What It Means To Be Wealthy In Italy

Italy has long been a tourist haven, renowned for its enchanting landscapes, historical treasures, and culinary delights. This year, it remains at the top of many must-visit travel lists, cementing its place as a global travel favorite. But it's a country that beckons people to stay. Being wealthy in Italy means more than financial riches; it's about enjoying an exceptional quality of life.

Being Wealthy In Italy Is About Experiences

Italy is a travel lover's dream. CNTraveler Reader's Choice Awards for 2024 named Italy the world's fourth-best country. Likewise, Italy came in 15th place in USA Today's recent ranking of Best Countries, citing that its 40 million annual visitors relish the cultural influence, the food, and the fashion (as a comparison, that's about half the amount of tourists that head to France each year).

When you have cities such as Milan, Rome, Pisa, Venice, and Florence, you don't need much more publicity. That said, three must-visit destinations in Italy are on many travel lists for 2025.

The BBC placed the Dolomites in Italy on its 25 Places To Travel In 2025. This mountain range is a UNESCO World Heritage site in the country's northeast, beloved for centuries by the locals for its food and landscapes. There are 12 ski areas accessible under the same ski pass, Michelin-starred restaurants, mountain lakes, glaciers, and stylish resorts such as Cortina d'Ampezzo, where organizers are holding the 2026 Olympics. For hikers, the BBC also cites the newly opened Cammino Retico (The Rhaetian Way), an exceptional 170km, seven-day trail through remote Italian villages in Veneto and Trentino.

Afar also recently listed Cortina d'Ampezzo in the Dolomites as one of the Seven Best Places To Visit In Italy Without The Crowds. It also listed Lake Garda, Perugia, Modena, Maratea, Lecce, and Menfi as alternatives to the more well-trodden routes.

Bloomberg rates Rome on its list of the Best Places To Travel because this year is the Vatican's Jubilee. The Pope will open five Holy Doors at churches around the Vatican, including St. Peter's Basilica. What's more, everyone can benefit from the infrastructural improvements timed to commemorate the moment: the renovation of three fountains in the Piazza Navona, a huge investment in green space, and the newly renovated flagship metro stations that run alongside Roman ruins, allowing you to peruse the archeological relics as you wait for your train.

With such a wealth of travel gems, it follows that many of us dream of moving to Italy. In 2024, according to Numbeo, Italy was the fifth most searched country by Americans hoping to explore, move or visit (after Canada, the U.K., Spain, and Mexico).

Famed for its healthy Mediterranean cuisine, Italians have a longer life expectancy than the OECD average of 81 years, and women in particular have a life expectancy at birth of 86 years.

So what does it mean to be wealthy in Italy, and could you afford to live there? How does being wealthy in Italy compare to being wealthy in the U.S. and other places worldwide?

Being Wealthy In Italy–Italy's Cost Of Living

When taken globally, the cost of living in Italy is lower than it is in many other countries such as the U.K. The cost of living in Italy is 12% lower than in France, and it is nearly 27% lower than the U.S. average:

• France: $1,200 per month for a single person, not including rent.
• U.S.: $1,166 per month for a single person, not including rent.
• Canada: $1023 per month for a single person, not including rent.
• Italy: $905 per month for a single person, not including rent.
• Malta: $801 per month for a single person, not including rent.
• Spain: $731 per month for a single person, not including rent.
• Thailand: $650 per month for a single person, not including rent.
• Portugal: $592 per month for a single person, not including rent.

Furthermore, when you factor in rent, it becomes clear that Italy offers more for your dollar per square meter, as rent in Italy is 8.4% cheaper than in France and a staggering 123% cheaper than in the U.S.

Restaurant prices and groceries are also around 30% less expensive in Italy than across the U.S.

Being Wealthy In Italy–Italy's Average Annual Salary

The average annual salary varies depending on sources. Using 2023 data, Statista notes an average annual salary in Italy of $33,825 (€32,450), placing it squarely in the middle for many European country averages. However, these averages vary by region, and the averages in the southern areas sometimes reach €7,000 lower than the national average.

The OECD Better Life Index suggests that Italy's average annual salary may be less, at around $31,000 ($29,431) per year, and Eurostat indicates this figure is more like $24,000.

In comparison, average annual salaries in the U.S. range from $76,000 in states like Massachusetts, New York, and California to $45,000 in states like Mississippi, Arkansas, and West Virginia (which have the lowest average salaries). The average annual wage for a full-time worker in Canada is around $45,000 a year (CAD 63,013), although this varies by Canadian province.

The top 1% of wealthy people in Italy earn about 12% of the national total; that is to say, they earn over $310,000 annually. The top 10% earn about a quarter of the country's income.

Being Wealthy In Italy—Moving To Italy, Golden Passports And €1 Houses

Italy's charm means that many people dream of calling it home and Italy offers unique opportunities for those seeking to relocate, from €1 houses in rural villages to the controversial Golden Passport visa scheme for affluent investors.

Buying €1 Houses Across Italy

For the past few years, Italian villages have been seeking new residents to repopulate dwindling hamlets and revive communities, and it is offering homes for as little as €1.

After President Trump's election win, for example, the mountain village of Ollolai in Sardinia advertised houses for as little as €1 to attract Americans looking to relocate.

This €1 sum doesn't include legal fees to buy houses, and many require significant renovation work, which can often start at a minimum of $20,000. Buyers usually have to prove they have the money for renovations and have to promise to finish the construction work in a set time, possibly within two to three years. The minimum total costs for these €1 homes would be around $35,000 and could be as much as $400,000 depending on the size.

Some villages also offer cash incentives. In 2022, Sardinia offered new residents about $15,000 to move, and Tuscany offered to pay up to $32,000 for new residents.

The Italy Residence By Investment Scheme

It's never an easy move from the U.S. to any European country, but Italy offers a so-called Golden Passport visa scheme for those who can afford it. As reported by Henley & Partners, the Italy Residence by Investment Program allows the right to live, work, and study in Italy for two years, and could be extended by another three. Permanent residence is possible after five years; after ten years, you can apply for Italian citizenship.

You must invest within three months of entering the country, and the amount depends on the investment: either €2 million in government bonds, or at least €500,000 in corporate bonds or shares, or a minimum of €250,000 in startups.

Being Wealthy In Italy Isn't Just About Money

It's clear then that what it means to be wealthy in Italy is significantly lower than in other European countries, and compared to the U.S., the cost of living is also much less expensive.

Whether it's the magnetic pull of its historic cities, the idyllic charm of its countryside, or the prospect of owning a €1 home, the appeal of Italy is hard to resist.

While costs of living and property investments are attractive, many discover that being wealthy in Italy isn't just about money—it's about savoring life in one of the most extraordinary and mouth-watering European destinations.