Latest news with #2025GlobalWealthReport
Euronews
05-07-2025
- Business
- Euronews
Super-wealthy on the move: Italy to attract 3,600 millionaires in 2025
More than 142,000 millionaires worldwide will relocate in 2025, according to research by Henley & Partners, a company specialising in consultancy for citizenship and residency programmes. Around 3,600 of them will choose Italy, ranking behind only the United Arab Emirates (9,800) and the United States (7,500), but ahead of Switzerland (3,000). The decision is driven by geopolitical tensions and increasing global tax competition, with the number of high-net-worth individuals ready to relocate having more than doubled in the past decade. The CR7 flat tax: A key to fiscal attractiveness Since 2017, Italy has been applying a special tax regime known as the 'CR7 rule' (an acronym coined after footballer Cristiano Ronaldo), which allows non-domiciled residents to pay a fixed annual tax of €200,000 on income generated abroad, for a period of 15 years. For family members opting for the same regime, the flat tax drops to €25,000. The regime applies to income from financial investments, image rights, capital gains and foreign inheritances, while income produced in Italy is taxed ordinarily. Milan, a new hub for international high finance The recent abolition of the tax regime for 'non-doms' in the United Kingdom, individuals resident but not domiciled, has prompted many international millionaires and managers to move to Italy, particularly Milan. Names such as Elio Leoni-Sceti, Bart Becht, Richard Gnodde and Nassef Sawiris have chosen Milan for its tax advantages, quality of life and quick access to European markets. In addition to the favourable tax conditions, Milan is experiencing a growth in luxury services, with new exclusive clubs, high-end hotels such as Rocco Forte and Rosewood, and an expansion of international law firms. Italian financial wealth: $7 trillion and growth prospects According to the 2025 Global Wealth Report by Boston Consulting Group (BCG), Italy ranks eighth in the world for investable financial wealth, with a total wealth of approximately $6.9 trillion in 2024, slightly down 1.1% compared to the previous year due to a less favourable market environment. Of this wealth, 40% is invested in equities and mutual funds, 25% in deposits and currencies, 18% in life insurance policies and pensions, and 8% in bonds. BCG predicts an average annual growth of 6.5% until 2029, with financial assets potentially reaching $9.455 trillion. Millionaires and the super-rich in Italy: taxation and quality of life Italy is home to about 517,000 millionaires (with assets over one million dollars) and 2,600 super-rich with assets over one hundred million dollars. The number of millionaires is expected to grow by 1% annually over the next four years, while the ultra-rich segment will grow by 3%. Supporters of the tax regime believe that the arrival of millionaires encourages consumption, investment and the creation of new businesses, contributing to tax revenue and economic development. Sceptics, on the other hand, warn of the risks of downward tax competition and the inflationary impact on the real estate market and services, especially since many super-wealthy citizens choose Italy to enjoy their retirement. Beyond tax advantages, Italy is attractive for its Mediterranean climate, cuisine, proximity to the sea and mountains, and a lower cost of living compared to London or Monaco. These factors, together with excellence in luxury services and a growing financial and legal network, make the country a popular destination for high-net-worth individuals seeking stability and a good quality of life. Other destinations for millionaires Besides Italy, other cities are attracting millionaires thanks to favourable tax regimes and high standards of living. Dubai, for example, offers zero taxation and a dynamic capital market. However, some cities, such as London, have seen a flight of millionaires due to high taxes and political uncertainties. According to Henley & Partners' report, London has lost about 30,000 millionaires in the last decade.
