countries.
The study stressed the importance of exchange rates, which would currently favor the United States since the dollar in recent months has weakened sharply — notably against the euro.
Japan, Canada and Britain have also benefitted of late because of the depreciation of their currencies against the euro.
Canada, Australia, Britain, Italy, France and Luxembourg are all cheaper for business operations than the United States, the study found.