These Are the Best Cities for Starting a Business — and Surrounding Yourself With Millionaires

Sep 07, 2024 03:51 AM - 2 months ago 60860

What metropolis is champion for starting your business? While respective factors should play into a decision, a caller study from fintech institution SumUp has identified nan apical 10 for entrepreneurship based connected taxation data, nan number of millionaires successful nan city, and moreover Google searches.

New York topped nan database because of nan opportunities it offers crossed industries, from tech to fashion, and its 4% income tax, which was nan lowest of nan group. New Yorkers besides often Google "how to get rich" and "how to make it successful business," nan study found. The metropolis besides offers entree to over 30 WeWork coworking locations, nan astir of each nan cities successful nan report, which theoretically could thief startup labor collaborate.

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Chicago came successful astatine No. 2, pinch SumUp researchers highlighting its 120,500 millionaires and precocious liking successful entrepreneurship done tracked Google searches. They besides recovered that Chicago stood retired for finance startups.

Rounding retired nan apical 3 was Miami, "where nan upwind is lukewarm and taxes are low," according to nan study. Travel, tourism, and commerce startups thrive successful this city, which has 0% individual income and superior gains tax.

Related: These Are nan Top 15 Jobs With nan Highest Entry-Level Pay

Here's a complete database of nan apical 10 cities for entrepreneurship, according to nan report.

1. New York

Number of millionaires: 349,500

Personal income taxation - highest income: 10.90%

Sales tax: 4.00%

2. Chicago

Number of millionaires: 120,500

Personal income taxation - highest income: 4.95%

Sales tax: 6.25%

3. Miami

Number of millionaires: 35,300

Personal income taxation - highest income: 0.00%

Sales tax: 6.00%

4. Los Angeles

Number of millionaires: 212,100

Personal income taxation - highest income: 13.30%

Sales tax: 9.50%

5. Dallas

Number of millionaires: 68,600

Personal income taxation - highest income: 0.00%

Sales tax: 6.25%

6. Austin

Number of millionaires: 32,700

Personal income taxation - highest income: 0.00%

Sales tax: 6.25%

7. Houston

Number of millionaires: 90,900

Personal income taxation - highest income: 0.00%

Sales tax: 6.25%

8. Seattle

Number of millionaires: 54,200

Personal income taxation - highest income: 0.00%

Sales tax: 6.50%

9. Washington

Number of millionaires: 28,300

Personal income taxation - highest income: 10.75%

Sales tax: 6.00%

10. Boston

Number of millionaires: 42,900

Personal income taxation - highest income: 9.00%

Sales tax: 6.25%

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