Which city is best for starting a business? Several aspects play a task in the choice. A brand new report from fintech company SumUp has now identified the highest 10 for entrepreneurship. The report used tax data, the variety of millionaires in the town and even Google searches.
New York tops the list since it offers opportunities in all industries, from technology to fashion, and has the bottom sales tax of the group at 4%. New Yorkers also often google “how to get rich” and “how to succeed in business,” in keeping with the study. The city also offers access to over 30 Of all of the cities within the report, it has essentially the most WeWork coworking locations, which could theoretically make it easier for startup employees to collaborate.
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Chicago got here in second. SumUp researchers highlighted the town’s 120,500 millionaires and high interest in entrepreneurship through tracked Google searches. They also found that Chicago stands out in financial startups.
Third place goes to Miami, “where the weather is warm and taxes are low,” in keeping with the study. Travel, tourism and retail startups are thriving on this city, which has 0% income and capital gains taxes.
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Here is a full list of the report’s top ten cities for entrepreneurship.
1. New York
Number of millionaires: 349,500
Income tax – highest income: 10.90%
VAT: 4.00%
2. Chicago
Number of millionaires: 120,500
Income tax – highest income: 4.95%
VAT: 6.25%
3. Miami
Number of millionaires: 35,300
Income tax – highest income: 0.00%
VAT: 6.00%
4. Los Angeles
Number of millionaires: 212,100
Income tax – highest income: 13.30%
VAT: 9.50%
5.Dallas
Number of millionaires: 68,600
Income tax – highest income: 0.00%
VAT: 6.25%
6. Austin
Number of millionaires: 32,700
Income tax – highest income: 0.00%
VAT: 6.25%
7. Houston
Number of millionaires: 90,900
Income tax – highest income: 0.00%
VAT: 6.25%
8. Seattle
Number of millionaires: 54,200
Income tax – highest income: 0.00%
VAT: 6.50%
9. Washington
Number of millionaires: 28,300
Income tax – highest income: 10.75%
VAT: 6.00%
10. Boston
Number of millionaires: 42,900
Income tax – highest income: 9.00%
VAT: 6.25%
