Thousands of super-rich Russians are expected this year to turn their backs on Putin’s regime and find other countries to live in, new analysis shows.
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Around 15,000 Russians with more than a million dollars, almost 10 million kroner, in free funds are expected to move from Russia before the end of 2022, shows a new analysis conducted for British Henley & Partners.
The company acts as an intermediary between the super-rich and countries that sell citizenship.
“Russia is bleeding millionaires,” Andrew Amoils, head of research at New World Health, said. Guardian.
The analyst explains that wealthy people have emigrated from Russia in ever-increasing numbers every year for the past decade. It is “an early warning sign of the problems the country is facing”, according to Amoils.
“Historically, major demographic collapses have often been triggered by an acceleration in the emigration of wealthy people, who are often the first to leave, since they have the means to do so,” Amoils told the British newspaper.
–London out, Dubai in
Russia’s invasion of Ukraine has led to a series of sanctions against Russians, and the Russian economic elite can no longer, as before, easily settle in the West.
This leads to changes in which countries the Russians settle in.
The United Arab Emirates is expected to replace Britain and the United States as top destinations for wealthy Russians. The country is expected to attract the largest net influx of millionaires globally this year, the British survey shows.
The emirates have not imposed the sanctions that so many other countries have on Russians now, nor has the country criticized Russia for waging war. Russians who are not on the international sanctions list can easily get visas.
In Dubai, the purchase of Russian property increased by 67% during the first three months of 2022. Companies helping newcomers establish business in Dubai have seen a huge increase in Russian customers since the outbreak of the war.
– We receive five times more inquiries from Russians since the war started. They are worried about an economic meltdown coming. That is why they are moving here to secure their fortune, says George Hojeige from Virtuzone BBC.
–“Tsunami of money” out
Around $ 4,000 millionaires globally are expected to make the United Arab Emirates their new home country before the end of the year. This makes them the premier destination for rich people in the world.
Australia is predicted a second place, with around 3,500 new super-rich inhabitants. Malta, Mauritius and Monaco, “the three Ms”, are also popular, as are Singapore and Israel. The latter already has a large Russian diaspora.
In a commentary in the Henley Global Citizens Report, the award-winning journalist Misha Glenny says that wealthy Russians are moving to the United Arab Emirates and Israel in large numbers.
“Long before the sanctions were imposed on the Russian banking system, a tsunami of money left the country, largely prompted by the increasingly capricious style of government of President Vladimir Putin and his demands for loyalty to the middle class and wealthy Russians,” he said. Glenny i the report.
–New era
The countries that, on the other hand, are expected to lose the most millionaires in 2022 are Russia, China, India and Hong Kong.
Director of “matchmaking” – the company for the super-rich and their potential new homeland, Henley & Partners, writes in a statement that they expect 88,000 millionaires to find new land to live in this year.
That is 22,000 fewer than before the pandemic. In 2023, the director expects this to change.
“Next year, the largest migration flows of registered millionaires – 125,000 of them – are expected as wealthy investors and their families seriously prepare for the new world order after covid,” he wrote in a comment.
However, it is Ukraine that is projected to lose the largest share of its most affluent. 42 percent of Ukrainians with more than NOK 10 million in cash are expected to have left the war-torn country during 2022.
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