For the third consecutive year, the United Arab Emirates are set to take top spot as the world’s biggest wealth magnet, with a record 6,700 wealthy immigrants expected to make the Emirates their home by the end of the year, boosted significantly by large inflows from the UK and Europe .
This is what emerges from the Henley Private Wealth Migration Report 2024, published by the international investment migration consultancy firm Henley & Partners which exclusively presents the latest net inflows and outflows of millionaires (i.e. the difference between the number of HNWIs with a liquid investable assets of $1 million or more moving to a country and the number of those emigrating from a country) as projected by global wealth intelligence firm New World Wealth.
The UK is expected to see an unprecedented net loss of 9,500 millionaires in 2024, second only to China globally, and more than double the 4,200 who left the country last year, itself a record achieved after the exodus of 1,600 high net worth individuals (HNWIs) in 2022.
Italy among the 10 most popular destinations for millionaires
It’s Italy? Our country stands out for its unique historical heritage, its cultural diversity and, of course, its exquisite cuisine and breathtaking landscapes. These are just some of the factors that explain why in recent years Italy has proved to be a magnet for high-net-worth individuals, many of whom are moving to Milan and the Lombardy region in general, followed by Rome and Tuscany. Thus explains Jacopo Zamboni, Executive Director Private Clients of Henley & Partners Switzerland, and Program Manager for the Italy Residence by Investment Program.
In detail, over 2,200 people with a high net worth are expected to move to Italy in 2024, thus placing the Bel Paese among the 10 most popular destinations for traveling millionaires.
The factors that push you to choose Italy
But why do the ultra rich choose Italy? There are many factors at play. The first, according to Zamboni, is that our country is the third largest producer of renewable energy in Europe and an important exporter of technologies in this sector. As the third largest contributor to the European Space Agency’s budget, the country also has a thriving aerospace industry, from component manufacturing to assembly. In the microelectronics sector, leading companies have welcomed the government’s push to make Italy a key hub for Europe’s semiconductor industry, with a major international player recently investing over €3 billion in the sector.
Many high-net-worth individuals own multinational companies that import high-quality goods from Italy or have invested in Italian businesses in these and many other industries.
Added to this is the fact that those who invest directly or through their company in Italy can now obtain a residency permit based on their economic contribution to the country, significantly reducing the bureaucratic barrier that was often perceived as an obstacle. Italy’s Residence by Investment Program, which ranks fourth in the Global Residence Program Index, provides investment options ranging from €250,000 in innovative start-ups to €2 million in Italian government bonds.
Finally, please note that new tax residents can move to Italy and benefit from various tax regimes including a flat rate of 7% for pensioners moving to some Italian regions.
