The primates of Milan from GDP to Export: it is the third city in Europe for millionaires (115 thousand), there are 17 billionaires
Record economic growth after pandemic: because it attracts many scabbers
Milan is confirmed an attractive pole for millionaires. In ten years, from 2014 to 2024, 24%increased. Worldwide, the Lombard capital went up to the eleventh place in the ranking of the 50 metropolises capable of attracting richer and super rich drawn up by Henley & Partners. And with its 115 thousand millionaires and 17 billionaires it is the third of the European cities. After London who lost positions by leaving the top 5 and after Paris, who has seen his darling share grow of only 5% in the last ten years. To favor Milan was certainly the flat tax for new high -income residentsintroduced in 2017, but also its attractiveness as « Place for Business » and the international notoriety that has been able to conquer over the years as a « city of fashion », luxury and design, as confirmed by the boom in presences of the Salone del Mobile and Fuorisalone.
Post Covid recovery
In recent years Milan has confirmed its strength especially in the post -Covid recovery, even if the uncertainties on the horizon are not lacking. According to a study carried out by Assolombarda for the fourth edition of « Your Next Milano », It is the city that has recovered most in terms of growth, marking a +8.7% of GDP from 2019 to 2023. Better than Amsterdam (+8.1%), Berlin (+6.9%), New York (+4.4%), Monaco (+2.2%), Barcelona (+1.9%), London (+0.1%) and Paris (still below -2.6%).
Investments
In the analysis of Assolombarda, the Ambrosian capital is compared with ten relevant centers in the panorama of the world economy: Amsterdam, Barcelona, Berlin, London, Monaco, Paris, Chicago, New York, San Francisco and Tokyo. Among these destinations Milan is the most attractive ninth for foreign investments, on an equal footing with San Francisco and before Chicago. In 2023 he attracted 49 new foreign multinationals. Of course, there is no shortage of shadows: investments fell by 31.9% compared to 2022, interrupting the growth trend of recent years. But not even the lights: In the first semester of 2024, Real Estate Commercial Investments amounted to almost 600 million euros and exceeded one billion eurosalso considering soils and developments. On this front Milan exceeds Amsterdam (400 million) and is on comparable levels with Barcelona (700 million) and San Francisco (900 million).
The real estate market
The attractiveness of Milan on the real estate front is also confirmed by the sales of homes. In particular In 2024 the sales of new homes that represented over 22% of the total were very good transactions against an average of Italy that stands at 12.8%, As Gino Pagliuca said on the courier. If on the one hand there is no shortage of high -income buyers, on the other hand, for families with average income, it is increasingly complicated to buy a house.
Tourism and Export
A sector on which the city has strengthened is that of tourism: constantly growing in recent years. From January to December 2023, according to the data known by the Municipality, a total of 8.5 million were recorded. Among the competitive factors there is also exports: Milanese companies are worth 9.3% of Italian and Lombard exports over 26%, according to the latest Assolombarda estimates.
Per capita income
In Italy that of Milan is the metropolitan area to which much of the country’s wealth is concentrated. For 22 years he has been the first province of the prosecutor for pro-capita income. In 2023 he produced 62,862 euros of per capita wealth, according to the last analysis of Unioncamere-Centro Studi Guglielmo Tagliacarne. According to Istat, the data for the city of Milan alone is 66 thousand euros of per capita GDP. By widening the gaze to Lombardy, of which Milan is the locomotive, the wealth generated in terms of nominal GDP, according to SACE estimates, exceeds 490 billion euros. In short, Milan is fine, but it can improve. Especially on the quality of quality and cost of living. A fundamental lever to attract talents. Costs of houses and rents and salaries are the priorities to work on.
