Brothers of Italy: Milan has awoken.
After years spent working towards recovery with the spectre of the economic crisis snapping at our heels, the time for Milan to rise again has finally arrived.
Indeed, the Lombardy capital is currently establishing itself as Italy’s financial capital and one of the most interesting cities in the European economic context.
The details of this step up were outlined in a recent article published by the Financial Times, which set out a series of indicators that demonstrate a country on the up and shine a light on a Milan that is – finally – bouncing back.
The Bel Paese is constantly evolving and the protagonists of its economic tapestry are becoming stronger. National GDP has grown for the last ten quarters in a row, while Unicredit – one of the country’s leading banks – has achieved a record increase in capital of €13bn and the state has taken direct action to protect a number of financial institutions from collapse.
The signs pointing towards long-term optimism for Italy are particularly strong in the Milan area, which is proving to be the heartbeat of the Italian economy.
The recovery began with the resounding – and unexpected – success of Expo 2015, which shone a light on an underestimated yet in reality competitive Milan.
The Universal Exposition captured the attention of the big investors, who promptly began pouring fresh capital into the city. The Porta Nuova area has experienced a resurgence thanks to Qatar-backed real-estate investment, the fashion giants Kering and Yoox Net-a-Porter have opened strategic new headquarters in Milan and internationally renowned CEOs have taken over three big Italian companies such as Generali, Unicredit and Telecom Italia. All of this constitutes irrefutable proof that Italy is an appealing market capable of attracting global talent.
Under the leadership of the most recent municipal administrations, Milan has also enjoyed an upturn in terms of quality of life. The modern-day Milan is a lifestyle haven and a hub of opportunity and events, factors that have made the city the place to be for numerous international managers and finance gurus.
The city’s inexorable growth exploded into full view with the sumptuous celebrations held to mark the 150th inauguration of the Galleria Vittorio Emanuele II, the symbol of well-to-do, chic Milan. Nine hundred guests from the crème de la crème of Italy’s political, economic and entrepreneurial elite came together to enjoy a stunning gala dinner.
What better event for Milan to flex its muscles to the rest of Europe and show off its charm, affluence and desire for power?
This irresistible melting pot is stimulating optimism on the markets and delighting the wealthiest investors as they search for their next opportunity.