Are you looking for the best city to kickstart your entrepreneurial journey? Look no further! According to a recent report by SumUp, a fintech company, the top 10 cities for entrepreneurship have been identified based on various factors such as tax data, the number of millionaires, and Google searches.
New York takes the lead on the list, offering countless opportunities across various industries and boasting a low 4% sales tax rate. With a high number of searches for “how to get rich” and “how to make it in business,” New Yorkers are clearly motivated to succeed. Additionally, the city provides access to over 30 WeWork locations, making collaboration among startup employees more accessible.
Chicago secures the second spot on the list, with a significant number of millionaires and a strong interest in entrepreneurship evident through Google searches. The city particularly shines in the finance startup sector.
Coming in at third place is Miami, where the combination of warm weather and low taxes makes it an attractive destination for entrepreneurs. Industries such as travel, tourism, and commerce thrive in Miami, thanks to its 0% personal income and capital gains tax rate.
If you’re curious about the complete ranking, here’s a breakdown of the top ten cities for entrepreneurship according to the SumUp report:
1. New York
Number of millionaires: 349,500
Personal income tax – highest income: 10.90%
Sales tax: 4.00%
2. Chicago
Number of millionaires: 120,500
Personal income tax – highest income: 4.95%
Sales tax: 6.25%
3. Miami
Number of millionaires: 35,300
Personal income tax – highest income: 0.00%
Sales tax: 6.00%
And the list goes on with Los Angeles, Dallas, Austin, Houston, Seattle, Washington, and Boston rounding out the top ten cities for entrepreneurship. Each of these cities offers unique advantages and opportunities for budding entrepreneurs to thrive. So, pick your city wisely and embark on your entrepreneurial journey today!