Italy Emerges as a New ‘Safe Haven’ for Millionaires
According to a recent report by Henley & Partners, a consultancy firm, Italy has become a new destination for millionaires seeking to emigrate with their wealth. The country’s favorable 4% inheritance tax and structured residency pathways are attracting high-net-worth individuals. In fact, Milan, known for its business, finance, fashion, and design, is now home to a significant number of millionaires, with one millionaire for every 12 inhabitants, including the elderly and newborns.
Migration of Wealthy Individuals on the Rise
The number of “scrooges” with suitcases, or millionaires who emigrate with their wealth, is increasing. In 2025, there were 142,000 such individuals, and Henley & Partners predicts that this number will rise to 165,000 by the end of 2026. The routes of these wealthy individuals have changed, with Italy emerging as a new favorite destination. Juergen Steffen, CEO of Henley & Partners, explains that the country’s favorable tax environment and cultural heritage are major draws.
Benefits for Countries Welcoming Wealthy Migrants
The migration of wealthy individuals can bring significant benefits to the countries that welcome them. According to Henley & Partners, these benefits include currency revenue, new businesses, and job creation. Millionaire migrants can also fuel the local stock market through their equity investments and list their companies on the local stock exchange. However, Senator Cristina Tajani (Pd) notes that the budget of the Municipality of Milan benefits only minimally from the flat tax of foreigners, which is confiscated solely by the State.
A Proposal for a Municipal Surtax
Senator Tajani has proposed a municipal surtax for super-rich foreigners who transfer their tax residence to Italy. The proposal suggests that an additional percentage between 12.5 and 15 percent remain with the Municipality to finance housing and social policies. This proposal aims to address the issue of fairness and ensure that the local community benefits from the influx of wealthy migrants. As Steffen notes, “Global wealth has entered an era of high mobility,” and countries that adapt to this trend can reap significant benefits.
Conclusion
In conclusion, Italy’s emergence as a new ‘safe haven’ for millionaires is a significant development in the world of wealth migration. With its favorable tax environment, cultural heritage, and structured residency pathways, the country is attracting high-net-worth individuals from around the world. As the number of millionaire migrants continues to rise, it is essential for countries to adapt and create policies that benefit both the migrants and the local community. For more information, visit Here