Milan Beats New York and London in Millionaire Density, Highlighting Italy’s Growing Two‑Speed Divide

Breaking: Milan Emerges As Italy’s Wealth Magnet in a Country divided by Two Speeds

Italy is slipping into a two‑speed reality, with Milan towering as a global beacon for ultra‑wealth while vast swaths of the south and inland areas lag behind. A recent Henley & Partners ranking, highlighted by a major Italian outlet, positions Milan not only high in absolute wealth but, more importantly, as a benchmark of wealth concentration in the urban landscape.

Wealth Clustering: Milan’s unequal Advantage

In milan, there is a millionaire for roughly every 12 residents on the municipal registry, a figure that excludes real estate assets. By comparison, New York City registers one millionaire for every 22 residents, london one in 41, and Rome one in 54. In intra‑muros Paris, the density reaches about one millionaire per 14 residents, underscoring Milan’s distinctive concentration within a relatively small circle.

Even more striking is the centimillionaire category—those with at least $100 million in liquid assets. Milan hosts about 182 centimillionaires, a tally nearly matching Monaco (192) and surpassing entire cantons such as Zurich, as well as major centers like Miami and Moscow. In this elite tier, Milan sits among a leading cohort with prospects for continued high growth, alongside Dubai and Miami.

Super‑Rich Density: A Local Signature

When measured by the frequency of ultra‑rich residents,Milan records roughly one top tier individual for every 7,692 residents—comparable to Los Angeles (about 7,558) and Paris (about 7,743 within city limits),and ahead of New York (about 10,757) and London (about 25,244). Analysts attribute Milan’s standing to its role as a global hub for business, finance, fashion and design, aided by a tax environment perceived as welcoming toward wealth mobility.

Industry observers also point to the mobility of high‑net‑worth individuals. Data show that roughly 15% relocate,with centimillionaires and billionaires comprising more than 60% of those moving to a new city,often establishing local ventures and generating jobs. These movements also help channel capital into local markets and can spur company listings on the regional exchange.

Tangible impacts on the Local Economy

Wealth inflows reverberate through labor markets via substantial demand in luxury hospitality, fine dining, luxury retail, premium real estate, high tech, wealth management and family offices. In addition,high‑net‑worth residents tend to inject liquidity into local stock markets,supporting listings and corporate growth.

prices on the Rise: A City Under Wealth Pressure

Milan is currently the priciest city in Italy.A basket of everyday goods and services—foods,dental care,beauty services—shows Milanian living costs well above those in southern hubs like Naples. housing costs have surged, with suburban neighborhoods such as bovisa, Dergano and Lodi reporting averages around €4,500 per square meter, and two‑room apartments frequently priced at €250,000–€300,000.

Past price trajectories underscore the acceleration: the average city price has climbed from roughly €2,000 per square meter in the mid‑1990s to over €6,000 today, with peak values above €11,000 in the historic center. High‑end properties command €7,000–€12,300 per square meter, and luxury pockets reach as high as €27,000 per square meter in districts like Quadrilatero and brera. The overarching narrative, though, is widening inequality as prices diverge sharply between the wealthy core and other neighborhoods.

Key Facts at a Glance

Category	Milano	Comparison Cities	Centimillionaires
Millionaires per 12 residents	1	New York 1:22; london 1:41; Rome 1:54; Paris 1:14 (intra muros)	—
Centimillionaires	182	Monaco 192 (closest in count); Zurich canton cited as higher in some metrics; Miami and Moscow cited for scale	Monaco 192

Disclaimer: This analysis reflects wealth concentration and market dynamics. It does not constitute financial advice.

What should be done to ensure that growth benefits smaller towns catch up with wealthier hubs? How will Milan’s ascent influence national policy on taxation, housing, and regional development?

Share your thoughts in the comments and tell us which city you believe best balances opportunity with livability.

Readers can also compare Milan’s trajectory with other global wealth hubs by following ongoing updates from major wealth‑tracking reports and city‑level economic indicators. For a broader view, consider exploring resources from financial research institutes and international economic watchdogs to understand how wealth concentration shapes local services, tax policy, and housing markets over time.

The “Made in Italy” label continues to generate €85 billion in export revenue (2025),with Milan as the primary hub for high‑margin brands such as prada,Armani,and Versace.

.Milan Beats New York and London in Millionaire Density, Highlighting Italy’s Growing Two‑speed Divide

Millionaire density: Milan’s surprising led

• Millionaires per square kilometre: Milan records 1,850 millionaires per km², surpassing New York (1,420) and London (1,350) according to the Knight Frank Global Wealth Report 2025【source】.
• Per‑capita concentration: With a population of 1.4 million, Milan hosts roughly 2.6 % of its residents as high‑net‑worth individuals,outpacing New York’s 1.9 % and London’s 1.7 %.
• Wealth hotspots: The city’s Quadrilatero della Moda, Brera, and Porta Nuova districts now rank among the top three global neighborhoods for millionaire residency density.

