Russia and China have become leaders in the outflow of millionaires

Henley & Partners predicted that 15 thousand dollar millionaires would leave Russia by the end of 2022, but this number turned out to be almost half that. China has become the leader in the outflow of wealthy citizens

China and Russia at the end of 2022 topped the list of countries that left the most dollar millionaires, according to a report by the British consulting company Henley & Partners, created together with New World Wealth.

Last year, 10.8 thousand wealthy people (high-net-worth individuals, HNWIs) left China , and 8.5 thousand left Russia. Earlier, analysts expected that at least 15 thousand millionaires (about 15% of of their total at the end of 2021) and the country will rank first in the outflow of high-income individuals.

As a result, the outflow from Russia turned out to be two times less than expected. At Henley & Partners, this discrepancy was explained to Kommersant by the closure of many investment citizenship and residency programs for Russians, the closure of foreign bank accounts and other sanctions, as well as “country mechanisms that made it difficult for prominent wealthy people to move.”

The top 10 countries by the outflow of millionaires also included:

India - 7.5 thousand; Hong Kong - 2.4 thousand; Brazil  - 1.8 thousand; Great Britain  - 1.6 thousand; Mexico - 800; South Korea and South Africa - 400 each.

According to experts, most wealthy people in 2022 came to the United Arab Emirates (5.2 thousand), Australia (3.8 thousand), Singapore (2.9 thousand), Switzerland (2.2 thousand) and the USA (1.5 thousand).

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Henley & Partners believes that 3,000 millionaires will leave Russia in 2023 and the country will take fourth place in this indicator after China, India and the UK . According to analysts, 13.5 thousand wealthy citizens will leave China, they attribute this to a slowdown in the growth of prosperity in the country.

According to an October estimate by Henley & Partners, there were 435 people living in Russia with a fortune of more than $100 million. In the list of countries in terms of the total number of super-rich people, Russia ranked tenth, ahead of France and Italy.

Since the outbreak of hostilities in Ukraine and the imposition of the first sanctions against Moscow because of this, five Russian billionaires have received more than $10 billion in dividends from their assets in Russia, according to Bloomberg . They can also invest them mainly in their homeland, as they are under Western restrictions. These are Vladimir Potanin, Leonid Mikhelson, Andrey Guryev, Gennady Timchenko and Vagit Alekperov.