Discover the top ten cities for entrepreneurship, ranked for their economic environment, entrepreneurial resources, and overall quality of life—key factors for business school candidates eyeing their future.
10. Boston: A Historical yet Cutting-Edge City
Just making it into the top ten is Boston, a city known for its education, healthcare, and technology sectors. With 42,900 dollar millionaires, and some of the world’s leading universities, Boston offers an aspirational and rich intellectual environment.
The city’s personal income tax rate is 9%, but for entrepreneurs in biotech, healthcare, or education, Boston is an innovation hub worth considering.
Sitting just across the Charles River, Cambridge is home to two of the most prestigious business schools in the world: Harvard Business School and MIT Sloan. Although gaining acceptance into these programs is highly competitive, they provide unparalleled opportunities for entrepreneurial success.
9. Washington, DC: A Hub for Policy and Business
Washington, DC, takes ninth place with 28,300 millionaires. The city’s proximity to the US government makes it a hotspot for businesses related to policy, consulting, and technology. Entrepreneurs seeking to influence change or work with government contracts will find ample opportunity in the nation's capital.
If DC interests you as a place to study and launch a startup, there are a few business schools you could attend to start your journey, such as American University’s Kogod School of Business and Georgetown’s McDonough School of Business.
8. Seattle: A Leading Tech and Innovation Center
Seattle is a growing tech powerhouse, coming in at eighth place with 54,200 millionaires. Home to global giants like Amazon and Microsoft, the city is a hub for tech entrepreneurs. Although there is no personal income tax, the sales tax sits at 6.5%, which is balanced out by the opportunities available in technology and innovation. If you're applying to business school, check out Michael G. Foster School of Business at the University of Washington.
7. Houston: Energy Capital of the World
Houston, another Texan city, ranks seventh and is often referred to as the energy capital of the world. With 90,900 millionaires, Houston’s economy is primarily driven by the oil and gas industry. Entrepreneurs looking to break into energy will find no better place to establish their business. C.T. Bauer College of Business is located in the city.
6. Austin: Tech Haven and Cultural Hotspot
Austin’s reputation as a tech hub continues to grow, earning it sixth place. With 32,700 millionaires and a vibrant cultural scene, the city appeals to young entrepreneurs, particularly those in tech and startups. Like Dallas, Austin benefits from Texas’ 0% income tax, further enhancing its appeal.
UT Austin McCombs School of Business is a top institution where students can take advantage of the thriving city.
5. Dallas: Business Without Income Tax
Dallas takes the fifth spot, known for its strong energy and tech industries. With 68,600 millionaires, like Austin, the city also benefits from Texas’ lack of personal income tax, making it a highly attractive option for entrepreneurs.
For those interested in the energy, real estate, or tech sectors would find Dallas an ideal location for starting their ventures.
4. Los Angeles: A Hub for Innovation
Los Angeles ranks fourth and stands out for its entrepreneurial flair in industries such as entertainment, technology, and media. With 212,100 millionaires, the city is a magnet for innovators and creatives alike.
While personal income tax rates are high at 13.30%, the city’s vast market size and global reach often outweigh the financial drawbacks for entrepreneurs looking to make it big.
LA is home to the highly sought-after UCLA Anderson School of Management, where students have access to the multitude of opportunities the city has to offer.
3. Miami: Low Taxes and High Quality of Life
Entrepreneurs seeking the perfect combination of tax benefits and lifestyle should look no further than Miami. The city ranks third in the US for entrepreneurship, boasting 0% personal income tax and 0% capital gains tax—an enticing factor for entrepreneurs looking to maximize profits. Miami is already home to 35,300 millionaires and is known for its booming travel, tourism, and commerce industries.
Indexing highly for quality of life, Miami offers not just business potential but also a desirable living environment. Its coastal location and warm climate make it a magnet for those who value both work and play. For business school candidates interested in tourism or international business, Miami provides a rich market to explore.
2. Chicago: A Financial Powerhouse
Second on the list is Chicago, known for its robust finance and commodities trading sectors. Home to 120,500 millionaires, the Windy City offers a balanced lifestyle and a supportive environment for business leaders. The entrepreneurial mindset is growing, evidenced by 6,710 local monthly online searches for “how to get rich” and 2,590 for “how to make it in business.”
Business school candidates aiming to excel in finance, trade, or technology will find Chicago’s business-friendly environment and highly skilled workforce invaluable. While the cost of living is more manageable than in New York, the city’s reputation as a financial powerhouse makes it ideal for entrepreneurs in those sectors.
Chicago is also home to top business schools, including the University of Chicago Booth School of Business, whose MBA ranks tenth in the world according to the Financial Times.
1. New York: The Top City for Entrepreneurs
Despite the city's high cost of living, New York emerges as the best place not only in the US but globally for entrepreneurs. Boasting over 349,500 millionaires, New York’s economy is as diverse as it is thriving. With industries ranging from finance and real estate to fashion, tech, and tourism, the opportunities are endless in the city that never sleeps.
A hallmark of New York's entrepreneurial spirit is the high volume of monthly online searches for terms such as “how to get rich” (9,240 monthly searches) and “how to make it in business” (5,130 monthly searches). This high level of ambition is complemented by practical advantages: the city is home to two major international airports and has 37 WeWork locations, the highest number of any city surveyed.
For business school candidates, New York offers some of the world’s top programs including NYU Stern and Columbia Business school. Studying in this stimulating environment gives you access to both a dynamic business landscape and unparalleled networking opportunities, making it the perfect launchpad for aspiring entrepreneurs.
