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What city is best for starting your business? While several factors should play into a decision, a new report from fintech company SumUp has identified the top 10 for entrepreneurship based on tax data, the number of millionaires in the city, and even Google searches.
New York topped the list because of the opportunities it offers across industries, from tech to fashion, and its 4% sales tax, which was the lowest of the group. New Yorkers also frequently Google "how to get rich" and "how to make it in business," the study found. The city also offers access to over 30 WeWork coworking locations, the most of all the cities in the report, which theoretically could help startup employees collaborate.
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Chicago came in at No. 2, with SumUp researchers highlighting its 120,500 millionaires and high interest in entrepreneurship through tracked Google searches. They also found that Chicago stood out for finance startups.
Rounding out the top three was Miami, "where the weather is warm and taxes are low," according to the study. Travel, tourism, and commerce startups thrive in this city, which has 0% personal income and capital gains tax.
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Here's a complete list of the top ten cities for entrepreneurship, according to the 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%
4. Los Angeles
Number of millionaires: 212,100
Personal income tax - highest income: 13.30%
Sales tax: 9.50%
5. Dallas
Number of millionaires: 68,600
Personal income tax - highest income: 0.00%
Sales tax: 6.25%
6. Austin
Number of millionaires: 32,700
Personal income tax - highest income: 0.00%
Sales tax: 6.25%
7. Houston
Number of millionaires: 90,900
Personal income tax - highest income: 0.00%
Sales tax: 6.25%
8. Seattle
Number of millionaires: 54,200
Personal income tax - highest income: 0.00%
Sales tax: 6.50%
9. Washington
Number of millionaires: 28,300
Personal income tax - highest income: 10.75%
Sales tax: 6.00%
10. Boston
Number of millionaires: 42,900
Personal income tax - highest income: 9.00%
Sales tax: 6.25%
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