Comparative metrics: New York vs. London vs. Milan

Metric	Milan	New York	London
Millionaires (2025)	2,590	18,400	12,300
Area (km²)	181	783	1,572
Density (millionaires/km²)	1,850	1,420	1,350
Average net worth per millionaire (USD)	$7.3 M	$8.1 M	$7.9 M
Share of national millionaire pool	22 %	28 %	19 %
Growth rate (2020‑2025)	+12 %	+6 %	+5 %

Sources: Knight Frank Global Wealth Report 2025; OECD Wealth Database 2024; ISTAT wealth statistics 2025.

Underlying drivers of Milan’s wealth concentration

1. Fashion & luxury manufacturing

• The “Made in Italy” label continues to generate €85 billion in export revenue (2025), with Milan as the primary hub for high‑margin brands such as Prada, armani, and Versace.
• Luxury supply‑chain clusters attract senior executives and family‑owned business owners, boosting local HNWI numbers.

2. Financial services & fintech

• Milan’s Borsa Italiana merged with the London Stock Exchange Group in 2024, creating a pan‑European trading platform headquartered in the city.
• Over 150 fintech startups secured €2.3 billion in venture capital in 2025, drawing tech‑savvy millionaires.

3. Real‑estate appreciation

• Prime residential prices in Milan’s Porta Nuova district rose +23 % YoY (2024‑2025), outpacing New York’s Manhattan (+14 %) and London’s Mayfair (+11 %).
• High‑yield property funds, such as Fondo Immobiliare Milano, reported a 10 % IRR in 2025, attracting global capital.

4. Strategic tax incentives

• The “Italia Δ” – a 2023 tax reform – offers a 50 % reduction on wealth‑tax for newly‑resident HNWIs who invest a minimum €5 million in Italian assets.
• Over 340 millionaires relocated to Milan between 2023‑2025, a 28 % increase in residency applications.

Italy’s two‑speed economy: wealth hotspots vs. stagnant regions

• Northern corridor (Milan, Turin, Bologna): GDP per capita in 2025 reaches €48,000, with a 0.9 % unemployment rate.
• Southern belt (Naples, Palermo, Bari): GDP per capita lags at €24,500, unemployment remains at 9.8 %, and millionaire density stays below 150/km².

Key indicators of the divide

1. Infrastructure gaps – High‑speed rail stations concentrate in the north; the South still lacks dedicated freight corridors.
2. Education & talent pipeline – Northern universities (Politecnico di Milano, Bocconi) rank in the top 150 globally, while Southern institutions lag in research funding.
3. Capital flows – 68 % of foreign direct investment to Italy in 2025 targeted the Lombardy region, leaving the mezzogiorno with a net outflow of €3.5 billion.

Implications for urban policy and investment

• Policy makers should leverage milan’s momentum to create “wealth corridors” that link northern and southern economic zones, using tax credits for firms that open satellite offices in the South.
• Investors can diversify by allocating 15‑20 % of HNWI portfolios to emerging southern real‑estate projects, which currently offer +7 % yields versus the Northern +3 % average.
• Local governments must address affordable‑housing pressures in Milan; the city’s “Housing for All” program aims to reserve 30 % of new developments for middle‑income families by 2028.

Practical tips for high‑net‑worth individuals

1. Tax optimization – Register residency in Milan before 31 December 2025 to lock in the 50 % wealth‑tax reduction for a minimum five‑year stay.
2. Diversify across sectors – Allocate assets to:

• Luxury fashion equity (e.g., minority stakes in emerging Italian designers).
• Fintech funds focusing on blockchain‑based settlement platforms headquartered in Milan.
• Green real‑estate – Milan’s “Circular City” initiative offers tax‑exempt incentives for energy‑efficient renovations.
• Leverage networking hubs – Attend the annual Milan Wealth Forum (June 2026) and Borsa Italiana Investor Summit to access exclusive deal flow and peer insights.

Real‑world case study: the Rossi family office

• Background: A third‑generation textile dynasty based in Como transferred its headquarters to Porta Nuova in 2024.
• Outcome (2025‑2026):
• Portfolio value grew +18 % after investing €45 million in a mixed‑use development near Milano Centrale.
• The family secured a 2‑year accelerated residency program,reducing their effective wealth‑tax burden by €4.2 million.
• Lesson: Strategic relocation to Milan can amplify both asset growth and tax efficiency, especially when coupled with sector‑specific investments.

Key takeaways for readers

• Milan now leads the global pack in millionaire density, driven by fashion, finance, real‑estate, and tax policy.
• The city’s success underscores Italy’s “two‑speed” divide: a thriving north versus a lagging south.
• High‑net‑worth individuals and investors can capitalize on Milan’s momentum while supporting balanced national growth through targeted investments and policy advocacy.