Episode summary
Why The Ultra Rich Are Moving to Milan
Wall Street Week
· · 11 min
Summary
Milan is attracting wealthy newcomers, financial firms and private-club operators as Italy’s flat-tax regime, political stability and cosmopolitan lifestyle make the city look like a rival to London and Paris. The episode traces how foreign millionaires, deal makers and expats are being drawn in not only by taxes, but also by expanding M&A activity, a stronger financial-services footprint and the appeal of actually living in the city rather than just passing through it.
The case for Milan is that the move looks more structural than cyclical. One guest argues that stability in Italy’s national government and Milan’s city leadership matters as much as tax policy, while another says the influx of wealth is creating demand for clubs, homes and other services that signal a deeper shift. The 2026 Winter Olympics add momentum by bringing infrastructure spending, sponsorship and media rights, with the IOC calling the economics of the Games very positive.
But the rise is also producing strain. High-end housing prices are said to have jumped about 38% from 2020 to 2025, and locals worry that flashy foreign money could push up rents and erode Milan’s understated character. The episode’s central tension is whether the city can keep its authenticity while remaining a destination for global wealth.
Key takeaways
- Henley and Partners estimated Italy added 3,600 millionaires last year, with many settling in Milan rather than London, Paris or Frankfurt.
- One guest says Milan’s appeal is driven by a combination of tax policy, Italian government stability and a long-standing, welcoming business environment.
- The IOC’s Kristoff Dubie says the 2026 Winter Olympics should generate about a 4.5 billion economic impact and substantial fiscal revenues.
- Knight Frank data cited in the episode says high-end Milan housing prices rose about 38% between 2020 and 2025.
- A guest warns that if rents keep climbing and salaries lag, Milan risks a backlash that could threaten its authenticity.
Notable quotes
“Milan has clearly benefited from uh stability stability of the Italian government”
“We felt that we looked at uh the data over the last few years uh and there's been tremendous M&A activity here”
“what we're allowing now is cities like Milan to become wonderful international cities”
“First, you you get that that fresh injection of private money into the games organization itself, sponsorship, ticketing, media rights”
“I really hope that the authenticity of Milan and of the Milanes will not be lost because of that”
How the episode opens
In the upscale Porto Vanetsia neighborhood of Milan, Rich Ross is right at home. Thank you. — The former Hollywood executive bought this apartment with his partner in 2021, relocating from Los Angeles. — Well, every friend of ours, there are two words, why Milan? Like, 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 millionaires 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.
What brings you back to Italy? — The food, obviously. — Luigi Devki is one of Europe's top deal makers. Educated in Rome, he had stints around the world at Goldman and City and was hired by Evercort to return to Italy to lead its expansion through Europe.
I think there are many places that have tax havens, but I think uh there is no doubt that people have taken that into consideration as so many people moved out of London but also out of Paris. I have friends that have come from all over Europe and actually the US because unfortunately this time people for different reasons decide to 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? — I think it's um it's a combination of factors. Milan has clearly benefited from uh stability stability of the Italian government. Uh the current prime minister has been uh I think the third longest serving prime minister uh after two Buski governments but also the mayor in Milan has been around for almost uh 10 years.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- ultra rich migration
- milan wealth hub
- italian flat tax
- property prices
- cost of living
Watch the episode
Watch “Why The Ultra Rich Are Moving to Milan” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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