By the end of 2022, 15,000 millionaires could leave Russia, 9,500 more than in 2019, while in Ukraine their number could reach 2,800 (+2400). This was backed up by a report by British consulting firm Henley & Partners, which confirmed how a “tsunami” of private capital left Russia and Ukraine in the first six months of the year. Data for people with assets of at least $1 million who have moved to another country for more than half the year. The flight of millionaires from Russia was the result of the invasion of Ukraine and the influence of two factors: sanctions imposed by the West and the fact that many wealthy citizens turned their backs on President Vladimir Putin after the start of the war.
The super-rich escaped from Putin
Experts from the London-based consultancy — which acts as a middleman between the super-rich and the countries that grant them citizenship — estimate that about 15% of Russians with more than $1 million will migrate to other countries by the end of 2022. Andrew Amuels, President Research division, for the Guardian: ‘In Russia there is a hemorrhage of millionaires.’ “Over the past decade, the wealthy have emigrated from Russia in steadily increasing numbers every year, which is the first warning sign of the current problems the country is facing. Historically, major state collapses have usually been preceded by the acceleration of the emigration of the wealthy, who are often the first to leave because they have The means to do so.” Ukraine is expected to suffer the largest loss of HNWIs in proportion to its population, with 2,800 millionaires (42% of all HNWIs) expected to leave by next December. So far, Wealthy people from all over the world have moved to the US and UK, but Henley records that the UAE should overtake them as the number one destination.” The UK has abandoned the scepter of the center of wealth and the US is rapidly losing its appeal to the world’s wealthiest, with the UAE expected to overtake them by attracting greater Net flows of millionaires globally in 2022,” Henley predicted in his report, which is based on “systematic monitoring of trends in international migration of private wealth.”
According to forecasts, about 4,000 Hanoi will move to the United Arab Emirates by the end of the year, ahead of Australia, which is supposed to attract about 3,500 wealthy people, Singapore (2800) and Israel (2,500). But a large number of millionaires will choose other destinations: Malta, Mauritius and Monaco. “Malta has been one of Europe’s great success stories over the past decade, not only in terms of millionaire emigration but also in terms of overall wealth growth,” Amoys notes in the report published by The Guardian. “It is currently one of the fastest growing markets in the world, with its dollar fortunes increasing by 87% between 2011 and 2021. Her citizenship, through the process of naturalization, has brought significant new wealth to the island and has driven Malta’s robust growth across multiple sectors including financial services. Real estate and technology. It is expected that about 300 millionaires will move to Malta in 2022.” Then there is Mauritius, which Henley described as a “wealth magnet” after the creation of an international financial center offering deep tax cuts. The country has no capital gains tax, no inheritance tax and a maximum tax rate of 3% for global corporations. According to the Africa Wealth Report 2022, Mauritius now hosts 4,800 Hanoi compared to 2,700 a decade ago. About 150 millionaires are expected to move to Mauritius in 2022, mostly from South Africa and Europe. Finally, Monaco, which is nothing new because for a long time it has attracted the wealthy of the world thanks to the fact that it does not tax income, capital gains and property. Just under seven out of ten people living in Monaco are millionaires.