Milan Is Always a Great Milan… but Only If You’ve Got the Money

Milan is the city with the highest number of millionaires in the world in proportion to its population. It is also the eleventh overall worldwide. It is estimated that as many as one in twelve Milanese residents can boast assets and properties worth more than one million euros, a very high percentage, higher than that of major metropolises such as London, Paris, or New York.

In other words, during a walk of about half an hour through the city streets (especially in the city center), there is a very high probability of unknowingly coming across a good number of super-rich individuals as they go about their daily activities.

Rarer, but still present in significant numbers, are centi-millionaires, meaning people with bank accounts or assets exceeding one hundred million euros. A total of 182 have been counted, a figure that almost unbelievably matches that of a tax haven like Monaco, which can boast about ten more.

_{Stefano Stabile, CC BY-SA 3.0, from Wikimedia Commons}

This record is the natural consequence of the transformation of a city from the country’s economic capital into an elite location, where it becomes impossible to survive for those who have what are considered “normal” jobs and salaries.

An average salary of around 1,500 euros per month is in fact unable, in the vast majority of cases, to cover the normal cost of renting a one-bedroom apartment and utilities. Those who want to buy a home must then deal with prices above five thousand euros per square meter, and it has been calculated that to bear the cost of a mortgage a monthly income of at least three thousand euros is required.

Rising rents are also leading to the closure of many small businesses, as well as some historic ones that have been present in the area for decades. In their place, international brands, mostly linked to the luxury market, or five-star hotels aimed at international tourism.

_{Stefano Stabile, CC BY-SA 3.0, via Wikimedia Commons}

In short, a small paradise for some and a hell on earth for others. Milan is becoming a world of its own, a kind of enclave of wealth and finance within Italian territory.

A sort of utopian city which, however, clearly shows the other side of the coin through significant social inequalities. The difficult living conditions of a substantial portion of the population can encourage various phenomena, with consequences of varying severity.

The first of these is the move toward the surrounding provinces by a large part of the working population, which could soon leave several key service roles uncovered. In other words, who will fill support roles in the city such as waiter, shop assistant, secretary, or others, without the possibility of leading a dignified life?

Furthermore, the possible increase in petty crime should not be underestimated, driven precisely by the growing need to adapt to a city increasingly tailored only to the super-rich.

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