Summary:
New York ranks first for business opportunities and has the most millionaires.
Chicago is highlighted for its finance startups and significant millionaire population.
Miami boasts no personal income tax, making it ideal for startups.
The list includes cities with a mix of low taxes and high millionaire counts.
What city is best for starting your business? A recent report from fintech company SumUp has unveiled the top 10 cities for entrepreneurship by analyzing tax data, the number of millionaires, and even Google searches.
1. New York
- Number of millionaires: 349,500
- Personal income tax - highest income: 10.90%
- Sales tax: 4.00%
New York tops the list for its diverse opportunities in various industries, from tech to fashion, and the lowest sales tax among the group. The city’s residents also frequently search for "how to get rich" and "how to make it in business". With over 30 WeWork locations, collaboration among startup employees is highly encouraged.
2. Chicago
- Number of millionaires: 120,500
- Personal income tax - highest income: 4.95%
- Sales tax: 6.25%
Chicago ranks second, highlighted for its 120,500 millionaires and a strong interest in entrepreneurship, especially in finance startups.
3. Miami
- Number of millionaires: 35,300
- Personal income tax - highest income: 0.00%
- Sales tax: 6.00%
Miami is celebrated for its warm weather and low taxes, thriving particularly in travel, tourism, and commerce startups.
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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