The EU country, which is called a "magnet for billionaires", has been identified

Italy stands out in Europe for its friendly policy towards very rich people, attracting a new wave of super-rich businessmen who want to take advantage of a simplified tax regime and a booming real estate market, as reported by CNBC.

While other countries are tightening the rules for the super-rich, Italy continues to apply a fixed tax rate on foreign income, set at 200,000 euros per year, which has turned Milan and Rome into popular destinations for moving large fortunes.

Among the new residents are such famous names as Egyptian billionaire Nassef Sawiris or Goldman Sachs vice president Richard Gnodde. Henley & Partners estimates that the number of new millionaires arriving in Italy in 2024 could reach 3,600.

This trend has led to an explosive increase in real estate prices in regions such as Milan, Tuscany and the Italian Riviera. In the Lombardy capital, housing prices have risen by almost 50% since 2017, which is twice the average for major Italian cities, and experts expect further growth in 2025. While critics warn of increasing social inequality and reducing the impact on the national budget, supporters argue that a new wave of investment and consumption stimulates the local economy, benefiting the service, hospitality and finance sectors.