The super-rich are choosing Italy - Stimulus policies and favorable taxes attract billionaires
Italy, a perennial destination for the rich and famous, is attracting a new wave of ultra-wealthy individuals looking to take advantage of an investor-friendly environment, a booming real estate market and a low tax regime.
While many other countries are cracking down on the super-rich, Italy is following the opposite path; its flat-tax regime has lured big spenders, drawn by the luxury lifestyle and vibrant business scene in Milan.
Despite the fact that the income tax rate for high-net-worth individuals doubled to 200,000 euros in 2024, this has not significantly affected the desire to enjoy "la dolce vita".
Italy has become one of the top destinations for the wealthy to move to in Europe this year, according to Henley & Partners. Although the figures for millionaire migration have raised some questions and global wealth movements are difficult to track with precision, a number of well-known figures have decided to move to Italy in recent months. Henley & Partners data shows that the total number of new high-net-worth arrivals in Italy so far this year could be as high as 3,600.
Italy's flat tax regime was introduced in 2017 as part of a broader effort by the then center-left government to attract foreign investors and encourage the return of local talent after the eurozone debt crisis. In turn, it has spurred a new wave of businesses aiming to cater to this new influx of wealth, particularly in the country's financial and fashion hub, Milan.
Meanwhile, the wealthy moving to Italy has driven up property prices in some of the country's most sought-after areas, from Tuscany and the Italian Riviera to cities like Rome, Venice and Florence. However, Milan and the region around the lakes have emerged as the most popular choice.
Property prices in Milan have risen by 49% since the flat tax regime was introduced in 2017, compared with an increase of just 10.9% in other major Italian cities, according to real estate group Tecnocasa. Meanwhile, international firm Knight Frank predicts Milan's luxury property market will grow by a further 3.5% by 2025.
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