· 2 min read
illuminem summarises for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:
🗞️ Driving the news: Milan is emerging as a new global magnet for wealthy expatriates and business elites, lured by Italy’s generous tax incentives, rising cultural cachet, and strong post-pandemic economic recovery
• From former entertainment executives to finance professionals, affluent newcomers from London, Los Angeles, and beyond are relocating to Italy’s business capital, reshaping its housing market and international profile
🔭 The context: Since 2017, Italy has offered a “flat tax” regime that allows foreign residents to pay a fixed €100,000 annual tax on global income, regardless of wealth
• The scheme — similar to programs in Portugal and Monaco — has helped transform Milan into a preferred European base for entrepreneurs, financiers, and creatives seeking both lifestyle and fiscal benefits
• The city has also benefited from Brexit’s ripple effects, drawing professionals previously centered in London
🌍 Why it matters for the planet: Milan’s growth illustrates the broader urban trend of “sustainable renaissance” cities: compact, design-driven hubs combining culture, low car dependence, and economic innovation
• The influx of global wealth has accelerated urban regeneration projects and green architecture investments
• However, it also raises concerns about affordability, displacement, and the risk of gentrification undermining local sustainability goals
• Balancing growth with equity will define Milan’s next decade
⏭️ What's next: City officials are positioning Milan as Europe’s next “livable luxury” capital, leveraging its reputation in fashion, finance, and design while investing in public transport, green housing, and digital infrastructure
• Real estate prices are expected to keep rising as Italy reviews whether to extend its flat tax regime amid EU scrutiny
• The city’s challenge will be maintaining accessibility and authenticity while catering to its new international elite
💬 One quote: “Milan is happening. It is small, but it has a global feel.” – Rich Ross, former Disney Studios chairman and new Milan resident
📈 One stat: Since 2017, over 1,500 high-net-worth individuals have relocated to Italy under the flat tax program—many choosing Milan as their primary residence
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