Mass exodus of millionaires after the Russian invasion of Ukraine
According to calculations by the consulting firm Henley & Partners and New World Health, more than 8,000 millionaires with assets calculated in dollars left Russia after the invasion of Ukraine.
At the same time, according to forecasts, 43% more millionaires of the same caliber would have to emigrate from Russia: 15,000 millionaires with assets calculated in dollars, or 15% of their total number, notes the newspaper Kommersant.
The consulting company justified the discrepancy by saying that the forecast was based on data for the first six months of 2022. Subsequently, the year’s results were impacted by the sanctions imposed in response to Russia’s invasion of Ukraine and the attendant complications for the US.
“Western sanctions have basically closed the door on Russian millionaires and pushed them even further into the Kremlin. This increases Russia’s control over their funds and supports Putin’s calls to invest in Russia,” said Liana Semchuk, an analyst at British consulting firm Sibylline.