Yahoo
03-07-2025
- Business
- Yahoo
Millionaires on the move: Italy to attract 3,600 billionaires in 2025
More than 142,000 millionaires worldwide will relocate in 2025, according to research by Henley & Partners, a company specialising in consultancy for citizenship and residency programmes. Around 3,600 of them will choose Italy, ranking behind only the United Arab Emirates (9,800) and the United States (7,500), but ahead of Switzerland (3,000). The decision is driven by geopolitical tensions and increasing global tax competition, with the number of high-net-worth individuals ready to relocate having more than doubled in the past decade. Since 2017, Italy has been applying a special tax regime known as the 'CR7 rule' (an acronym coined after footballer Cristiano Ronaldo), which allows non-domiciled residents to pay a fixed annual tax of €200,000 on income generated abroad, for a period of 15 years. For family members opting for the same regime, the flat tax drops to €25,000. The regime applies to income from financial investments, image rights, capital gains and foreign inheritances, while income produced in Italy is taxed ordinarily. The recent abolition of the tax regime for 'non-doms' in the United Kingdom, individuals resident but not domiciled, has prompted many international millionaires and managers to move to Italy, particularly Milan. Names such as Elio Leoni-Sceti, Bart Becht, Richard Gnodde and Nassef Sawiris have chosen Milan for its tax advantages, quality of life and quick access to European markets. Related Italy doubles 'billionaires' tax on wealthy new arrivals Europe's top tax breaks for the rich – see how countries compare In addition to the favourable tax conditions, Milan is experiencing a growth in luxury services, with new exclusive clubs, high-end hotels such as Rocco Forte and Rosewood, and an expansion of international law firms. According to the 2025 Global Wealth Report by Boston Consulting Group (BCG), Italy ranks eighth in the world for investable financial wealth, with a total wealth of approximately $6.9 trillion in 2024, slightly down 1.1% compared to the previous year due to a less favourable market environment. Of this wealth, 40% is invested in equities and mutual funds, 25% in deposits and currencies, 18% in life insurance policies and pensions, and 8% in bonds. BCG predicts an average annual growth of 6.5% until 2029, with financial assets potentially reaching $9.455 trillion. Italy is home to about 517,000 millionaires (with assets over one million dollars) and 2,600 super-rich with assets over one hundred million dollars. The number of millionaires is expected to grow by 1% annually over the next four years, while the ultra-rich segment will grow by 3%. Supporters of the tax regime believe that the arrival of millionaires encourages consumption, investment and the creation of new businesses, contributing to tax revenue and economic development. Sceptics, on the other hand, warn of the risks of downward tax competition and the inflationary impact on the real estate market and services, especially since many super-wealthy citizens choose Italy to enjoy their retirement. Beyond tax advantages, Italy is attractive for its Mediterranean climate, cuisine, proximity to the sea and mountains, and a lower cost of living compared to London or Monaco. These factors, together with excellence in luxury services and a growing financial and legal network, make the country a popular destination for high-net-worth individuals seeking stability and a good quality of life. Besides Italy, other cities are attracting millionaires thanks to favourable tax regimes and high standards of living. Dubai, for example, offers zero taxation and a dynamic capital market. However, some cities, such as London, have seen a flight of millionaires due to high taxes and political uncertainties. According to Henley & Partners' report, London has lost about 30,000 millionaires in the last decade.
Euronews
03-07-2025
- Business
- Euronews
Millionaires on the move: Italy to attract 3,600 billionaires in 2025
More than 142,000 millionaires worldwide will relocate in 2025, according to research by Henley & Partners, a company specialising in consultancy for citizenship and residency programmes. Around 3,600 of them will choose Italy, ranking behind only the United Arab Emirates (9,800) and the United States (7,500), but ahead of Switzerland (3,000). The decision is driven by geopolitical tensions and increasing global tax competition, with the number of high-net-worth individuals ready to relocate having more than doubled in the past decade. The CR7 flat tax: A key to fiscal attractiveness Since 2017, Italy has been applying a special tax regime known as the 'CR7 rule' (an acronym coined after footballer Cristiano Ronaldo), which allows non-domiciled residents to pay a fixed annual tax of €200,000 on income generated abroad, for a period of 15 years. For family members opting for the same regime, the flat tax drops to €25,000. The regime applies to income from financial investments, image rights, capital gains and foreign inheritances, while income produced in Italy is taxed ordinarily. Milan, a new hub for international high finance The recent abolition of the tax regime for 'non-doms' in the United Kingdom, individuals resident but not domiciled, has prompted many international millionaires and managers to move to Italy, particularly Milan. Names such as Elio Leoni-Sceti, Bart Becht, Richard Gnodde and Nassef Sawiris have chosen Milan for its tax advantages, quality of life and quick access to European