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Milan for the rich/ 11th city with the most millionaires in the world
2025-04-14 16:37:06 / EKONOMI&SOCIALE
The city of Milan confirms itself as a center of attraction for millionaires. In ten years, from 2014 to 2024, they grew by 24%.
Globally, the Lombardy capital has risen to eleventh place in the ranking of the 50 metropolises most likely to attract the rich and super-rich, compiled by Henley & Partners.
And with 115,000 millionaires and 17 billionaires, it is third among European cities.
After London, which has lost ground and fallen out of the top 5, and after Paris, which has seen its share of Scrooges grow by just 5% in the last ten years.
What certainly benefited Milan – explains Il Corriere della Sera – was the flat tax for young residents with high incomes, introduced in 2017, but also its attractiveness as a place for business and its international fame as a city of fashion, luxury and design.
Cities with the most millionaires in the world - Ranking, New York at the top
As mentioned, Milan is just outside the top 10 cities in the world with the most people with a net worth over $1 million. Here is the ranking (data in thousands):
San Francisco Bay Area (USA) – 342.4
Singapore (Singapore) – 242.4
Los Angeles (USA) – 220.6
Paris (France) – 160.1
Hong Kong (Hong Kong) – 154.9
Sydney (Australia) – 152.9
Chicago (USA) – 127.1
Beijing (China) – 114.3
Osaka-Kyoto-Kobe (Japan) – 112.2
Shanghai (China) – 110.5
Cities with the most millionaires in the world - Ranking, New York at the top
According to a study by Assolombarda, the capital of Milan compares with ten relevant centers in the world economic panorama: Amsterdam, Barcelona, Berlin, London, Munich, Paris, Chicago, New York, San Francisco and Tokyo.
Among these destinations, Milan is the ninth most attractive for foreign investment, tied with San Francisco and ahead of Chicago.
In 2023, it attracted 49 new foreign multinationals. In the first half of 2024, investments in commercial real estate reached almost 600 million euros and exceeded one billion euros, including land and developments.
On this front, Milan surpasses Amsterdam (400 million) and is at levels comparable to Barcelona (700 million) and San Francisco (900 million).
Milan's attractiveness on the real estate front is also confirmed by home sales.
In particular, in 2024, new home sales fared very well, representing over 22% of total transactions, compared to an Italian average of 12.8%.
One sector in which the city has been particularly strong is tourism: it has been growing steadily in recent years. From January to December 2023, according to data published by the Municipality, a total of 8.5 million arrivals were recorded.
Among the factors of competitiveness is also export: Milanese companies account for 9.3% of Italian exports and those from Lombardy for over 26%, according to Assolombarda estimates.
In Italy, Milan is the metropolitan area where most of the country's wealth is concentrated. For 22 years, it has been the first province on the Peninsula in terms of per capita income.
In 2023 it produced 62,862 euros of wealth per capita. According to Istat, the figure for the city of Milan alone is 66 thousand euros of GDP per capita.
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