richest cities in Italy: Milan

Richest Cities in Italy: Top 10 Wealthiest Places to Live

Looking to uncover the richest cities in Italy? Curious about which Italian cities boast the highest levels of wealth? You’ve landed in just the right place!

As a born and bred Italian with extensive traveling experience, I’ve journeyed through every nook and cranny of our beautiful country. This unique perspective and rigorous research on the topic equip me to share a compelling narrative about the economic distribution across Italy.

What Are the Wealthiest Cities in Italy?

Italy’s economy, rich in diversity, varies considerably from north to south. Traditionally, the industrialized North has been wealthier than the agricultural South with its thriving manufacturing sector and service industries. 

Yet, the wealth of the best cities in Italy isn’t solely based on their income – factors such as employment rates, economic growth, and quality of life play a critical role.

From the stylish streets of Milan and the ancient grandeur of Rome to the bustling ports of Naples and the sun-kissed shores of Cagliari, each city paints a unique picture of wealth and prosperity. Let’s delve into the ten wealthiest cities in Italy without further ado.

Planning a trip to Italy? Discover the 21 safest cities in Italy for a worry-free trip.

The Northern Italy Powerhouses

Milan

Milan, the richest city in Italy

Let’s kick off our journey in Milan, the capital of the Lombardy region, indisputably Italy’s economic and financial heart, and the richest city in Italy. Milan is a hive of activity, with a bustling city center and streets that tell tales of booming industries and sky-scraping corporate towers. 

The city, the second-largest city in Italy, houses Italy’s Stock Exchange and is the headquarters of many multinational corporations. 

Renowned for its strong presence in the fashion and design industry, Milan isn’t just a style capital—it’s a commercial powerhouse too. 

The city’s service sector is its backbone, from financial services to information technology. Simply put, Milan is a testament to modern Italian prosperity and a great place to experience the fusion of historical charm and contemporary luxury.

Recommended Reading: Is Milan Worth Visiting? Top Reasons Why You Should

Turin

Turin, one of the wealthiest cities in Italy, at night

Next on our list is Turin, a city that intertwines industrial might with historical charm. 

Home to Fiat, the iconic automobile giant, Turin’s automotive industry is the city’s economic engine. But it doesn’t end there. 

Turin’s diversified economy extends to aerospace, graphic arts, design, and a rich food and wine sector. 

This combination of high-tech innovation and rich cultural heritage positions Turin among Italy’s wealthiest cities.

Recommended Reading: Is Turin Worth Visiting? A Traveler’s Guide

Bologna

Bologna, Italy

At the crossroads of Italy’s north, Bologna blends traditional charm with an impressive economic footprint

Known for its rich academic history, Bologna hosts the oldest university in the Western world. This educational prowess (Bologna is known as “la dotta,” the learned one) and the city’s commitment to technological innovation have birthed a strong and diverse economy. 

Beyond tech, Bologna is famed for its food production—with a culinary tradition loved nationwide—bolstering its stature as one of Italy’s wealthiest cities.

Recommended Reading: Is Bologna Worth Visiting? A Traveler’s Guide

Verona

the center of Verona, Italy

Rounding out our northern tour is Verona (a UNESCO world heritage site), where a diverse economy enhances its romantic allure. 

Verona’s wealth is spread across tourism – boosted by its famed arena and links to Shakespeare – construction, and food and wine production. 

Its strategic location near Venice and Milan has also helped foster a strong service sector, from logistics to finance. Verona might be famous for its star-crossed lovers, but its robust economy is equally noteworthy.

Genoa

Piazza de Ferrari, Genoa

Overlooking the Ligurian Sea, Genoa boasts a dynamic economy deeply rooted in maritime and tourism industries. 

Genoa’s port, one of the busiest in the Mediterranean, is a critical driver of the city’s economy, facilitating international trade and commerce.

Meanwhile, the city’s rich history, epitomized by its magnificent palazzos and winding Old Town streets, fuels a thriving tourism sector

This historical allure and commercial strength balance make Genoa a unique northern powerhouse.

