Russia is literally bleeding money. New data released Friday from the British Defense Ministry shows the shocking number of of Russian millionaires who are trying to get the hell out of the the country this year.
“Migration applications suggest that 15,000 Russian millionaires are likely already attempting to leave,” the ministry said, with most heading to the United Arab Emirates and Australia
The news corresponds with a study earlier this week by the London-based Henley & Partners which facilitates residency applications and citizenship applications and which has apparently seen an uptick in Russian applications to get out of dodge since Putin’s invasion of Ukraine Feb. 24 of this year.
The group’s Private Wealth Migration Dashboard keeps tabs on some 150,000 super rich and monitors movement into and out of 62 countries, including Russia and the UAE. Some of the movement of wealthy people was expected after a halt during the height of the pandemic, but the group says geopolitics play a greater role than ever.
The exodus of 15,000 of the richest Russians is part of a huge movement of people unwilling to live under Putin’s increasingly unhinged autocracy. It is unclear if those fleeing will be able to take their assets with them or if Putin has complicated the process.
Other countries on the group’s watch are China, which is expected to shed 10,000 millionaires this year due to increasing clampdowns and economic downturns, according to Fortune magazine. Since China has 823,000 millionaires, known as high-net-worth-individuals, that loss will only be about 1 percent of its population.
India and Hong Kong are also expected to lose around 2 percent of their super rich by the year’s end but the country losing most of its millionaires is Ukraine, which the group says will lose 42 percent of its biggest spenders.
The UAE will reportedly reap the biggest benefit from these movements, with a whopping 4,000 millionaires already applying to live there, according to the new World Wealth data sheet. Around 3,500 have applied to live in Australia and the rest to Israel, Singapore and Switzerland.
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