Analysts reported a decrease in the number of millionaires in Russia

The number of millionaires in Russia (owners of liquid assets worth at least $1 million) decreased by 24% from 2013 to 2023, according to a new study, BRICS Wealth Report, prepared by citizenship and residence planning consulting company Henley & Partners together with research firm New World Wealth.

According to the report, Russia ranks fifth in the number of millionaires among the BRICS countries, which in January 2024 formally expanded to countries such as Egypt , Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE). Analysts counted 68.4 thousand millionaires in Russia. Ahead are Brazil (82.4 thousand), UAE (116.5 thousand), India (326.4 thousand) and China (862.4 thousand).

Over the decade, the number of millionaires also fell in Brazil (by 28%), South Africa (by 20%), Egypt (by 22%) and Iran (by 38%). At the same time, in China it grew by 92%, in India by 85%, and in the UAE by 77%.

Henley & Partners and New World Wealth estimate that there are 43 billionaires in Russia. Only India (120) and China (305) have more citizens with liquid assets of at least $1 billion.

It is believed that Russia is characterized by a very high concentration of income and wealth in the hands of the elite of wealthy individuals. Various researchers estimate that the top 1% of the population owns about 20% of the total income and more than half of the country's wealth.

The report records estimates of the number of millionaires as of December 2023. Only people who live in the territory of the respective BRICS countries are taken into account. Liquid assets include shares of publicly traded companies, cash , and debt-free real estate assets. The estimates are based on New World Wealth's proprietary database of specific individuals.

Moscow is among the top 10 BRICS cities with the largest number of millionaires: eighth place with 30.3 thousand people, including 23 billionaires. However, in Moscow the number of millionaires has also decreased by 24% since 2013. “The capital of the Russian Federation is the only city in the top 10 in which the number of millionaires has decreased,” noted the authors of the report.

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Henley & Partners and New World Wealth believe that in the coming decade (until 2033) the number of millionaires living in Russia will increase by 25%, along with Iran this is the lowest projected growth in the BRICS (for example, Saudi Arabia and India are projected to grow by more than twice). The research methodology explains that when drawing up the forecast, factors such as the forecast dynamics of GDP, the competitive advantages of cities and countries, security and law and order, and economic sanctions were taken into account .