Russia’s wealthiest are leaving the nation in droves after its invasion of neighboring Ukraine.
Nearly nine times as many millionaires are projected to leave Russia by the end of the year as in 2021, according to a report by Henley & Partners, a company that helps wealthy clients move internationally. Roughly 15,000 individuals worth $1 million or more are expected to depart the warring country as sanctions target the Russian elite.
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Andrew Amoils, head of research at New World Wealth, noted the danger the mass exodus poses to the Russian economy.
“Wealth migration figures are a very important gauge of the health of an economy. It can also be a sign of bad things to come as HNWIs are often the first people to leave … if one looks at any major country collapse in history, it is normally preceded by a migration of wealthy people away from that country,” Amoils said.
A Kremlin spokesperson rejected the claim, saying Russia has not noticed any sharp increase in millionaires leaving the country.
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The migration of the wealthy from Russia is in line with projections that the Russian economy could shrink up to 8.5% by the end of the year.
The United Arab Emirates, by virtue of its zero-tax rate, has become a popular location for Russia’s ruling class, and it is expected to attract 4,000 millionaires by the end of the year, overtaking the United Kingdom and the United States as the top destination for the world’s wealthy, according to Henley & Partners.
