An IMGlobalWealth.com News Report
After Milan’s moment, gravity shifts back to the US (and selectively, the UK).
Italy’s bold wager on attracting the ultra-wealthy through its flat-tax regime is showing early signs of strain. Introduced in 2017, the scheme allowed new tax residents to pay a fixed annual sum on all foreign-sourced income — initially €100,000, later raised to €200,000. By 2022, roughly 2,730 individuals had signed up, and close to 4,000 by 2023.
Now, Rome plans to raise the levy to €300,000 under its 2026 draft budget — signalling a shift from generous incentive to costlier privilege. The move comes amid mounting criticism of “fiscal dumping” from neighbouring EU states and growing discontent in Milan, where property prices have surged on the back of wealthy inflows.
“The US is emerging as the biggest winner. It is forecast to record a net inflow of 7,500 millionaires in 2025, bringing an estimated US $43.7 billion in new private wealth”
As Italy repositions, the global contest for high-net-worth residents is shifting. The Henley & Partners Private Wealth Migration Report 2025 projects that around 142,000 millionaires will relocate globally this year — a record number in modern times.
The United States is emerging as the biggest winner. It is forecast to record a net inflow of 7,500 millionaires in 2025, bringing an estimated US $43.7 billion in new private wealth. Meanwhile, the United Kingdom is set to lose approximately 16,500 millionaires, a net outflow of nearly US $92 billion in investable assets.
The picture that emerges is a three-way dynamic. Italy remains attractive in lifestyle terms, but its fiscal entry point has risen. The US offers depth, liquidity, and scale unmatched by any competitor. The UK retains niche advantages in finance, education, and connectivity, yet faces pressure from shifting tax policies.
For the world’s mobile elite, the question is no longer just “Where is tax lowest?” but “Where can our wealth, work, and children’s future compound best?” Increasingly, the answer appears to be the Anglosphere.
Sources:
- Henley & Partners — What Is Driving the UK’s Millionaire Exodus? (2025) — UK projected to lose ~16,500 millionaires in 2025 with ~US $91.8 billion in wealth. Business Insider+4Henley & Partners+4Henley & Partners+4
- Migration Push & Pull | Wealth Migration 2025 — Record ~142,000 millionaires expected to move in 2025, according to Henley’s data. Henley & Partners+1
- Tax Justice Network — Debunking the Myth of the “Millionaire Exodus” — a critique of how some migration figures are portrayed and their methodological weaknesses. Tax Justice UK
- Knight Frank — Italy doubles flat tax for wealthy new residents — details Italy’s change of flat tax from €100k to €200k for new residents. Knight Frank+1
- Italian official website — Tax regime for new residents by Agenzia delle Entrate — explains legal basis for the flat-tax scheme for new high-net-worth individuals. Agenzia Entrate+1
- ThePrint — Italy doubles flat tax for the rich who move fiscal residence to country — promotional restatement of the Reuters story (supports the same data) ThePrint
- Business Insider — The rich used to flock to the UK. Now it’s bleeding millionaires. — Further data on UK outflows. Business Insider
- Bloomberg / Other commentary — On Italy’s flat tax scheme, further explanation of the €200,000 figure and family-member add-on of €25,000 each. Bloomberg Tax+1
