The Best Cities for Entrepreneurs to Live in 2024
Freedom to travel is one of the many perks of becoming an entrepreneur, but have you ever wondered if there is a place that truly feels like home for your business? If so, you’ll know that deciding on a city to settle in is more than just beautiful landscapes and sunny weather. It is about finding a place that aligns with your professional goals, offering the best tax benefits, and having like-minded people and access to networking opportunities to meet them. Research suggests that 20% of businesses have considered relocating in the near future. A move offers the chance to grow your company, discover new opportunities, reduce costs, optimise spending and expand into new markets.
To help you navigate this important decision, we’ve analysed cities across the world to discover the best locations for entrepreneurs to thrive. We covered all the points you may be considering, including the number of millionaires per city, tax regulations, quality of life, internet speed, networking clubs, international airports and requirements to enter the country on a UK passport.
This way, you can focus on what matters: running your business while preparing to take this leap confidently.
Key findings:
New York is the best city in the world for entrepreneurs to live in
London, Paris and Amsterdam are the top three cities in Europe for entrepreneurs to live in
New York, Chicago and Miami are the top three cities in the U.S. for entrepreneurs to live in
Dubai, Abu Dhabi and Miami are the three best entrepreneurial cities for low taxes
Zurich, Switzerland - the sixth-best city in Europe for entrepreneurs - has the highest Quality of Life score
Brits are showing the most interest in moving to Dubai, with 3,600 online searches per month in the UK for “moving to Dubai”
Singapore is the city with the highest internet speeds
Three German cities, Berlin, Frankfurt, and Munich, are in the top 15 cities for entrepreneurs in the world
All 11 of the U.S. cities analysed in the index rank above the top thirty globally
Where should entrepreneurs relocate to?
New York is the best city in the world for entrepreneurs to live
We've identified the best cities for entrepreneurs to live in 2024, and New York, USA, emerged as the top contender. With the highest number of millionaires globally (349,500), New York offers a thriving environment for business growth. Networking with like-minded individuals won’t be an issue in the Big Apple, as the city also boasts the most WeWork locations (37) and has three key networking clubs.
In addition to this, the research found that New Yorkers are bursting with an entrepreneurial spirit, with some of the highest online interest in “How to get rich” (9,240 searches per month) and “How to make it in business” (5,130 searches per month), of all cities analysed. When looking at tax regulations in New York, entrepreneurs can benefit from its favourable 4% Sales Tax/VAT/GST and a low personal income tax rate of 10.90% for high earners.
London is the second-best city in the world for entrepreneurs to live, making it a great option for UK entrepreneurs
Our second-best city for entrepreneurs to live in may just be a hop, skip, and a jump away, as London ranks closely behind New York. For British entrepreneurs, this offers the advantage of accessing world-class opportunities without the need to move abroad. Plus, with two international airports, London City and Heathrow, you can still easily explore the world while enjoying all that “The Big Smoke” has to offer.
With an impressive business survival rate of 89.18%, it is clear that entrepreneurs in London benefit from a range of resources - such as government schemes, grants, and support networks - to help see their businesses flourish. Londoners will make the perfect business network, too, as they are searching online for “How to get rich” more than any other city in the ranking, at a whopping 10,310 times per month. With the most networking members clubs of all cities analysed you’ll have no trouble meeting these like-minded people.
Dubai’s significant tax advantages make it the third-best city for entrepreneurs
Taking the spot as the third best city for entrepreneurs to live, offering modern architecture and a thriving retail scene, is Dubai. 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.
It's also a top choice for British entrepreneurs, with 3,600 UK monthly online searches related to relocating to the city. For those considering a move, Dubai’s straightforward entry requirements—30 days visa-free on a UK passport—make it an accessible and ideal base for loved ones to visit as you expand your business. 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.
Singapore is the fourth best city for entrepreneurs, with the highest internet speeds
Singapore ranks as the fourth-best city in the world for entrepreneurs. Reliable and fast internet is essential for staying connected with your team and loved ones back home, and with the fastest broadband internet speeds of all cities analysed (264.15 Mbps), Singapore ensures the dreaded buffer screen won’t slow you down.
The city also boasts one of the highest population densities of millionaires (244,800) and an impressive new business density of 11.3 per 1000 people, offering a wealth of opportunities when success is all around you and the 0% capital gains tax adds to Singapore's appeal as a prime destination for business growth.
Hong Kong rounds off the top five with the highest business density per 1000 people
Hong Kong rounds off the top five best cities for entrepreneurs globally, and with the highest new business density among the fifty cities analysed, at 21 per 1000 people, this is a hotspot for entrepreneurial visionaries. The city is also the only one on the index to offer no sales/ VAT tax, making it an especially attractive option for e-commerce business owners.
For UK entrepreneurs, Hong Kong’s visa-free entry for 180 days on a UK passport simplifies the process for friends and family to fly out and visit your new city, with an international airport too.
Best cities in Europe for entrepreneurs to live
Paris follows London as the second-best city in Europe for entrepreneurs to live
Following closely behind top scorer London is Paris, the second-best city in Europe for entrepreneurs to live. The French capital is well-connected, with three international airports and convenient Eurostar links, making travel a breeze. Whether you're jetting off for a business meeting or a quick visit home to see loved ones, Paris ensures you’re always connected.
With a business survival rate of 83.25% and the fastest broadband internet speeds of all of the European cities analysed at 200.99 Mbps, Paris offers both the stability and the connectivity you need to thrive. Additionally, Paris’ world-famous food and drink scene makes it a great location for restaurateurs, or a great spot to unwind and network.
