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Russian millionaires shun Europe

29 Jun 2015

A new report from WealthInsight reveals the latest trends of Russian millionaires (HNWIs) in a recessionary Russia.

Key highlights:

  • Russian millionaires hold approximately 32.4% of their wealth outside Russia, about 8% above the worldwide average. That equates to US$382 billion tied up in foreign assets and investments.
  • This figure is set to increase to US$556 billion by 2019 as uncertainty in Russia's domestic economy increases.
  • Europe, however, will see less of Russia's overseas wealth as Russian millionaires decrease their allocation from 50.5% to 40.3% by 2019, with Asian economies seeing a growing share.

According to WealthInsight, Russia had 160,900 millionaires at the end of 2014, an increase of 0.8% from the previous year. Collectively, Russia's millionaires and billionaires are worth US$1.2 trillion.

Oliver Williams, Head of WealthInsight, comments: "With the country facing a severe recession it is only natural that Russia's wealthy should hedge their bets by stashing their wealth overseas. However, this year we have noticed less of that money coming to Europe and a growing amount being invested in parts of the Middle East and Asia."

Russian millionaire allocations to the Asia-Pacific region increased from 15% in 2010 to 22% in 2014. This is then expected to increase further to 26% in 2019, with Asia's fast rising economies being a particular focus.

"Geo-political upheaval and economic opportunity are the two largest triggers for the movement of wealth. Wealthy individuals will often follow their money around the world. If the opportunities are right, we could therefore see a larger migration of Russia's wealthy to parts of the Middle East and Asia," says Williams.

When it comes to distribution of wealth, Russia's billionaires retain an oligarchy: Billionaires make up 0.07% of Russia's total millionaire population and yet hold onto 34.8% of HNWI wealth.

All information is based on the WealthInsight report entitled 'Russia Wealth Report 2015'.

Source: Company Press Release

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