Which city is best to start your business? Although several factors should be decisive, a new report by fintech company SumUp identified the top 10 businesses based on tax data, the number of millionaires in the city, and Google searches.
New York topped the list because of the opportunities it offers across industries, from technology to fashion, and its 4% sales tax, which was the lowest in the group. New Yorkers are also more likely to Google “how to get rich” and “how to make it in business,” the study found. The city also offers access to more than 30 WeWork coworking spaces, the most of any city in the report, which may help aspiring workers collaborate.
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Chicago came in at No. 2, with SumUp researchers highlighting its 120,500 millionaires and high interest in business with Google search tracking. They also found that Chicago excelled in early finance.
Rounding out the top three was Miami, “where the weather is warm and taxes are low,” according to the survey. Travel, tourism, and business startups thrive in this city, which has 0% personal income and capital gains tax.
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Here is the complete list of the top ten cities for business, 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 – top income: 4.95%
Sales tax: 6.25%
3. In Miami
Number of millionaires: 35,300
Personal income tax – top 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 – top income: 0.00%
Sales tax: 6.25%
6. Austin
Number of millionaires: 32,700
Personal income tax – top income: 0.00%
Sales tax: 6.25%
7. Houston
Number of millionaires: 90,900
Personal income tax – top income: 0.00%
Sales tax: 6.25%
8. Seattle
Number of millionaires: 54,200
Personal income tax – top 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 – top income: 9.00%
Sales tax: 6.25%
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