Zurich is the sixth best city for entrepreneurs to live in Europe, with the highest Quality of Life score
Zurich, Switzerland, ranks as the sixth-best city for entrepreneurs in Europe and leads in quality of life with an impressive score of 207.12. Zurich's tax regulations are also notably more favourable than those of its European counterparts, offering a personal income tax rate of just 13% for high-income earners. This is a competitive advantage compared to cities like Amsterdam, which ranked third in Europe but has a personal income tax rate of 49.50%. Additionally, Switzerland stands out as the only country in the European ranking without a capital gains tax, making Zurich an especially attractive destination for entrepreneurs seeking a tax-efficient environment.
Three German cities, Berlin, Frankfurt, and Munich, are in the top 15 cities for entrepreneurs in the world
Three German cities, Berlin, Frankfurt, and Munich, were all named among the top 15 European cities for entrepreneurs. Despite Germany's high personal income tax of 45%, the nation offers a range of attractive opportunities for business owners. For British entrepreneurs, loved ones from back home can visit for up to 90 days visa-free, and travel is also eased by the three international airports located within each city- Munich Airport, Frankfurt Airport and Berlin Brandenburg Airport. Frankfurt scored an impressive Quality of Life score of 206.75, the second highest of the European cities. With a business success rate of 74.86%, Frankfurt is an idyllic hub for new businesses, especially those in the finance and automotive industries.
The best cities in the U.S. for entrepreneurs to live in
The U.S. stands out as the country with the most options for entrepreneurs looking to relocate, with all 11 of the U.S. cities analysed in the index ranking above the top thirty globally and New York claiming the number one spot. According to the Global Entrepreneurship Monitor, there are 31 million entrepreneurs in the U.S., making it a dynamic location for entrepreneurs to relocate to. For British entrepreneurs, loved ones will require only an ESTA to visit you in the U.S., allowing 90 days of travel, and with broadband internet speeds of 215.72 Mbps, digital collaboration and contacting back home will be easy too.
Chicago is the second-best city in the U.S. for entrepreneurs
Chicago ranked second in the U.S. / sixth globally, and is home to 120,500 millionaires as well as seeing 6,710 monthly online searches for "how to get rich". With 2 international airports - O'Hare International Airport and Midway International Airport - the city offers easy access for both business and leisure travel.
Miami is ranked as the third best city for entrepreneurs to live, offering favourable tax advantages with no capital gains or personal income taxes, making it an appealing choice for business owners.
Los Angeles ranks as fourth best city in the U.S. for entrepreneurs
Los Angeles, famous for its ties to the entertainment industry, takes the fourth spot. Despite having the highest taxes among U.S. cities analysed, the city ranked favourably due to the high number of millionaires (212,100) who call L.A. home. Dallas rounds off the top five, boasting the highest quality of life score among the U.S. cities at 186.4, making it a top contender for entrepreneurs seeking a balanced lifestyle and business opportunities.
The countries with the lowest taxes for businesses
Of the best cities in the world for entrepreneurs, we have discovered the ten cities with the lowest taxes, and the data shows that the UAE and the U.S. are leading the way. Business owners are constantly seeking locations that offer favourable tax environments where they can maximise their profits and reinvest in growth. In fact, there are an average of 29,590 monthly online searches made for terms like “countries with best taxes” and “country with lowest taxes,” highlighting the strong demand for tax-friendly destinations like the UAE and the U.S.
Dubai and Abu Dhabi rank among the best cities for entrepreneurs with the best tax regulations. In the UAE, the tax environment is highly favourable, with Dubai and Abu Dhabi offering no personal or capital taxes and only a 5% sales/VAT—significantly lower than cities like Stockholm, Sweden, where entrepreneurs face a 25% VAT.
U.S. cities complete the top five, as Miami ranks third for the most favourable tax rates. Neither income nor capital gains are taxed in Miami, and VAT is just 6%. Texan cities Dallas, Austin, and Houston sit in joint fourth place, also exempting income and capital gains, with a slightly higher VAT of 6.25%.
Elevate business growth in your city with SumUp
Are you ready to take the next step in your entrepreneurial journey? We hope that our research has helped you decide on the perfect location for your business. But don’t let it stop there - here at SumUp, we can help to make your move a success!
Whether you need a seamless payment solution for your new international website or easy-to-use card readers in your stores abroad, SumUp has everything you need to take this leap with confidence and streamline your business operations with our comprehensive POS solutions.
Methodology
To determine the best cities in the world for entrepreneurs to live and relocate to, we analysed the top richest global cities with details on the following metrics for each city:
2-4. Sales/VAT, Personal Income (Highest Income) and Capital Gains (Highest Income) Taxes: U.S., Australia, Canada, Austria, China, France, Germany, Hong Kong, India, Ireland, Italy, Singapore, Switzerland, Dubai, The Netherlands, Taiwan, Sweden
5. QoL
6. Broadband Internet Speed - Median Country Mbps
7. Mobile Internet Speed - Median Country Mbps
8. Network Members Club - Soho House
9. No. international airports
10. Requirements to enter the country on a UK passport
11. UK Google search volume for "Moving to [city name]"
12. UK TikTok search volume for "Moving to [city name]"
13. City search volume for keyword topic: “How to get rich”
14. City search volume for keyword topic: “How to make it in business”
15. New business density per 1,000 people
16. WeWork Locations
These 16 metrics were then used to rank the cities. Each metric was scored from 0-100, with 100 being given to the cities that scored well in the metric. The scores were then averaged to give an overall score out of 100, with the cities scoring closer to 100 being better for entrepreneurs.
Additional metrics were then collected on the business survival rate of EU countries and popular industries in each city.