The Central Italy Jewels

Rome

Rome, one of the richest cities in Italy

As we shift our focus towards central Italy, Rome – the Eternal City – is undoubtedly the jewel in the crown

As the capital of Italy, Rome is more than just a political hub. It’s a vibrant metropolis with an economy as diverse as its long history. 

The city thrives on a robust tourism industry, owing to its iconic historical sites and cultural appeal. Following its cultural appeal and iconic historical sites, Rome’s ancient sites are the city’s heart and soul.

Tourists flock to the Trevi Fountain, a baroque Italian fountain masterpiece, where legend has it that tossing a coin ensures a return visit to Rome. The Roman Forum, a sprawling complex of ruined temples, basilicas, and arches, narrates the tale of the once-thriving heart of the Roman Empire. 

Apart from these, Rome’s cityscape is dotted with countless other sites that breathe life into history

One such location is Piazza Navona, a lively square brimming with stunning Baroque architecture, charming cafes, and street artists, encapsulating the spirit of modern-day Rome amidst its ancient grandeur. 

Another must-see while in Rome is Altare della Patria, which commemorates the unification of Italy, standing as a significant symbol of the nation’s shared history.

Did you know? One of the best ways to discover Rome is by golf cart. Immerse in a unique Roman adventure.

Shifting focus back to Rome’s economic dynamics, the city thrives mainly on a service-oriented economy. This encompasses tourism and significant sectors such as technology, research, construction, and communications

With its historical richness and contemporary prosperity, Rome is not only one of the world’s most beautiful places to visit but also forms a bedrock of Italy’s fiscal robustness.

Florence

richest cities in Italy: Florence (Piazza della Signoria)

Next, we traverse the scenic Tuscan hills to arrive in Florence, the capital of Tuscany, where art meets commerce

Known for its Renaissance masterpieces, Florence’s tourism sector thrives, drawing millions of visitors annually to its world-class city center, museums, and architectural marvels. 

A visit to Palazzo Pitti, a grand Renaissance palace, presents a visual feast for art enthusiasts, while the Uffizi Gallery, with its exceptional collection of Italian Renaissance artwork, stands as a testament to the city’s cultural wealth. 

Just a short walk from the Uffizi, Ponte Vecchio, a medieval stone bridge adorned with jewelry shops, offers a picturesque view over the Arno River. 

Lastly, Piazza della Signoria, the city’s bustling main square, completes the rich touristic offer of Florence, tying together the city’s historical, artistic, and cultural abundance.

But beyond its cultural riches, Florence has a robust economy based on several key sectors. Its prestigious fashion houses, like Gucci and Ferragamo, contribute significantly to the city’s wealth. 

Moreover, in the heart of wine country, Florence benefits from Tuscany’s renowned wine production, adding another layer to the city’s economic prowess. 

Florence is considered one of the most beautiful cities to visit. Therefore, it beautifully marries cultural wealth with economic prosperity.

Recommended Reading: Get ready for your Italian adventure with 135 Basic Phrases for Travel and a PDF Cheat Sheet at your fingertips.

Southern Italy and Island Prosperity

Naples

aerial view of Naples, Italy

Heading south, we arrive in Naples, a city pulsating with life and business activity. 

Nestled by the azure Tyrrhenian Sea, Naples’s bustling port is a central Mediterranean trade hub, driving the city’s economic engine. But there’s more to Naples than seafaring commerce. 

The city’s fertile volcanic soil gives rise to a thriving agricultural sector—think of the renowned Campania tomatoes used in Naples’s famous pizzas. 

The city’s vibrant tourism industry, powered by enchanting historical sites and irresistible gastronomy, further boosts its economic robustness. With these elements combined, Naples is a southern economic powerhouse.

Suggested Reading: 10 Reasons to Visit Naples, Italy: From Pizzerias to Pompeii, This City Has it All

Palermo

Palermo, Italy

As a crucial economic hub in Southern Italy, Palermo is integral to the region’s prosperity. The city has a thriving economy supported by various sectors, including shipbuilding, the iron and steel industries, food processing, and the trade of agricultural goods. 

Tourism is a burgeoning sector, capitalizing on the city’s rich historical heritage, exquisite architecture, and delightful culinary traditions, not to mention the presence of 7 UNESCO Sites in Sicily.

