More than 142,000 millionaires worldwide will relocate in 2025, according to research by Henley & Partners, a company specialising in consultancy for citizenship and residency programmes.
Around 3,600 of them will choose Italy, ranking behind only the United Arab Emirates (9,800) and the United States (7,500), but ahead of Switzerland (3,000). The decision is driven by geopolitical tensions and increasing global tax competition, with the number of high-net-worth individuals ready to relocate having more than doubled in the past decade.
The CR7 flat tax: A key to fiscal attractiveness
Since 2017, Italy has been applying a special tax regime known as the 'CR7 rule' (an acronym coined after footballer Cristiano Ronaldo), which allows non-domiciled residents to pay a fixed annual tax of €200,000 on income generated abroad, for a period of 15 years.
For family members opting 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 produced in Italy is taxed ordinarily.
Milan, a new hub for international high finance
The recent abolition of the tax regime for 'non-doms' in the United Kingdom, individuals resident but not domiciled, has prompted many international millionaires and managers to move to Italy, particularly Milan.
Names such as Elio Leoni-Sceti, Bart Becht, Richard Gnodde and Nassef Sawiris have chosen Milan for its tax advantages, quality of life and quick access to European markets.
In addition to the favourable tax conditions, Milan is experiencing a growth in luxury services, with new exclusive clubs, high-end hotels such as Rocco Forte and Rosewood, and an expansion of international law firms.
Italian financial wealth: $7 trillion and growth prospects
According to the 2025 Global Wealth Report by Boston Consulting Group (BCG), Italy ranks eighth in the world for investable financial wealth, with a total wealth of approximately $6.9 trillion in 2024, slightly down 1.1% compared to the previous year due to a less favourable market environment.
Of this wealth, 40% is invested in equities and mutual funds, 25% in deposits and currencies, 18% in life insurance policies and pensions, and 8% in bonds. BCG predicts an average annual growth of 6.5% until 2029, with financial assets potentially reaching $9.455 trillion.
Millionaires and the super-rich in Italy: taxation and quality of life
Italy is home to about 517,000 millionaires (with assets over one million dollars) and 2,600 super-rich with assets over one hundred million dollars. The number of millionaires is expected to grow by 1% annually over the next four years, while the ultra-rich segment will grow by 3%.
Supporters of the tax regime believe that the arrival of millionaires encourages consumption, investment and the creation of new businesses, contributing to tax revenue and economic development. Sceptics, on the other hand, warn of the risks of downward tax competition and the inflationary impact on the real estate market and services, especially since many super-wealthy citizens choose Italy to enjoy their retirement.
Beyond tax advantages, Italy is attractive for its Mediterranean climate, cuisine, proximity to the sea and mountains, and a lower cost of living compared to London or Monaco. These factors, together with excellence in luxury services and a growing financial and legal network, make the country a popular destination for high-net-worth individuals seeking stability and a good quality of life.
Other destinations for millionaires
Besides Italy, other cities are attracting millionaires thanks to favourable tax regimes and high standards of living. Dubai, for example, offers zero taxation and a dynamic capital market. However, some cities, such as London, have seen a flight of millionaires due to high taxes and political uncertainties. According to Henley & Partners' report, London has lost about 30,000 millionaires in the last decade.
