From London to L.A., millionaires are relocating to Italy’s business capital to discover a city in the middle of a renaissance. In recent developments, Milan has established itself as an attractive destination for affluent expatriates and business leaders, drawn by Italy's favourable tax policies, growing cultural significance, and robust post-pandemic economic growth. Notably, professionals from industries such as entertainment and finance—originating from cities like London and Los Angeles—are choosing to relocate to Italy’s commercial hub, significantly influencing both the local real estate market and the city’s global standing.
Since 2017, Italy’s “flat tax” lets foreign residents pay €100,000 annually on global income. This regime, like those in Portugal and Monaco, has made Milan a popular choice for entrepreneurs and professionals, especially after Brexit, thanks to its lifestyle and tax advantages.
Significance for the planet: Milan’s development exemplifies the increasing emergence of “sustainable renaissance” cities—urban centres characterised by compactness, design innovation, vibrant cultural scenes, limited reliance on automobiles, and robust economic advancement. The inflow of global capital has accelerated urban renewal initiatives and promoted investments in green architecture. Nonetheless, these trends also raise important issues regarding affordability, displacement, and the potential for gentrification to challenge local sustainability objectives
Achieving an equitable balance between growth and inclusivity will be central to Milan’s trajectory over the coming decade. City officials aim to make Milan Europe’s “liveable luxury” hub by leveraging its strength in fashion, finance, and design, and boosting public transport, green housing, and digital infrastructure. Real estate prices are expected to rise as Italy weighs extending its flat tax under EU scrutiny. The main challenge will be keeping Milan accessible and authentic for all residents while attracting wealthy newcomers. Quote: “Milan is happening. It is small, but it has a global feel.” Over 1,500 high-net-worth individuals have moved to Italy since 2017 for the flat tax, with many settling in Milan.
Milan offers walkability, a variety of restaurants, and an emerging art scene. He noted that while Milan is smaller than some other major cities, it maintains a global atmosphere. According to Soetheby's the best areas to live in Milan include: Brera district: the art of living well;
Porta Nuova: modernity and prestige; Magenta: a historic and refined neighborhood; Quadrilatero della Moda: Milan’s shopping landmark and San Siro: the residential elite area of the sports district.
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