markets. In addition to the favourable tax conditions, Milan is experiencing a growth in luxury services, with new exclusive clubs, high-end hotels such as Rocco Forte and Rosewood, and an expansion of international law firms. Italian financial wealth: $7 trillion and growth prospects According to the 2025 Global Wealth Report by Boston Consulting Group (BCG), Italy ranks eighth in the world for investable financial wealth, with a total wealth of approximately $6.9 trillion in 2024, slightly down 1.1% compared to the previous year due to a less favourable market environment. Of this wealth, 40% is invested in equities and mutual funds, 25% in deposits and currencies, 18% in life insurance policies and pensions, and 8% in bonds. BCG predicts an average annual growth of 6.5% until 2029, with financial assets potentially reaching $9.455 trillion. Millionaires and the super-rich in Italy: taxation and quality of life Italy is home to about 517,000 millionaires (with assets over one million dollars) and 2,600 super-rich with assets over one hundred million dollars. The number of millionaires is expected to grow by 1% annually over the next four years, while the ultra-rich segment will grow by 3%. Supporters of the tax regime believe that the arrival of millionaires encourages consumption, investment and the creation of new businesses, contributing to tax revenue and economic development. Sceptics, on the other hand, warn of the risks of downward tax competition and the inflationary impact on the real estate market and services, especially since many super-wealthy citizens choose Italy to enjoy their retirement. Beyond tax advantages, Italy is attractive for its Mediterranean climate, cuisine, proximity to the sea and mountains, and a lower cost of living compared to London or Monaco. These factors, together with excellence in luxury services and a growing financial and legal network, make the country a popular destination for high-net-worth individuals seeking stability and a good quality of life. Other destinations for millionaires Besides Italy, other cities are attracting millionaires thanks to favourable tax regimes and high standards of living. Dubai, for example, offers zero taxation and a dynamic capital market. However, some cities, such as London, have seen a flight of millionaires due to high taxes and political uncertainties. According to Henley & Partners' report, London has lost about 30,000 millionaires in the last decade.
Canada News.Net
21-06-2025
- Business
- Canada News.Net
UBS: Global wealth up 4.6 percent, US led with millionaire surge
ZURICH, Switzerland: The U.S. saw an extraordinary rise in wealth last year, with more than 1,000 people crossing into millionaire status every single day — over 379,000 in total — according to UBS's 2025 Global Wealth Report released this week. The report found that private wealth worldwide rose by 4.6 percent in 2024, but the Americas far outpaced that trend with an 11 percent jump, fueled by a strong U.S. dollar and buoyant financial markets. The U.S. alone accounted for nearly 40 percent of the world's millionaires. In contrast, Greater China — defined as mainland China, Hong Kong, and Taiwan — dominated the mid-tier wealth category, with 28.2 percent of individuals globally holding a net worth between $100,000 and $1 million. Western Europe followed with 25.4 percent, while North America came in at 20.9 percent. Despite the surge at the top, the majority of people worldwide remained well below millionaire status. More than 80 percent of adults in the UBS sample had a net worth under $100,000, and just 1.6 percent met the millionaire threshold. UBS forecasts that average wealth per adult will continue to climb over the next five years, with the U.S. leading the charge and Greater China following closely behind.
Qatar Tribune
21-06-2025
- Business
- Qatar Tribune
Turkey records world's sharpest growth in dollar millionaires: UBS
Agencies Turkey recorded the fastest increase in the number of U.S. dollar millionaires last year, growing at a pace seven times higher than the global average, according to a report. The number of dollar millionaires worldwide rose by 684,000 in 2024, a 1.2% year-over-year increase, the 2025 Global Wealth Report by UBS found. That translates to nearly 2,000 new dollar millionaires every day across the globe. Turkey saw an 8.4% increase as the number of individuals with assets exceeding $1 million rose by 7,000, reaching nearly 68,000, the report among 56 countries showed. The United Arab Emirates (UAE) ranked second with a rise of 5.8% in millionaire numbers, or 13,000 new entrants. While nominal per capita wealth increased by over 35% in Turkey, when adjusted for inflation, real per capita wealth declined by 14.6%, the report said. Inflation has more than halved compared to the peak of about 75% a year ago amid aggressive monetary tightening as part of the Turkish authorities' efforts to rein in growth in prices. The country also saw the median wealth drop by almost 21%, highlighting a growing divide between the wealthy elite and the rest of the individuals' net worth rose 4.6% worldwide in 2024, the Swiss bank said. The United States accounted for almost 40% of global millionaires. In 2023, Europe, the Middle East and Africa led a rebound in global wealth after a decline in 2022. Greater China, which the report defined as mainland China, Hong Kong and Taiwan, led last year for individuals with a net worth of $100,000 to $1 million, accounting for 28.2%, followed by Western Europe with 25.4% and North America with 20.9%.
