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What’s the best city to start a business in? While the decision requires considering several factors, a new report from fintech company SumUp has identified the top 10 best cities to start a business based on tax data, the number of millionaires in a city, and even Google searches.
New York topped the list due to the opportunities it offers in a variety of industries from technology to fashion, as well as the lowest sales tax rate of the group at 4%. The study also found that New Yorkers frequently Google “how to get rich” and “how to succeed in business.” The city is Age 30 or older WeWork has the most coworking locations of any of the cities featured in the report, which could theoretically help startups’ employees collaborate.
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Chicago came in second place. SumUp researchers found that Chicago is home to 120,500 billionaires through tracked Google searches, highlighting the city’s strong interest in entrepreneurship. They also found that Chicago stands out for financial startups.
Rounding out the top three is Miami, which has a “warm climate and low taxes,” according to the study. With zero personal income and zero capital gains taxes, the city is seeing thriving travel, tourism and commerce startups.
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Here is the complete list of the top 10 cities for entrepreneurship, according to the report:
1. New York
Number of billionaires: 349,500
Personal income tax – maximum income: 10.90%
Sales tax: 4.00%
2. Chicago
Number of billionaires: 120,500
Personal income tax – maximum income: 4.95%
Sales tax: 6.25%
3. Miami
Number of billionaires: 35,300
Personal income tax – maximum income: 0.00%
Sales tax: 6.00%
4. Los Angeles
Number of billionaires: 212,100
Personal income tax – maximum income: 13.30%
Sales tax: 9.50%
5. Dallas
Number of billionaires: 68,600
Personal income tax – maximum income: 0.00%
Sales tax: 6.25%
6. Austin
Number of billionaires: 32,700
Personal income tax – maximum income: 0.00%
Sales tax: 6.25%
7. Houston
Number of billionaires: 90,900
Personal income tax – maximum income: 0.00%
Sales tax: 6.25%
8. Seattle
Number of billionaires: 54,200
Personal income tax – maximum income: 0.00%
Sales tax: 6.50%
9. Washington
Number of billionaires: 28,300
Personal income tax – maximum income: 10.75%
Sales tax: 6.00%
10. Boston
Number of billionaires: 42,900
Personal income tax – maximum income: 9.00%
Sales tax: 6.25%
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