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Why The Ultra Rich Are Moving to Milan

Bloomberg Television | May 1, 2026



Milan’s hosting of the Winter Olympics comes as the city is emerging as a new hub for global wealth. Originally driven by Italy’s favorable flat-tax regime, the city is now benefiting from stability, expanding financial activity and a cosmopolitan lifestyle that it hopes can rival London and Paris. Yet rising property prices and mounting cost-of-living concerns highlight the challenges that come with rapid growth. The real test for Milan may be finding a balance between prosperity and authenticity.
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Comments

This post currently has 48 comments.

  1. @hustler4208

    May 1, 2026 at 4:18 am

    Milan is a typical metropolitan as London and special Moscow. People give energy to city which will never fulfil expectations of 99%

  2. @jbob34345

    May 1, 2026 at 4:18 am

    @0:35 16,500 millionaires left the UK last year, all replaced with goat herders from the Afganistan. Thanks Rachel Reeves and Keir Starmer, great work.

  3. @djcommaxmusic

    May 1, 2026 at 4:18 am

    They are not coming to live here. Air is polluted, they are not stu**d. They buy house, stay 5/6 months for residency, then they leave to other place.

  4. @cristicorte

    May 1, 2026 at 4:18 am

    So the rich of Germany are moving to Italy to dodge taxes, and actual Italians are moving to Germany because they can't find a decent paying job at home… make it make sense

  5. @nickcorleone8709

    May 1, 2026 at 4:18 am

    There’s a HUGE reason why Italy will never be invaded by Islam. Which is, aside from the proximity of the Vatican City, because the food & drink culture is based on pork🍖 & wine🍷.

  6. @NC-qc7wd

    May 1, 2026 at 4:18 am

    I don't understand why people do not want to pay taxes, when it's taxes that pay for their security and maintain the cities as their heavenly places to live.

  7. @giovannig4369

    May 1, 2026 at 4:18 am

    I have lived in Milan for 30 years and let me tell you that being the most polluted area in whole Europe does make you sick. Please be aware.

  8. @lucast4989

    May 1, 2026 at 4:18 am

    I am from Toronto and have visted Milan many times. Milan is like Toronto without the trees, and water. Same strength, same weakness, same issues. Obviously the history and architecture are not equal, but my comment is not in regards to those

  9. @fitze1353

    May 1, 2026 at 4:18 am

    Maybe you could have invited a person that is negatively affected by this situation. Because for 3.000+ millionairs coming to Milan, 10.000+ have to move out of the region because if increasing costs.

  10. @maiorino92

    May 1, 2026 at 4:18 am

    This and Airbnb tourism all at the expences of the poors and middle class, who are now totally unable to rent (let alone buy) an house in Milan. But the system still need his slaves to go on, so those classes mentioned above are required to live in horrible suburbs and commute at least 1 hour to go to work and another hour in return. Is this the capitalism we dreamed for?

  11. @giacotubo

    May 1, 2026 at 4:18 am

    Mr De Vecchi, c'mon….your too smart to play with us: , Italy /Milan are not attractive because of "stability "…but just because of tax limitations on taxation on super wealthy "people ". And this is causing costs raise to local.

  12. @americanstreamer1910

    May 1, 2026 at 4:18 am

    The Answer: Flat Tax. The 2017 Budget Law (Art. 24-bis TUIR) allows new tax residents to pay a fixed annual substitute tax – originally €100,000 – on all foreign-sourced income, replacing progressive taxation for 15 years

  13. @marym.garcia4147

    May 1, 2026 at 4:18 am

    She is an excellent reporter and asked all the right questions. Her interviewees were sharp and succinct. While the flat tax bump up may deter some, far more will gladly pay. However, the imbalance of people arriving who don’t actually find sustainable work will continue to be an important issue for Italy’s economic growth and viability. Very insightful news piece, thank you.

  14. @Alon-j9n

    May 1, 2026 at 4:18 am

    What a tragedy. It is so much more fun to live in a city invaded by young Muslim men, sharing our values on women, gays or Jews…

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