Name: Why The Ultra Rich Are Moving to Milan
Uploaded: 2026-02-15T21:53:05.000Z
Duration: 10 min 56 s
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In the upscale Porta Venezia neighbourhood of Milan.

The former Hollywood executive bought this apartment with his partner in 2021, relocating from Los Angeles.

Well, every friend of ours, their two words, why Milan?

And then when we're here, they say, why here?

Ross is one of a number of wealthy foreign individuals now calling Milan home.

Data from Henley and partners estimated Italy added 3,600 millionair last year, the third most in the world.

While the UK, France and Germany all recorded net losses, most of those going to Italy ended up in Milan, with many attracted by the country's flat tax regime.

Initially €100,000, but since raised to 300,000.

Luigi de Vecchi is one of Europe's top deal makers.

Educated in Rome, he had stints around the world at Goldman and Citi and was hired by Evercourt to return to Italy to lead its expansion through Europe.

I think there are many places that have tax havens, but

I think there is no doubt that people have taken that into consideration as so many people moved out of London, but

I have friends that have come from all over Europe and actually the US because unfortunately this time people for different reasons decide to move.

And Milan, Italy in general has become a very attractive place.

And do you think that it's a Milan pull factor or is it that London and other European cities are driving people away?

Milan has clearly benefited from stability.

The current Prime Minister has been, I think the third longest serving prime minister after two Berlusconi governments.

But also the mayor in Milan has been around for almost 10 years.

So there is a stability, even though they come from two different parts of the political equation that is very important for people to have wanted to spend time in Milan, invest in Milan.

Many financial institutions have expanded their presence in Milan in recent years, a signal that perhaps the city is not just having a tax inspired moment, but

We felt that we looked at the data over the last few years.

There has been tremendous MA activity here.

Last year was the year of the financial services and so this is probably only the beginning of a wave of deals that is what attracted us.

With the influx of affluence comes a range of businesses to accommodate it.

Gary Landsberg has been heavily involved in private clubs in London, but

opened the wild in the former home of fashion executive Santo Versace.

I think you know, we, we went after Milan in 2022.

We started to see that there was certainly a shift towards Milan even before the non dom thing was really fully announced.

London previously is, you know, is a wonderful international city, but

what we're allowing now is cities like Milan to become wonderful international cities and in environments where, you know, the elegance and the chicness of the city is now been enhanced by, you know, an amazing expat community.

And now Milan is hosting the 2026 Winter Olympics with events taking place both there and in Cortina, about four hours away in the Alps.

Christophe Duby is the IOC's director of the Olympic Games.

They had the Games in 2006 in the Piedmont and Piedmont region, Torino.

Why do you think they wanted the Games in these regions?

Because it's a great business for all the good reasons.

First you get that fresh injection of private money into the Games organization itself.

Then you have all the connected investments to support the Games themselves.

And here we're speaking about a 4.5 billion economic impact that has to generate as well quite some substantial fiscal revenues, which justifies, by the way, the cost for security, transportation and the others.

So all in all, the equation is, is a very balanced, or I would say very positive one.

Housing prices have surged up about 38% in the high end sector between 2020 and 2025, according to Real estate firm Knight Frank.

And demonstrations broke out in the city ahead of the Olymp, with many fearing the Games will exacerbate cost of living concerns, even as the IOC says it will repurpose the athlete village as student housing.

What could derail the momentum that we're seeing in Milan the fastest?

I don't think that I see a change of direction in terms of foreigners coming in.

But what I think is changing, and this is dangerous, is the attitude of the Milanese.

That has always been an attitude that has been very welcoming.

Milanese have something very special compared to other places in Italy.

So most of the big palaces have gardens that you cannot see from the outside.

So some of the wealthiest families in this town are not people that you would.

They drive a FIA Cinquecento, not a Ferrari.

And so this influx of foreigners who are very wealthy, flashy, and

sometimes flashy could create some kind of backlash, a little bit like What I think London experienced when a lot of too many foreigners came and prices arose and some of the Londoners had to move out, I think that is starting to happen here.

I really hope that the authenticity of Milan and of the Milanese will not be lost because of that.

You need to continue to want to attract Italians, and

therefore prices cannot necessarily start to reach for rents.

The prices that we've seen elsewhere, which is a little bit what is happening at a time when salaries have not kept up.

Is there any sense of resentment that outsiders are coming in and getting the great properties?

I think it's a curiosity, but it's also a little.

The unknown is always very, I guess, a little scary here.

But it's also been a city that has a finance capital for Italy and for Europe.

It's a city that has a fashion capital for the world.

So it's not like the residents here don't see people come in.

It's now every business and people coming to live here, not just come for a weekend, go to a fashion show, or not come for a finance meeting and then go back to London, People come, stay and enjoy.

And I think that's more of a curiosity than a concern.

With both mayoral and general elections in Italy next year, voters will get a chance to have their say on the country's tax regime.

If the flat tax regime were to be reversed, would people leave as fast as they've come?

I think it depends on how much they like pasta.

Now, the reality is that I think there is no question that for many people, the tax issue for the very wealthy, it's a real issue.

It's an issue for them, it's an issue for their families, it's an issue for their legacy.

So I don't think that we can look at that in isolation, but

Having said that, I have plenty of friends that have come, as I said, over the last few years, to Italy, to Milan.

And so I think that quite a few would stay.

Perhaps the true test of a city's growth isn't measured by the arrival of those that have already made it, but

Milan might be a destination for the wealthy, but

is it becoming a destination for those looking to get wealthy?