SumUp reports that New York is the best city in the world for entrepreneurs. In second place, the UK is making moves with London taking the spot. According to the study, New York make the perfect spot for business leaders and entrepreneurs, all for its diverse mix of industries, like finance, real estate and tech, together with its cultural vibrancy.
London, on the other hand, takes the second spot due to its historical charm placed together with the modern innovations, especially in tech, making it perfect for entrepreneurs on the UK, and even from around the world.
There is also a high quality of life, different international airports, and many different networking opportunities- a perfect location for businesses who want to grow.
After London, on the list follows:
3. Dubai
4. Singapore
5. Hong Kong
6. Chicago
7. Abu Dhabi
8. Paris
9. Zurich
10. Miami
How Were These Decided Upon?
There certainly are a mix of factors that influenced the study’s list, and while London takes the lead in the continent, other European cities are also showing strong traits. The study looked at a few aspects to determine which cities are the best for entrepreneurs right now. These aspects were:
Number of Millionaires:
Where there was a high number of millionaires in a city, like New York or London, this would mean there is a successful business environment and a successful community of entrepreneurs. This metric is usually a way to measure economic vitality and a city’s ability to support high-net-worth citizens.
Tax Regulations:
A major factor in the rankings is the tax environment of each city. Cities like Dubai and Miami are recognised for their 0% personal income tax, which makes them financially appealing to entrepreneurs looking to maximise their earnings. The analysis looked at personal income tax, sales tax/VAT/GST, and capital gains tax, and prefers cities with lower rates.
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Quality of Life:
The study measures the overall living conditions in each city, such as safety, healthcare, leisure, and cultural activity. High scores in this area, like those seen in Dubai and Zurich, attract entrepreneurs who value a balanced lifestyle alongside their business activities.
Internet Speeds:
Of course, this is a necessity for modern businesses, especially in tech and global trading. Cities like Singapore with the fastest internet speeds were ranked higher for this reason. This is important so that businesses can operate efficiently and stay connected worldwide.
Networking Opportunities:
The availability of networking clubs and co-working spaces like WeWork locations also shows a city’s capacity for creating business relationships and community support. For example, New York leads with the highest number of WeWork locations (it has 37), supporting its top ranking.
Access to Global Markets:
The number of international airports and ease of travel play into the rankings, as they affect an entrepreneur’s ability to expand and operate on a global scale. Cities like London and Paris, with multiple international airports, score high for global connectivity.
Search Volume and Interest:
The study also looks at the online interest in moving to these cities and doing business there, as shown by search volumes for terms like “how to get rich” and “how to make it in business.” High search volumes can be a measure for a city’s popularity and perceived opportunities among entrepreneurs.
Business Density:
The number of new businesses per 1,000 people is something they also look at. Cities like Hong Kong, with a high business density, would mean that there is a good entrepreneurial environment, where new ventures are continually being launched.
What About Other European Countries?
The report also looked at the strong position of German cities such as Berlin, Frankfurt, and Munich. Each of these cities combines a business environment with high quality of life scores.
Even with the high personal income tax rate in Germany, these cities still bring a considerable amount of business opportunities, especially in the finance and automotive industries, supported by good infrastructure and an efficient regulatory environment. Like London, having multiple international airports gives them better connectivity opportunities, making them well-suited for entrepreneurs who need to travel, and support global business relations.