Palermo’s robust service sector spans retail and property businesses. At the same time, the island’s agricultural prowess shines in the production of citrus fruits, olives, and wine. 

With such a broad economic spectrum reflecting the city’s diverse culture, Palermo exemplifies the multifaceted nature of Italy’s economy.

Cagliari

the city of Cagliari, Sardinia

Lastly, we head to the island of Sardinia, home to Cagliari, a city where traditional charm meets the modern economy. Cagliari’s economy is driven by its diverse service sector, spanning tourism and commerce. 

Tourists are drawn to the city’s beautiful beaches, historic sites, and delightful local cuisine, underpinning a prosperous tourism industry.

In recent years, the city has also seen a rise in tech startups, further bolstering its economic strength. Cagliari shows us that Italian cities can carve out their financial success stories even off the mainland.

Fascinated by Cagliari’s stunning beaches? If you’re feeling adventurous, explore our guide to Italy’s 23 best naturist paradises. Time for sun-soaked freedom!

Richest Cities in Italy: Ranking Methodology

When compiling this list of Italy’s wealthiest cities, we’ve used a comprehensive methodology to ensure accuracy and relevancy. 

While GDP per capita is a crucial measure of economic prosperity, it’s not the only factor that defines a city’s wealth. We’ve considered it our primary indicator but have also factored in crucial industries, employment rates, and economic growth to provide a comprehensive picture of a city’s economic dynamism and resilience.

Quality of life indicators also came into play. These included education, health care quality, safety, and cultural and recreational opportunities. A city that provides high living standards for its inhabitants is wealthy in more ways than one.

Lastly, we also considered the role of tourism and its contribution to the local economy. Cities with a thriving tourism industry often have a diversified economy, which can signify economic health and stability.

It’s important to note that wealth is not just about numbers. It’s about the quality of life a city can offer to its residents and visitors. By this measure, these cities genuinely stand out as Italy’s wealthiest.

Italy’s Wealthiest Cities: FAQ

one Euro coin from Italy

Which city ranks as Italy’s wealthiest?

The crown for the wealthiest city in Italy goes to Milan, situated in the Lombardy region of Northern Italy.

Which city showcases the highest per capita GDP in Italy?

Per an OECD study, Milan, the richest metropolitan area of Italy, stands as Italy’s wealthiest city based on its GDP per capita.

Which cities in Italy are known for the highest average salaries?

The region of Lombardy, hosting Milan, is known for the highest average salary in Italy. Furthermore, Lazio, the region of Rome, and Piedmont, where Turin is situated, showcase significant economic power.

In Italy, which cities offer promising job opportunities?

Rome, Milan, Bologna, Firenze, Turin, and Naples are renowned for their excellent infrastructure and job prospects.

Which cities in Italy are the costliest to live in?

Milan and Rome (the two richest cities in Italy) lead the chart as the most expensive Italian towns to reside in, albeit these are also the major cities where salaries are generally higher.

Which city in Italy is more affordable for visitors?

Cities like Naples and Palermo stand out as some of Italy’s most budget-friendly tourist destinations, with lower costs for accommodation, food, transport, and activities.

What is the average salary in Italy?

average salary in Italy
Average Wage in Italy, in Euro. Source: Take-Profit.org

In 2023, workers in Italy, on average, earn 2627 EUR each month, which is approximately 2868.123 USD.

Looking at Italy’s salary range, we find the highest average salary among specific job sectors was 2502 EUR per month, while the lowest was 1176 EUR. Nevertheless, when considering all job sectors, the overall average monthly salary for workers in Italy was higher, at 2627 EUR.

What are the prominent residential areas for wealthy people in Italy?

Italy’s elite, including foreign investors, tends to dwell in key urban areas and picturesque regions such as Rome, Milan, Florence, and Venice, as well as parts of Tuscany, Lombardy, Liguria, and even in the southern reaches like Sicily. 

Milan, the country’s most advanced city, doubles as the financial capital and fashion hub, making it a prime location for Italy’s upper crust.

