Muscovites have amassed $54 bln worth of savings

Residents of Moscow have invested RUR 3.6 trln ($54 bln) in foreign currency and precious metals, estimated as of the end of 2018 – 50% more than the savings of other Russian regions’ residents who invested RUR 2.3 trln ($34 bln) in foreign currency, gold and other precious metals.

Analysts at the FinExpertiza consultancy have estimated Muscovites’ savings. It appears that they have three times more money in their ruble accounts than in foreign currency: a total of RUR 6 trln ($89.5 bln), or 40% of Russians’ total funds deposited in ruble accounts. Overall, Russians have deposited RUR 15.3 trln ($228 bln).

There is a huge discrepancy even between the top three regions on the list. Muscovites keep 6.5 times more money in foreign currency and precious metals accounts than residents of St. Petersburg, who rank second – RUR 3.6 trln against RUR 545.8 bln ($8 bln). The difference between Moscow and the Moscow Region is 18.3 times, as residents of the capital’s surroundings have only saved RUR 193.9 bln ($2.9 bln). A similar situation was found with ruble savings: Muscovites keep 3.9 times more money in ruble accounts than residents of St. Petersburg: RUR 6 trln against RUR1.5 trln, while the Moscow Region ranks third; Muscovites’ savings are 4.5 times greater than those of the people living outside the city – RUR 6 trln against RUR 1.3 trln.

CEO of FinExpertiza Nina Kozlova said the concentration of both ruble and foreign-currency savings in Moscow is associated with a large population and one of the highest average wages across Russia.

Previous ArticleNext Article