Italy, a "magnet" for the rich - Will attract around 3,600 millionaires by 2025
Italy is expected to attract around 3,600 millionaires by 2025, ranking third in the world in this special ranking. The wealthy choose Italy because of its favorable tax regime and high quality of life.
More than 142,000 millionaires worldwide will relocate by 2025, according to a study by Henley & Partners, a company specializing in citizenship and residency programs. About 3,600 of them will choose Italy, ranking third, behind the United Arab Emirates, which will welcome 9,800, and the United States (7,500), but ahead of Switzerland (3,000).
The decision has been driven by geopolitical tensions and increasing global tax competition. The number of high-net-worth individuals willing to relocate has more than doubled in the past decade.
Since 2017, Italy has applied a special tax regime known as the 'CR7 rule' (an acronym for footballer Cristiano Ronaldo), which allows non-residents to pay a flat annual tax of €200,000 on income generated abroad, for a period of 15 years. For family members who opt for the same regime, the flat tax drops to €25,000. The regime applies to income from financial investments, image rights, capital gains and foreign inheritances, while income generated in Italy is taxed normally.
The abolition of the UK's non-resident tax regime has encouraged many millionaires to relocate to Italy, particularly Milan. In addition to the favourable tax conditions, Milan is experiencing a boom in services, with new exclusive clubs, luxury hotels and an expansion of international law firms.
According to the Global Wealth Report, Italy ranks eighth in the world for investable financial wealth, with a total value of approximately $6.9 trillion in 2024. Of this wealth, 40% is invested in stocks and mutual funds, 25% in deposits and currencies, 18% in life insurance and pensions, and 8% in bonds. The report predicts an average annual growth rate of 6.5% through 2029, with financial assets potentially reaching $9.4 trillion.
Italy is home to around 517,000 millionaires (those with assets over $1 million) and 2,600 super-rich with assets over $100 million. The number of millionaires is expected to grow by 1% per year over the next four years, while the ultra-rich segment is expected to expand by 3%. Supporters of the tax regime believe that the arrival of these individuals encourages consumption, investment and the creation of new businesses, contributing to tax revenues and economic development.
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