Overview
- Henley & Partners counts roughly 115,000 resident millionaires in Milan—about one in 12 people—and about 17 billionaires, placing the city 11th worldwide by absolute numbers.
- The consultancy estimates around 3,600 wealthy moves to Italy in 2025, roughly 10 per day, with the vast majority settling in Milan.
- Italy’s 2026 budget raised the flat substitute levy on foreign income for new residents to €300,000, with €50,000 for each opted‑in family member, effective January 1.
- The regime replaces ordinary taxes on foreign‑source income and exempts IVIE and IVAFE, while 2026 changes narrowed incentives for high‑salary impatriates but preserved advantages for capital‑heavy migrants.
- Luxury housing now averages over €6,000 per square meter with peaks above €11,000 and up to €27,000 in prime areas, alongside reports of one in three workers struggling with costs and about 60,000 people on public housing waiting lists.