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Mass exodus of Russian millionaires expected in 2022

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Analysts expect 15,000 high-net-worth individuals to emigrate and UAE to overtake US and UK as favored destination.

According to data collected by Henley & Partners, about 15% of Russians with over $1 million in ready assets will emigrate following the invasion of Ukraine. Henley & Partners is a London-based firm that connects the super-rich with countries selling their citizenships.

Andrew Amoils, the head of research at New World Wealth, an organization that gathered data for Henley & Partners, said that Russia is hemorrhaging millionaires, and there has been a steady flow of wealthy elites exiting the country for the last decade. He added that largescale exodus of wealthy citizens has historically led to the downfall of empires and nations.

Ukraine will have a higher loss than Russia, with 2,800 millionaires (42% of all millionaires in the country) emigrating by the end of the year.

In a twist, the world’s wealthy have begun to prefer the UAE over the UK and US. Over 4,000 High Net worth Individuals (HNWI) will emigrate to UAE, 3,500 to Australia, 2,800 to Singapore, and 2,500 to Israel.

Malta, Mauritius, and Monaco are also preferred locations. Malta has been one of the greatest economic miracles of the last decade, with a US dollar wealth growth of 87% between 2011-2021.

Over 300 millionaires are expected to move to Malta in 2022. Mauritius is also a preferred emigration centre for HNWI because of the serene landscape and significant tax breaks. In Mauritius, there is no capital gains tax, or inheritance tax, and a minimal tax rate of 3% for global companies.

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