grand canal in venice italy
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Italy has long been a tourist paradise, famous for its enchanting landscapes, historical treasures and culinary delights. This year, it’s at the top of many must-see travel lists, solidifying its place as a global travel favorite. But it’s also a country that tempts people to stay. Being wealthy in Italy means more than financial wealth. It’s about enjoying an exceptional quality of life.
Being wealthy in Italy is about experience
Italy is a travel lover’s dream. The 2024 Cntraveler Reader’s Choice Awards named Italy the 4th best country in the world. Similarly, Italy ranked 15th in USA’s recent ranking of best countries. It states that 40 million visitors a year enjoy the cultural influences, food, and fashion (for comparison, that’s about half of the tourists who head to France each year).
When you have cities like Milan, Rome, Pisa, Venice and Florence, you don’t need any more advertising. That said, three must-see destinations in Italy are on many travel lists for 2025.
The BBC has placed the Dolomites in Italy in 25 locations in 2025. This mountain range is a UNESCO World Heritage Site in the northeast of the country, beloved by locals for centuries for its food and scenery. There are 12 ski areas accessible under the same ski passes, Michelin-star restaurants, mountain lakes, glaciers, and stylish resorts such as Cortina d’Ampezzo, where organizers are hosting the 2026 Olympics. For hikers, the BBC also cites the newly opened Cammino Retico (The Rhaetian Way), an extraordinary 170km 7-day trail through the remote Italian villages of Veneto and Trentino.
Far Away recently listed Cortina d’Ampezzo in the Dolomites as one of the 7 best places to visit in Italy without the crowds. We also listed Lake Garda, Perugia, Modena, Maratea, Lexe, and Menfi as alternatives to better-trodden routes.
Bloomberg rates Rome on its list of best places to travel this year as it is the Jubilee of the Vatican. The Pope opens the five Holy Doors in churches around the Vatican, including St. Peter’s Basilica. Additionally, everyone can benefit from improved timing to commemorate the moment. Renovation of the three fountains in Piazza Nabana, huge investment in green space and the newly renovated flagship Metro station, which runs alongside Roman ruins, offers archaeological relics while you wait for your train.
With such an abundance of travel gems, many of us dream of moving to Italy. In 2024, according to Numbeo, Italy was the fifth most searched country by Americans looking to explore, move to, or visit (after Canada, the United Kingdom, Spain, and Mexico).
Famous for their healthy Mediterranean diet, Italians live longer than the OECD average of 81 years, with women in particular having a life expectancy at birth of 86 years.
So what does it mean to be rich in Italy? Can you afford to live there? How does being wealthy in Italy compare to being wealthy in the US or other places around the world?
Being wealthy in Italy – cost of living in Italy
Taking it globally, the cost of living in Italy is lower than in many other countries such as the UK. The cost of living in Italy is 12% lower than France and nearly 27% lower than the US average.
France: $1,200 per month for one person, not including rent. US: $1,166 per month for one person, not including rent. Canada: $1023 per month for one person, not including rent. Italy: $905 per month for one person, rent not included. Malta: $801 per month for one person, not including rent. Spain: $731 per month for one person, not including rent. Thailand: $650 per month for one person, not including rent. Portugal: $592 per month for one person, not including rent.
Furthermore, when rents are taken into account, it becomes clear that Italy offers more for your dollar per square meter, as rents in Italy are 8.4% cheaper than in France and a staggering 123% cheaper than in the US. It will be.
Restaurant prices and groceries are about 30% cheaper in Italy than in the entire US
Being Wealthy in Italy – Average Annual Salary in Italy
The average annual sal varies depending on the source. Using 2023 data, Statista puts Italy in the middle of averages for many European countries, with an average annual salary of $33,825 (€32,450). However, these averages vary by region, with the average in the southern region sometimes being 7,000 euros lower than the national average.
The OECD Better Life Index suggests that the average annual salary in Italy may be around $31,000 ($29,431) per year, while Eurostat suggests this figure is more like $24,000. I am.
In comparison, average annual salaries in the United States range from $76,000 in states such as Massachusetts, New York, and California to $45,000 in states such as Mississippi, Arkansas, and West Virginia (with the highest few). The average annual wage for a full-time worker in Canada is approximately $45,000 per year (CAD 63,013), but this varies by Canadian province.
The top 1% of Italy’s richest people earn about 12% of the national total. That means they earn over $310,000 a year. The top 10% earn about a quarter of the country’s income.
Be rich in Italy – move to Italy with a golden passport and a 1 euro home
Italy’s charm means that many people dream of calling it home, and the country offers everything from 1 euro homes in rural villages to the controversial Golden Passport visa scheme for wealthy investors. , offers a unique opportunity for those looking to relocate.
We buy one house in all of Italy
For the past few years, Italian villages have been seeking new residents to repopulate their diminished settlements and revive their communities, offering them homes for as little as 1 euro.
For example, after President Trump’s election victory, a mountain village in Sardinia advertised homes for as little as 1 euro to attract Americans looking to relocate.
This €1 total does not include the legal costs of purchasing a home, which many require major renovation works. Buyers typically have to prove they have the money for renovations and must commit to finishing the construction work in a set time, perhaps within two to three years. The minimum total cost for these 1 euro homes is around $35,000 and can go up to $400,000 depending on size.
Some villages also offer cash incentives. In 2022, Sardinia offered new residents a move of around $15,000, and Tuscany offered to pay new residents up to $32,000.
Residence in Italy by investment scheme
It’s not an easy move from the US to the European country, but Italy offers a so-called Golden Passport visa scheme for those who can afford it. As reported by Henley & Partners, the Italian investment program grants the right to live, work and study in Italy for two years and can be extended for a further three years. Permanent residency is possible after 5 years. After 10 years, you can apply for Italian citizenship.
You must invest within 3 months of entering the country, and the amount depends on your investment. 2 million euros in government bonds, or at least 500,000 euros in corporate bonds or shares, or a minimum of 250,000 euros in startups.
Being rich in Italy isn’t just about money
It is clear that being wealthy in Italy means much less than in other European countries, and compared to the United States, the cost of living is also much cheaper.
Whether it’s the magnetic pull of historic cities, the pastoral charm of the countryside or the prospect of owning a 1 euro home, the charm of Italy is hard to resist.
Although the cost of living and property investment is attractive, many people discover that being wealthy in Italy is about more than just money. It’s a taste of life in one of the most extraordinary European destinations.
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