Singapore has been named the fourth best city in the world to move as an entrepreneur due to the zero percent capital gains tax in the Asian nation, according to an analysis. 

In its latest report, UK-based fintech firm SumUp noted that Singapore also boasts one of the highest population densities of millionaires which currently stands at 244,800 and an impressive new business density of 11.3 per 1000 people allowing entrepreneurs to bolster their operations. 

"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," said the report. 

Dubai Ranks Third

According to the report, Dubai is the third best city in the world for entrepreneurs to live, offering modern architecture and a thriving retail scene. 

Some other factors that worked in favor of Dubai are its significant tax advantages: no capital gains tax and no income tax even for the highest earners, along with a low VAT of 5 percent. 

"Dubai is 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," said the report. 

The report went on and said that the Emirate is a hotspot for entrepreneurs in the real estate sector due to its booming property market and favorable regulations. 

New York Tops the List

According to SumUp, New York is the best city in 2024 to move as an entrepreneur, with the city having the largest number of millionaires globally at 349,500.

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. 

London was ranked second on the list, while Hong Kong, Chicago, and Abu Dhabi, garnered the fifth, sixth and seventh spots, respectively. 

Paris secured the eighth spot, followed by Los Angeles, and Miami, in the ninth and tenth ranks respectively.