Russia is losing more and more rich people, say analysts

The Russian attack on Ukraine has an unexpected consequence. According to an analysis by the firm that helps the super-rich buy citizenship, Russia is expected to lose 15,000 millionaires over the course of 2022 — 15 percent of the country’s millionaires. This is the conclusion reached by the makers of the .

“An increasing number of wealthy people have emigrated from Russia every year for the past decade – an early warning sign of the country’s current problems,” writes Andrew Amoils, head of the research department that collected the data. He also explains immediately why this is a negative development for the country: “In the past, the collapse of larger countries was usually preceded by accelerated emigration of wealthy people, who were often the first to leave the country because they had the means to do so.”

Russia and Ukraine are losing many empires

There is also a negative development in Ukraine. According to the analysis, the country is losing 2,800 millionaires, or 42 percent of the country’s wealthy population. According to Amoils, it is difficult to say how many of the rich will return to Ukraine after the war ends, as many of them are likely to be given residency status in other countries.

The analysis expects the greatest immigration of the rich to be in the United Arab Emirates with 4,000 millionaires, Australia (3,500), Singapore (2,800), Israel (2,500) and Switzerland (2,200). The Emirates are thus replacing the USA and Great Britain as the most attractive destination for the rich and super-rich.

Signs of Russia’s decline?

It remains to be seen whether the growing exodus of millionaires from Russia is actually a sign of the country’s impending collapse. In any case, the prognosis is unlikely to impress President Vladimir Putin and the oligarchs loyal to him – let alone stop the war against Ukraine.

Sources:.