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Ranked: The Top Startup Cities Around the World

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See this visualization first on the Voronoi app.

This bar chart shows the top startup ecosystems in the world in 2024.

The Top Startup Cities Around the World

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

A richly connected network of founders, venture capital firms, and tech talent are some of the key ingredients driving a startup ecosystem.

As engines of growth, these tech clusters are evolving on a global scale. While the world’s leading startup cities are concentrated in America, several ecosystems, such as Beijing and Seoul, are growing in prominence as countries focus on technological advancement to spur innovation.

This graphic shows the best startup cities worldwide, based on data from Pitchbook.

The Global Startup Ecosystem Rankings

To determine the rankings, each city was analyzed based on the scale and maturity of their startup ecosystem over a six-year period ending in the second quarter of 2023.

Among the inputs analyzed and used to calculate the overall development score were fundraising activity, venture capital deals, and exit value:

RankCityDevelopment ScoreCapital RaisedDeal CountExit Value
1🇺🇸 San Francisco90$427.6B19,898$766.3B
2🇺🇸 New York76$179.9B13,594$171.7B
3🇨🇳 Beijing76$161.2B8,835$279.2B
4🇨🇳 Shanghai73$130.3B7,422$186.8B
5🇺🇸 Los Angeles71$144.6B9,781$181.4B
6🇺🇸 Boston70$117.0B6,044$172.8B
7🇬🇧 London64$99.0B11,533$71.9B
8🇨🇳 Shenzhen63$46.4B5,020$66.3B
9🇰🇷 Seoul61$31.1B6,196$71.0B
10🇯🇵 Tokyo60$26.2B5,590$28.0B
11🇨🇳 Hangzhou59$50.7B3,361$88.7B
12🇺🇸 Washington D.C.55$43.7B2,706$28.2B
13🇺🇸 Seattle54$31.7B2,693$35.6B
14🇸🇬 Singapore52$45.7B4,507$38.0B
15🇺🇸 San Diego52$33.5B2,023$44.7B
16🇺🇸 Austin52$26.4B2,636$22.9B
17🇨🇳 Guangzhou52$24.7B1,700$24.0B
18🇮🇱 Tel Aviv51$21.0B1,936$32.2B
19🇺🇸 Denver51$26.8B2,489$29.9B
20🇩🇪 Berlin50$31.2B2,469$15.9B

San Francisco dominates the pack, with $427.6 billion in capital raised over the six-year period.

Despite a challenging funding environment, nearly 20,000 deals closed, highlighting its outsized role in launching tech startups. Both OpenAI and rival Anthropic are headquartered in the city, thanks to its broad pool of tech talent and venture capital firms. Overall, 11,812 startups were based in the San Francisco Bay Area in 2023, equal to about 20% of startups in America.

Falling next in line is New York City, which raised $179.9 billion over the same time period. Crypto firm Gemini and machine learning company, Hugging Face, are two examples of startups based in the city.

As the top-ranking hub outside of America, Beijing is home to TikTok’s parent company, ByteDance, which is one of the most valuable private companies in the world.

In recent years, much of the startup funding in China is being driven by government-backed funds. In particular, these funds are focusing heavily on “hard tech” such as semiconductor-makers and electric vehicle companies that align with the government’s strategic long-term goals.

Another leading tech hub, Singapore, has the highest venture capital funding per capita worldwide. In 2023, this was equal to an impressive $1,060 in venture funding per person. By comparison, venture funding was $345 per person in the U.S., the second-highest globally.

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Technology

What is the Median Pay of Magnificent Seven Companies?

The Magnificent Seven companies are fueling stock market gains. In this graphic, we show the median pay of each company in 2023.

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This circle graphic shows the median pay of employees at the Magnificent Seven companies.

What is the Median Pay of Magnificent Seven Companies?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

The Magnificent Seven are lifting the stock market to new highs, led by Nvidia, Microsoft, Apple, and Alphabet in particular.

In May alone, these tech giants added $1.4 trillion in market capitalization to the S&P 500—surpassing the combined gains of 296 other stocks during the same period. Notably, Nvidia contributed to more than half of this rise. As tech stocks boom, many are offering robust salaries with substantial stock option plans.

This graphic shows the median pay of the Magnificent Seven companies in 2023, based on analysis from The Wall Street Journal and MyLogIQ.

The Highest Paying Companies in the Magnificent Seven

Below, we show the median employee pay of the Magnificent Seven companies in 2023:

CompanyMedian Employee Pay
2023
CEO Total Pay
2023
Meta$379,050$24.4M
Alphabet$315,531$8.8M
Nvidia$266,939$34.2M
Microsoft$193,770$48.5M
Apple$94,118$63.2M
Tesla$45,811$0M
Amazon$36,274$1.4M

Data for Microsoft is from SEC filings. Total CEO pay includes equity awards and cash pay.

Meta ranks as the highest overall, with a median pay of $379,050, which is more than six times the national median salary.

Not only is it the leading company in the Magnificent Seven, it has one of the highest median pay across S&P 500 companies. Between 2022 and 2023, employee pay increased 28%, following four rounds of layoffs that slashed thousands of employees in its “year of efficiency”.

Following Meta is Google’s parent company, Alphabet, with a median pay of $315,531. The company operates a hybrid work policy, requiring employees to be in the office about three days a week. This mirrors a trend seen across Amazon and Salesforce to encourage in-person collaboration.

At Nvidia, employees received a median pay of $266,939, fueled by its soaring share price. Last year, over $300 million in value was delivered to its staff under its employee stock purchase plan. Along with a competitive pay package, the company offers an unlimited vacation policy along with 22-weeks of paid parental leave.

Falling near the bottom of the pack is Tesla, where the median salary for employees is $45,811. The automotive sector is notorious for steep wage gaps between CEOs and workers, with CEOs often earning 300 times more than the median employee.

In 2023, Tesla CEO Elon Musk earned no compensation, and is instead paid through incentive-based stock options. Recently, a judge invalidated a staggering $56 billion pay package for the executive, deeming it unfair to the company’s shareholders. This pay package was awarded in 2018, with stipulations that Tesla meet certain performance requirements over a 10-year timeframe.

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