06 nov 2024
In 2024, Italy ranks sixth globally and first in Europe as a preferred destination for millionaires and ultra-wealthy individuals seeking new tax residencies.
Despite demographic challenges, Italy's appeal to high-net-worth individuals fleeing geopolitical tensions and unfavorable tax regimes, particularly from the UK, is on the rise.
The Ligurian coast and Milan are expected to attract 2, 200 new wealthy taxpayers, surpassing Switzerland, Greece, and Portugal.
The trend reflects a broader global shift in wealth migration, driven by the search for better lifestyles and safer environments.
In 2024, Italy has become a top choice for millionaires and ultra-wealthy individuals seeking new tax residencies, ranking sixth globally and first in Europe.
This trend is notable despite Italy's demographic challenges, such as low birth rates and a steady outflow of young talent.
The country's attractiveness to high-net-worth individuals, those with at least $1 million in net assets, and ultra-high-net-worth individuals, with over $30 million, is increasing.
Many are leaving countries with geopolitical tensions or problematic governments, particularly the UK, which has ended its favorable tax regime for foreign wealth.
Projections for the first half of 2024 indicate that the Ligurian coast and Milan's financial hub will welcome 2, 200 new wealthy taxpayers, each contributing around 100, 000 euros annually in taxes.
This influx surpasses the numbers expected in Switzerland, Greece, and Portugal, and is competitive with top destinations like Dubai, the USA, and Singapore.
The annual report by Henley & Partners highlights 2024 as a pivotal year for global private wealth migration, with a record 128, 000 wealthy individuals relocating due to geopolitical tensions, economic uncertainty, and social upheaval.
The UK, once a haven for foreign wealth, has seen a significant outflow, with 9, 600 millionaires leaving, following China with 15, 300.
Other countries experiencing notable outflows include India, South Korea, and Russia.
Over the past decade, the number of millionaires in the UK has decreased by 8%, while Germany, France, Australia, and the USA have seen significant increases.
However, the migration of the wealthy is not solely driven by tax considerations.
Many are seeking better lifestyles, safer environments, and access to premium healthcare and education, particularly those from Africa, South America, China, and India.
Countries considered 'safe havens' for the wealthy, such as Australia, Switzerland, Singapore, and the UAE, offer high levels of security and protection from global political and economic issues.
These nations, characterized by low population density and high-income markets, provide opportunities and safety, appealing to those seeking a better quality of life.
Despite its challenges, Italy, with its rich history and culture, remains an attractive option for these global migrants.