If you’re interested in economics, the financial market, and investments, Piazza Affari is a must-visit destination in Milan. This square is at the heart of Italy’s financial world and holds historical and modern significance. Read on to learn more about what makes Piazza Affari so special.
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What is Piazza Affari?
Milan, Italy’s financial capital, is home to Piazza Affari, the epicenter of the country’s economy. Officially called “Piazza degli Affari”, as shown on street signs, the square is commonly referred to as Piazza Affari by locals and the media.

The name translates to “Business Square,” underscoring its role as a hub for financial transactions. Located in Milan’s historic center, Piazza Affari is just a 10-minute walk from the city’s iconic Duomo (cathedral).
What to See at Piazza Affari
At the center of Piazza Affari stands the imposing Palazzo Mezzanotte, headquarters of the Milan Stock Exchange since 1932.

The Milan Stock Exchange at Palazzo Mezzanotte
Designed by architect Paolo Mezzanotte, the Palazzo Mezzanotte was built to house both the Stock Exchange and the Commodity Exchange under one roof. Its 36-meter-tall façade features classical sculptures representing the Four Natural Elements, created by artists Leone Lodi and Gemignano Cibau.
Today, the building serves multiple purposes. In addition to being the financial center, it hosts exhibitions, conferences, fashion shows, and gala dinners. Its historic Parterre and other event spaces can accommodate over 600 guests, and the Borsa Italiana Gallery (BIG) occasionally opens public exhibitions.
The building is steeped in history. It was constructed over the ruins of a second-century Roman structure and remnants of an Imperial-era theater. Visitors can view these ruins through a glass floor illuminated for dramatic effect.

Historically, the Milan Stock Exchange was a bustling, noisy place. Traders shouted bids in a room famously called the Sala delle Grida (“Room of Cries”). However, this changed in 1994 when the exchange became fully electronic.
The Italian Stock Exchange: A Look Back
The Milan Stock Exchange boasts over 200 years of history. It was established in January 1808 under Eugène de Beauharnais, the Viceroy of the Napoleonic Kingdom of Italy.
Initially called the Camera di Commercio di Milano, it was the fourth stock exchange in Italy, following those in Venice (1630), Trieste (1775), and Rome (1802). Its first offices were housed in the Monte di Pietà, later moving to the Palazzo dei Giureconsulti.
Borsa Italiana: A Modern Evolution
The Borsa Italiana was born from the privatization of Italy’s stock markets in 1998. Since April 29, 2021, it has been part of the Euronext Group, aiming to grow, innovate, and maintain transparency in financial markets.
The Iconic Sculpture in Piazza Affari
One of Piazza Affari’s most eye-catching features is Maurizio Cattelan’s controversial sculpture L.O.V.E..

Installed on September 24, 2010, the 4.6-meter-high marble statue (11 meters including its base) features an extended middle finger. Positioned directly in front of the Palazzo Mezzanotte, the sculpture has sparked widespread debate.
While some interpret it as a critique of the financial world, others see it as a reflection on history, with the other fingers appearing eroded, perhaps symbolizing the passage of time. Known informally as “Il Dito” (“The Finger”), its official name stands for “Libertà, Odio, Vendetta, Eternità” (“Freedom, Hate, Vengeance, Eternity”), a stark contrast to the “love” it seems to imply at first glance.
Cattelan, known for provocative works like the duct-taped banana and a gold toilet, deliberately contrasts the sculpture’s irreverence with the square’s classical grandeur.
Banca d’Italia in Milan
Just a short walk from Piazza Affari, you’ll find the Milan branch of the Banca d’Italia, Italy’s central bank.

Founded in 1893, the bank is a cornerstone of the country’s financial system and plays a key role in the Eurosystem, alongside other Eurozone central banks and the European Central Bank.
Milan: Italy’s Financial Powerhouse
Milan’s reputation as an economic hub is supported by its infrastructure, including Malpensa Airport, which features two hotels often used for business meetings. The city also hosts globally renowned events and boasts one of Italy’s most expensive real estate markets.
Milan continues to solidify its status as Italy’s financial powerhouse, attracting significant foreign investments and hosting key financial events.
Foreign Investments and Real Estate Growth: In 2024, Italy’s real estate market showed significant recovery, with a total investment volume of €6.45 billion, doubling the result from 2023. Foreign capital played a key role, accounting for 64% of the total volume for the year.
The office sector recorded €435 million in investments during the third quarter alone, reaching a total of €1.2 billion for the year—surpassing the entire 2023 volume. Investment activity in this sector remained heavily concentrated in Milan and Rome, with Milan capturing 47% of the total office investment volume in 2024. This highlights the city’s continued appeal as a prime destination for high-value office spaces.
The Italian real estate market reached a record high in the third quarter of 2024, with an investment volume of approximately €3 billion—the highest in two years. Milan played a pivotal role in this success, driven by the landmark sale of a trophy asset in Via Montenapoleone. Valued at €1.3 billion, this transaction marked the largest single-asset deal ever recorded in Italy, solidifying Milan’s position as the country’s premier destination for high-value real estate investments.
Fintech Innovation and Events: Milan has emerged as a critical hub for financial innovation in Europe, particularly in the fintech sector. The city hosts the annual Milan Fintech Summit, which brings together international fintech leaders, financial players, investors, and institutions. The 2024 summit, held at the Allianz MiCo, reinforced Milan’s status in the fintech arena and highlighted the burgeoning Italian fintech sector.
Attraction of Wealthy Individuals: Italy’s favorable tax regime, particularly the flat tax on overseas income, has attracted wealthy individuals and international galleries to Milan. This influx has contributed to the city’s economic dynamism and cultural resurgence, further enhancing its status as a financial and cultural capital.
Private Equity and Law Firms Expansion: The city’s booming M&A market has drawn private equity giants and law firms to establish offices in Milan. Firms like Ares Management and KKR are considering or have already set up a presence in the city, aiming to capitalize on the growing direct lending and high-net-worth investor market in Italy.
Data Center Investments: Italy has been selected by a foreign company for a significant €30 billion investment in data centers, with Milan expected to benefit from this development. This investment underscores the city’s strategic importance as a crossroads for global information routes and its suitability for large-scale technological infrastructure projects.
A City Worth Exploring
Piazza Affari stands as a key landmark of Milan’s financial history, combining its rich heritage with striking architecture and modern significance. For anyone interested in finance or the city’s economic influence, it’s a must-visit destination.
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