La Bella Italia: The new destination for the super-rich seeking quality of life

This year, Italy became the third most popular destination worldwide for millionaires seeking tax advantages and a lifestyle. The "CR7 rule" and Milan's rise as a financial hub are attracting the super-rich from around the world, who choose the country over destinations like Monaco and London.

A recent study by Henley & Partners, a firm specializing in citizenship and residency consulting, estimates that more than 142,000 millionaires worldwide will change their residence by 2025. Around 3,600 of these will choose Italy. Only the United Arab Emirates (9,800) and the United States (7,500) are ahead in this shift. This choice is dictated by geopolitical tensions and growing global tax competition.

Over the past decade, the number of wealthy individuals—millionaires are those with assets exceeding $1 million, and the super-rich, those with assets exceeding $100 million—who are willing to relocate has more than doubled. Furthermore, the number of millionaires is projected to grow 1% per year over the next four years, while the number of super-rich will grow 3%.

Fixed tax

Since 2017, Italy has been applying a special tax regime known as the "CR7 rule." The rule allows residents without a tax domicile to pay a flat tax of €200,000 per year for 15 years on income generated abroad and applies to income from financial investments, image rights, capital gains, and foreign inheritances. Income generated in Italy is taxed normally.

For family members who opt for the same regime, the flat tax rate drops to €25,000, making Italy's tax burden lower than that of Monaco, despite the fact that no taxes are paid in the principality.

According to Henley & Partners, another attraction is the Residency by Investment Program, which grants the right to live, work, and study in the country for two years, with the possibility of extending for a further three. Permanent residency can be obtained after five years, and after ten years, it is possible to apply for Italian citizenship.

This program requires investing, within three months of entering the country, two million euros in government bonds, at least 500,000 euros in corporate bonds or shares, or a minimum of 250,000 euros in startups.

Proponents 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.

Milan, the new center of high finance

The recent abolition of the tax regime for "non-doms"—individuals resident but not domiciled in the United Kingdom—led many millionaires and international managers to move to Italy, specifically Milan. The city is chosen for its tax advantages, quality of life, and quick access to European markets.

In addition to favorable tax conditions, Milan is experiencing a boom in luxury services, with new exclusive clubs, luxury hotels, and an expansion of international law firms. The excellence of luxury services and a growing financial and legal network make the country a popular destination for high-net-worth individuals seeking stability and quality.

Italian financial wealth

According to the Boston Consulting Group's (BCG) Global Wealth Report 2025, Italy ranks eighth in the world in terms of investable financial wealth, with total assets of around 6.9 trillion (6,900,000,000,000) dollars in 2024.

Of this wealth, 40% is invested in stocks and mutual funds, 25% in deposits and foreign exchange, 18% in life insurance and pensions, and 8% in bonds. BCG forecasts average annual growth of 6.5% through 2029, with financial assets potentially reaching $9.4 trillion.

But being rich in Italy is much more than just having financial wealth; it's enjoying an exceptional quality of life in one of Europe's most extraordinary countries, known for its enchanting landscapes, historical and cultural treasures, and culinary delights.

CNTraveler's 2024 Reader's Choice Awards ranked Italy as the fourth best country in the world and the BBC put the Dolomites on its list of places to travel in 2025.

This mountain range is a UNESCO World Heritage Site and has twelve ski resorts, several Michelin-starred restaurants, alpine lakes, and elegant resorts such as Cortina d'Ampezzo, where the 2026 Olympic Games will be held.

Other destinations for millionaires

Other countries are attracting millionaires thanks to favorable tax regimes and quality of life. Dubai, for example, offers zero taxation and a dynamic capital market. Conversely, other major cities, such as London, have seen a flight of millionaires due to high taxes and political uncertainty. According to a Henley & Partners report, London has lost approximately 30,000 millionaires in the last decade.