Milan Leads Global Cities in Millionaire Concentration
Milan, January 17, 2026 – A recent report by Henley & Partners, released on Friday, January 16, reveals that one in twelve Milanese residents is a millionaire, making Milan the city with the highest concentration of millionaires globally. This impressive statistic places the Italian financial capital ahead of New York, London, and Paris in terms of wealth density, though it ranks 11th in absolute numbers of millionaires.
The report defines millionaires as individuals with at least one million dollars in liquid assets, excluding real estate holdings. For comparison, London has a millionaire ratio of 1 in 41, New York 1 in 22, and Paris 1 in 14. This highlights Milan’s unique position as a magnet for the affluent.
The Rise of the ‘Centi-Millionaires’
Beyond the general millionaire population, Milan also boasts a significant number of “centi-millionaires” – individuals with at least 100 million dollars in liquid assets. The city is home to 182 such individuals, ranking 19th globally in absolute numbers. This translates to one centi-millionaire for every 7,692 residents, a concentration higher than in New York (1 in 10,757 residents) and London (1 in 25,244 residents).
Forecast for Continued Growth
Henley & Partners’ analysis further predicts substantial growth in Milan’s millionaire and centi-millionaire populations. Italy’s attractive flat tax regime, set at 200,000 euros regardless of income, has played a crucial role in drawing in ultra-wealthy individuals. In 2025 alone, an estimated 3,600 people benefited from this tax incentive, with the majority choosing Milan as their new home. These individuals collectively brought over 20 billion dollars in liquid assets to the country, averaging more than 5 million dollars each.
Brexit’s Impact and Milan’s Appeal
Analysts suggest that Milan has significantly benefited from a “post-Brexit exodus” from London. The city’s appeal stems from its central role in business, finance, and high fashion, further bolstered by its favorable tax policies, which include a 4% inheritance tax.
Millionaires and the Local Economy: A Nuanced View
The influx of millionaires and super-millionaires has sparked discussions about its impact on Milan. Concerns have been raised regarding potential distortions in the housing market and the limited direct contribution to job creation. While precise data on these new wealthy residents are not publicly available, some speculate that many are high-finance professionals, who may not directly create new employment opportunities.
However, the presence of affluent entrepreneurs among the billionaires cannot be overlooked, though they do not automatically establish new businesses or branches in their new places of residence. The more probable positive economic impact is observed in indirect job creation within sectors such as luxury hotels, high-end real estate, luxury retail, and wealth management services.
Milan’s growing status as a global hub for the wealthy underscores its dynamic economic landscape and its increasing attractiveness on the international stage.
Source: https://www.milanotoday.it/economia/milionari-milano-2026.html
