The English word millinery, referring to women's hats in the 19th century, came from the word Milan. Since the late 12th century, Milan has been a wealthy and industrious city with the production of armours and wool.ĭuring the Renaissance, Milan was a center of production of luxury goods, textiles, hats and fabrics, along with Venice, Rome and Florence. The plant, built in 1883, was the first power plant in Europe The chimney of the Santa Radegonda plant near Duomo is clearly visible. Economic history A view of Milan in 1910. Milan is the world's 11th most expensive city for expatriate employees and its influence in fashion, commerce, business, banking, design, trade and industry makes it a global city. Milan was named Europe's most expensive city in 2015 based on the cost of its lodgings ranking higher than Stockholm in second place and Munich in third place. Major fashion houses and labels, such as Versace, Armani, Valentino, Prada, Dolce & Gabbana, Moschino, Moncler, Luxottica, Trussardi, and Missoni are headquartered in Milan. Milan is considered as one of the fashion capitals of the World together with New York, Paris, and London. The city center also houses Europe's most expensive street, Via Montenapoleone and the National Stock Exchange, Borsa Italiana. Milan's Porta Nuova District is Europe's richest subdivision within any city, with a GDP of €257 billion ($308 billion) in 2016 which is comparable to the GDP of the world's 34th richest country, Philippines. Milan's GDP per capita of about €49,500 (US$55,600) ranks among Italy's highest. Milan's hinterland is Italy's largest industrial area. It is a member of the Blue Banana corridor among Europe's economic leaders. Milan surpassed Berlin in the size of its economy in 2014, and has since been the richest city among the Four Motors for Europe. Milan and Lombardy had a GDP of €400 billion ($493 billion) and €650 billion ($801 billion) respectively in 2017. Milan is the capital of the Lombardy region in northern Italy and is the wealthiest city in Italy. Overview of the economy of Milan, Italy Borsa Italiana, the Stock Exchange in Milan
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