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According to research, 20% of businesses have considered relocating*, however deciding on a city can take up a lot of time - something scarce among business owners. So instead of doing it yourself, SumUp experts have analysed taxes, quality of life, internet speeds, networking opportunities and more, to uncover the best cities for entrepreneurs in the world.
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The best cities in the world for entrepreneurs to move to
Rank | City | Country | Number of Millionaires | Personal Income Tax | Sales Tax/VAT/GST | Capital Gains Tax | QoL | Broadband Internet Speed Mbps | Network Members Clubs | No. international airports | UK SV for "Moving to (city)" | City SV for: 'How to make it in business' | New business density per 1,000 people | WeWork Locations | INDEX SCORE |
1 | New York | USA | 349,500 | 10.90% | 4.00% | 10.90% | 132.51 | 215.72 | 3 | 2 | 2,400 | 5,130 | 0.0 | 37 | 74 |
2 | London | UK | 227,000 | 45% | 20.00% | 20.00% | 145.43 | 84.93 | 11 | 2 | 1,600 | 5,410 | 18.6 | 30 | 71 |
3 | Dubai | UAE | 72,500 | 0.00% | 5.00% | 0.00% | 174.82 | 235.72 | 0 | 1 | 3,600 | 7,670 | 2.5 | 1 | 71 |
4 | Singapore | Singapore | 244,800 | 24.00% | 9.00% | 0.00% | 165.42 | 264.15 | 0 | 1 | 480 | 2,150 | 11.3 | 13 | 69 |
5 | Hong Kong | Hong Kong | 143,400 | 17.00% | 0.00% | 0.00% | 134.37 | 263.07 | 1 | 1 | 140 | 1,440 | 21.0 | 11 | 67 |
6 | Chicago | USA | 120,500 | 4.95% | 6.25% | 4.95% | 149.1 | 215.72 | 1 | 2 | 90 | 2,590 | 0.0 | 8 | 63 |
7 | Abu Dhabi | UAE | 24,200 | 0.00% | 5.00% | 0.00% | 197.22 | 235.72 | 0 | 1 | 210 | 2,660 | 2.5 | 1 | 62 |
8 | Paris | France | 165,000 | 45.00% | 20.00% | 19.00% | 137.85 | 200.99 | 1 | 3 | 320 | 1,540 | 6.7 | 10 | 62 |
9 | Los Angeles | USA | 212,100 | 13.30% | 9.50% | 13.30% | 135.97 | 215.72 | 4 | 1 | 210 | 3,140 | 0.0 | 10 | 60 |
10 | Miami | USA | 35,300 | 0.00% | 6.00% | 0.00% | 163.76 | 215.72 | 1 | 1 | 480 | 1,920 | 0.0 | 4 | 59 |
Dubai named the third-best city in the world for entrepreneurs to move to
The study revealed that Dubai is the third best city in the world for entrepreneurs to live, offering modern architecture and a thriving retail scene. Standing out for its significant tax advantages: no capital gains tax and no income tax even for the highest earners, along with a low VAT of just 5%, Dubai is a great location for maximising profits.
The entrepreneurial spirit in Dubai is higher than in any other city analysed by SumUp, with monthly online searches for “How to make it in business” averaging at 7,670, as well as 72,500 millionaires already residing in the city making it a great place to network with like-minded individuals, pursuing similar goals.
Dubai's booming property market and favourable regulations make it a hotspot for entrepreneurs in the real estate sector. It also boasts the highest quality of life score (174.82) among the top five cities.
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Abu Dhabi is the second city in the Middle East to land a spot on the ranking
Ranking as the seventh best city in the world for entrepreneurs is Abu Dhabi, the home to 24,200 millionaires, and offering the same advantageous taxes as Dubai. Abu Dhabi boats the highest QoL score of the top 10 (197.22) as well as a new business density of 2.5 per 1,000 people.
The full study and methodology can be found here.
About SumUp
SumUp is a leading global financial technology company driven by the purpose of levelling the playing field for small businesses. Founded in 2012, SumUp is the financial partner for more than 4 million small merchants in 36 markets worldwide, helping them start, run and grow their business. Through its SuperApp, SumUp can provide merchants with a free business account and card, an online store, and an invoicing solution – as well as in-person and remote payment acceptance seamlessly integrated with SumUp’s card terminals and point-of-sale registers. SumUp is committed to leveraging its success to make the world a better place, pledging to donate 1% of its revenue to support environmental causes and advocating for educational and entrepreneurial projects around the world. In 2023, SumUp was recognised as a Top Global Employer for inclusion by the Stonewall Workplace Equality Index. For more information, please visit https://www.sumup.co.uk