Why Millionaires Choose Milan and the Italian Golden Visa in 2026

Milan has become one of Europe’s most important destinations for high-net-worth individuals, international entrepreneurs, and globally mobile families.

The numbers help explain why. According to the 2025 World’s Wealthiest Cities Report, Milan is home to approximately 115,000 resident millionaires. Compared with a municipal population of just over 1.4 million, that represents roughly one millionaire for every 12 residents—an exceptionally high concentration of private wealth.

Milan’s appeal, however, goes beyond wealth statistics. The city combines a sophisticated business environment, access to the European market, international connectivity, professional services, and a lifestyle capable of attracting people who manage cross-border companies, investments, and foreign income.

For non-EU nationals considering Milan as a long-term European base, immigration status and tax planning must be coordinated carefully. For a detailed explanation of the available investment routes, requirements, and application process, read our complete Italy Golden Visa guide.

Milan’s millionaire density: what the numbers show

Milan does not have more millionaires than New York or London in absolute terms. Its distinction lies in the relationship between the number of wealthy residents and the city’s relatively compact population.

With approximately 115,000 resident millionaires, Milan ranked eleventh globally by total millionaire population in the 2025 Henley & Partners report. Measured against the city’s population, this produces a wealth-density ratio of approximately one millionaire for every 12 residents.

This concentration reflects Milan’s position as Italy’s principal financial and commercial center. The city brings together:

• Banks, investment firms and private wealth advisors;
• Multinational corporations and international professional firms;
• Fashion, luxury, design and technology businesses;
• Family offices and cross-border entrepreneurs;
• Premium healthcare, education and real estate services;
• Direct connections with major European and international markets.

Milan is therefore more than an affluent place to live. It is an established business ecosystem for people whose professional and financial interests extend across multiple jurisdictions.

Why high-net-worth individuals choose Milan

Relocation decisions made by HNWIs rarely depend on one factor alone. Immigration rights, taxation, business opportunities, family requirements, lifestyle, connectivity and long-term legal stability must all work together.

Milan offers a particularly strong combination:

• A strategic location within the European Union;
• A developed financial and professional-services sector;
• Extensive international air and rail connections;
• Access to Italian and European business opportunities;
• International schools, private healthcare and premium services;
• A high standard of culture, dining, design and everyday life.

Milan is not necessarily cheaper or less complex than every competing wealth hub. Prime property and living costs can be substantial, and Italian administrative procedures require careful management. Its advantage is the ability to combine a serious European business environment with a lifestyle that many globally mobile families consider sustainable over the long term.

Where the Italian Golden Visa fits

For qualifying non-EU nationals, the Italian Golden Visa—officially the Investor Visa for Italy—can provide a structured route to Italian residence.

The program offers four qualifying investment routes, beginning with an investment of €250,000 in an eligible Italian innovative startup. Other routes include investment in an Italian company, a philanthropic donation, or investment in eligible Italian government bonds.

Buying residential or commercial property does not qualify by itself.

Another important feature is the timing of the investment. The applicant first obtains approval and the entry visa. The approved investment is then completed after entering Italy, within the statutory deadline.

The Investor Visa can be especially relevant to entrepreneurs and investors who want to establish a base in Milan while retaining international business interests. However, the appropriate investment route should be selected only after reviewing immigration eligibility, source-of-funds documentation, risk, liquidity and long-term objectives.

Future Italian provides Italian Golden Visa assistance from the initial eligibility assessment through the nulla osta, consular application, entry into Italy, investment execution and residence-permit process.

Golden Visa and Italian tax residence are separate

Obtaining an Italian Investor Visa does not automatically make its holder an Italian tax resident.

Immigration status determines whether a person may enter and reside in Italy. Tax residence is determined separately under Italian law, applicable tax treaties and the individual’s factual circumstances.

Relevant factors can include:

• Registration in the Italian resident population;
• Physical presence in Italy;
• The location of personal and family relationships;
• The management of business and financial interests;
• The timing and structure of the relocation.

This distinction is essential. A residence permit can be obtained without immediately producing the intended tax result, while an unplanned move can create Italian tax consequences earlier than expected.

Tax planning should therefore begin before relocation—not after the individual and family have already moved to Milan.

Italy’s €300,000 flat tax for new residents

Italy’s special tax regime for new residents is one of the factors attracting internationally mobile HNWIs.

For qualifying individuals who transfer their tax residence to Italy from 1 January 2026, the regime provides an annual substitute tax of €300,000 on qualifying foreign-source income. The election may also be extended to qualifying family members for an additional €50,000 per person per year.

The amount generally does not increase according to the level of qualifying foreign income. This can provide:

• Greater predictability over the annual tax burden;
• More effective long-term financial planning;
• Simplified treatment of qualifying foreign income;
• A potentially attractive framework for individuals with substantial international assets and earnings.

The regime is not automatic, and it is separate from the Italian Golden Visa. Italian-source income generally remains subject to ordinary Italian taxation, while eligibility, excluded jurisdictions, asset structures and applicable treaties must be evaluated individually.

Professional Italian tax planning should assess the relocation date, sources of income, corporate holdings, investment structures, family position and reporting obligations before the move takes place.

Why Milan competes with global wealth hubs

Milan is often considered alongside destinations such as Switzerland, Monaco and Dubai. These locations have different immigration systems, tax rules, costs and lifestyle characteristics, so no destination is universally superior.

Milan’s proposition is distinctive because it combines:

• A base inside the European Union;
• A mature industrial and financial economy;
• Strong legal and professional infrastructure;
• Access to Italian culture, healthcare and education;
• A globally recognized lifestyle;
• Immigration and tax frameworks designed for qualifying international investors and new residents.

For many HNWIs, the decision is therefore not based on tax alone. It concerns where they can live, manage their businesses, educate their children, protect their interests and build a credible long-term presence.

Milan as a long-term base for international investors

Milan’s growing concentration of private wealth is supported by a broader transformation of the city into an international center for finance, entrepreneurship, luxury, technology and professional services.

The Italian Golden Visa can provide the immigration framework for qualifying non-EU investors. The special tax regime for new residents may provide a separate fiscal advantage. Neither should be treated as an automatic solution or a shortcut.

When immigration, investment, tax residence and family relocation are coordinated correctly, Milan can become a highly effective European base for internationally mobile entrepreneurs and high-net-worth families.

Considering Milan and the Italian Golden Visa? Contact Future Italian before committing capital or changing your tax residence.