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.
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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%