Becoming an entrepreneur comes with the freedom to travel and decide on the best city to call home. For 2024, research has identified the best cities for entrepreneurs, focusing on factors such as tax benefits, networking opportunities, and the presence of like-minded individuals.
Top US cities for entrepreneurs
In a new report by SumUp, New York, Chicago, and Miami have emerged as the top three cities in the US for entrepreneurs to live in. According to the Global Entrepreneurship Monitor, there are 31 million entrepreneurs in the US, making it a dynamic location for business relocation. Among 11 US cities analyzed, New York claimed the number one spot, showcasing its appeal with a thriving business environment and ample networking opportunities. British entrepreneurs also find it convenient, as loved ones only need an ESTA to visit for up to 90 days.
Chicago ranked second in the US and sixth globally, attracting 120,500 millionaires. Facilities like O'Hare and Midway Airports offer ease of travel for business and leisure. Additionally, the SumUp study found that there are 6,710 monthly online searches in Chicago for "how to get rich," indicating heightened interest in entrepreneurial success.
Advantages of relocating
Miami, ranked third, offers significant tax advantages with no capital gains or personal income taxes. This makes it highly appealing to business owners. Los Angeles, though having the highest taxes, ranks favorably for its large number of millionaires. Lastly, Dallas is noted for the highest quality of life score among US cities, beneficial for entrepreneurs seeking a balanced lifestyle.
In determining these rankings, the analysis factored in 16 metrics, including the number of millionaires, tax regulations, quality of life, internet speed, international airports, and networking clubs. Each metric was scored, and the cities' averages were taken to rank their overall support for entrepreneurship.
Texan cities like Dallas, Austin, and Houston also rank highly, benefiting from no income or capital gains tax and manageable VAT rates. For entrepreneurs seeking to grow their businesses while optimizing costs and access to new opportunities, these US cities present an ideal relocation choice.
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