"Russia bleeds millionaires dry": 15,000 rich flee - three escape destinations are particularly popular
Created: 06/15/2022 05:33
By: Lukas Zigo
Many wealthy Russians left the country after the attack on Ukraine.
According to migration data, it could be up to 15,000.
MONACO/Moscow – Wealthy Russians have been leaving the country in droves since the start of the Ukraine war.
According to an analysis of migration data, more than 15,000 millionaires are expected to leave Russia this year.
According to this, about 15 percent of Russians with assets of more than one million dollars will have emigrated to other countries by the end of 2022.
This emerges from an analysis of migration data from Henley & Partners.
The London-based company acts as an intermediary between the super-rich and the countries that sell them new citizenship.
Ukraine news and Russian flight: “Russia bleeds millionaires dry”
“Russia bleeds millionaires dry,” New World Wealth research director Andrew Amolis told the
Moscow Times
, who compiled the data for Henley.
“An increasing number of wealthy people have emigrated from Russia every year for the past decade, which is an early warning sign of the country's current problems.
Historically, the collapse of large countries in the Regen was preceded by an accelerated emigration of wealthy people, who are often the first to leave the country because they have the means to do so.” So are the oligarchs, who are also staying at Tegernsee.
The super yacht Phi is docked in Canary Wharf.
The ship, owned by a Russian businessman, is the first to be detained in the UK under sanctions imposed over the war in Ukraine.
© James Manning/dpa
Ukraine will suffer the proportionally largest loss of high net worth individuals (HNWI): 2,800 millionaires (or 42 percent of all HNWI in Ukraine) are expected to have left the country by the end of the year.
Ukraine-News: Russia's millionaires flee: USA, Great Britain or Emirates?
Traditionally, the world's wealthy have moved to the US or the UK.
According to Henley, the United Arab Emirates could replace them as the number one destination for emigrants worth millions.
“Britain has lost its crown as a center of wealth and the US is rapidly losing its appeal to the world's wealthy.
The UAE is expected to overtake them by attracting the world's largest net inflows of millionaires in 2022,” said Henley in his report, which is based on international trends in private wealth migration.
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By the end of the year, around 4,000 HNWIs are expected to move to the UAE, ahead of Australia, which is expected to attract around 3,500.
In Singapore there will be 2,800 and in Israel 2,500.
Many of them come from Russia and are probably withdrawing from the country mainly because of the sanctions in the wake of the Ukraine war.
Ukraine War and Russia's Exodus: Malta, Mauritius and Monaco
The report expects that a large number of millionaires will also be drawn to the "Three M's": Malta, Mauritius and Monaco.
"Malta is one of the biggest European success stories, not only in terms of millionaire inflows but also in terms of overall wealth growth," said Amolis.
“Malta is currently one of the fastest growing markets in the world, with asset growth of 87 per cent between 2011 and 2021. The naturalization process has brought considerable wealth to the island nation and Malta's strong growth in various sectors including financial services, IT and real estate, driven.
It is expected that around 300 millionaires will move to Malta in 2022.”
Last year, the British newspaper The Guardian reported that many wealthy people who buy "golden passports" for Malta (and thus for the EU) often only want to spend a little time in the country.
At the time, Henley said it was "proud of the service it has provided to Malta and its people".
Ukraine war and Russia's exodus: "prosperity magnet" Mauritius attracts with tax breaks
The island state of Mauritius, located in the Indian Ocean, is luring millionaires from Russia who want to flee the Ukraine conflict with significant tax breaks.
Henley describes this as a "prosperity magnet" because a tax-privileged financial center has emerged there.
The country has no capital tax, no inheritance tax and a maximum tax rate of 3 percent for global corporations.
Monaco has always been a magnet for the world's super rich.
With no income, capital gains or wealth taxes, the density of dollar millionaires there is seven out of ten people living in Monaco.
(lz)