Home Politics More Than 15,000 Millionaires Expected to Leave Russia

More Than 15,000 Millionaires Expected to Leave Russia

More Than 15,000 Millionaires Expected to Leave Russia
Photo Collected From: Financial Times

Western nations have imposed sanctions on Russia over its aggression in Ukraine. In this situation, Moscow is under pressure. Most indicators of the country’s economy have been declining. In this situation, Russian millionaires are worried about the future. More than 15,000 Russian millionaires want to leave the country in 2022 amid the war.¬†The article is about More Than 15,000 Millionaires Expected to Leave Russia.

According to Henley & Partners, a London-based immigration firm, wealthy citizens are turning their backs on Russian President Vladimir Putin’s regime after the invasion of Ukraine. About 15 percent of Russians with more than 1 million dollars in assets are expected to relocate by the end of 2022. 

Andrew Amoils, Head of Research at New World Wealth, a wealth research firm that collects data on behalf of Honley & Partners, said Russia has become insecure for millionaires. They are losing many resources in the country due to Western sanctions. Moreover, many wealthy Russians have been fleeing the country every year for the past decade. They have taken such steps as an early warning of the current crisis. Historically, the collapse of the big economy accelerated the emigration of wealthy people. They decided to leave the country just before the crisis with so many options.

For the same reason, Ukrainian millionaires are deciding to leave the country because the country’s wealthiest people are expected to suffer the most. 42% of millionaires of the country devastated by Russia’s attacks are set to leave the country in 2022. The world’s wealthiest people have traditionally moved to the United States and the United Kingdom. But Henley & Partners says the United Arab Emirates (UAE) is expected to overtake the two countries as a top destination for wealthy immigrants.

The United States is also rapidly disappearing as an attractive destination for the world’s wealthy. But on the other hand, the UAE has taken various initiatives to attract the rich. That is why the number of millionaires in the country is increasing rapidly. About 4,000 millionaires are expected to relocate to the UAE by the end of this year, especially in Dubai. In this case, the country will be ahead of Australia. At that time, 3,500 millionaires will be relocated to Oceania. Besides, 2,600 millionaires will be housed in Singapore and 2,500 in Israel.

Many Russian millionaires are expected to move to Malta, Mauritius, and Monaco. Andrew Amoils said Malta had written one of the biggest success stories in Europe over the past decade. The country is far ahead not only in terms of wealth transfer but also in terms of overall wealth growth. It is now one of the fastest-growing economies in the world. In 2011-21, the country’s wealth in dollar terms increased by 7%. About 300 millionaires are expected to migrate to the country in 2022.

The Indian island nation of Mauritius has been described by Henley & Partners as a wealth magnet. Significant tax exemptions are making the country an international financial center. The government has no capital tax or inheritance tax. Besides, the country’s highest tax rate for global organizations is 3 percent. In addition, about seven out of 10 people living in Menaka, another European country, own more than 1 million in assets. This country also does not have an income tax, capital increase tax, or property tax.

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