Venice, known globally as a romantic Italian city, is a haven for rich people. Its narrow streets and glistening canals, including the iconic Grand Canal, offer a unique blend of charm and sophistication that appeals to the wealthy. 

Residences around the famous Piazza San Marco provide a combination of heritage and luxury, contributing to Venice’s allure as a premium residential choice for those seeking the quintessential Italian lifestyle amidst an aura of elegance and grandeur.

Where in Italy do celebrities reside?

Lake Como, Italy

Lake Como (Lago di Como), radiating glorious sunshine and gentle pleasures, has been a preferred haven for the rich since Roman times. 

Many celebrities like George Clooney, Madonna, Richard Branson, Sylvester Stallone, and Gianni Versace have owned properties on its shores.

Classical Italian summer holiday spots include Sardinia, the Riviera Romagnola, Sicily, the Amalfi coast, Liguria and Cinque Terre, and Tuscany, particularly the Forte dei Marmi area.

Which is the most luxurious street in Italy?

Via Montenapoleone (Milan)

Via Monte Napoleone in Milan is the most luxurious street in Italy, perfect for buying all sorts of luxury goods. It is deemed the most expensive street in Europe and the third priciest globally.

Recommended Reading: Top 10 Shopping Destinations in Italy: Your Italy shopping guide, from luxury fashion to artisanal crafts.

Does Milan have a higher cost of living compared to Rome?

Yes, the cost of living in Milan is around 10% higher than in Rome.

What are the ten most populated cities in Italy?

The ten largest cities in Italy, in terms of population, are Rome, Milan, Naples, Turin, Palermo, Genoa, Bologna, Florence, Bari, and Catania.

Which regions in Italy are less affluent?

Basilicata, Calabria, and Campania, located in the southern part of the country, are considered the least affluent regions in Italy.

What are the most expensive places in Italy?

If you’re evaluating locales based on living expenses, real estate value, and high-end appeal, the following five locations stand out as the most expensive places in Italy:

  • Milan: Italy’s premier city for fashion and finance, Milan boasts the country’s highest living costs and property prices.
  • Venice: Renowned for its waterways and historic charm, Venice offers some of Italy’s priciest homes and is a favorite among luxury travelers.
  • Rome: The capital of Italy, Rome, combines elevated living expenses with a reputation as a haven for affluent tourists.
  • Florence: Famous for its artistic heritage and historical allure, Florence also stands out for its expensive real estate and luxurious ambiance.
  • Lake Como: A symbol of opulence, Lake Como attracts celebrities and offers breathtaking views alongside its high-end villas.

These are the top 5 richest cities in Italy. They are synonymous with elegance, commanding some of the highest property values and living expenses, making them the most expensive places in Italy.

What are the top Italian cities by GDP?

While precise data for the top Italian cities by GDP isn’t readily accessible, an educated guess can be made by examining the GDP of the regions they reside in. The following five regions had the highest GDP in Italy in 2021:

  • Lombardy (€405,266 million) – The largest city, Milan, serves as the capital.
  • Lazio (€197,709 million) – Rome, the region’s capital, is also its biggest city.
  • Veneto (€164,392 million) – Venice stands as a significant city within this region.
  • Emilia-Romagna (€163,652.1 million) – Bologna, as both the capital and largest city, represents this region.
  • Piedmont (€136,280.8 million) – Turin holds the position of capital and is the main city in the region.

These insights lead to the probable conclusion that the top Italian cities by GDP include Milan, Rome, Venice, Bologna, and Turin.

Which is the richest region in Italy?

Situated in Northern Italy, Lombardy stands as the richest region in Italy. With a GDP amounting to €405,266 million in the year 2021, it has earned the distinction of being Italy’s wealthiest region.

Final Thoughts

As we conclude our journey through the wealthiest cities in Italy, it’s evident that wealth is not evenly spread across the country. Northern cities like Milan lead the pack, but gems like Rome, Florence, and Naples also offer a robust economy and a quality of life attractive to many. 

These cities and regions, each with unique strengths and charm, contribute significantly to Italy’s rich tapestry. We hope this guide has offered valuable insights, whether you’re considering a visit, a move, or simply indulging your curiosity about Italy’s wealthiest cities.

Similar Posts