Russia has overtaken other countries with its fastest-growing number of ultra-wealthy people, consulting company Knight Frank said in its report on global wealth.
Experts define an ultra-rich person as someone with a personal fortune of at least $30 mio. In the past year, their number in Russia has increased by 7% and now accounts for some 1,500 multimillionaires. India, which also ranks at the top, has the same rate of growth in the number of ultra-rich people. In the medium term, the number of millionaires in Russia is expected to slightly decrease to 24% within five years and will stand at 1,860, with the majority (1,240) based in Moscow.
According to the report, in the coming years the global growth in the number of ultra-wealthy people is expected at 22%.
As regards the overall number of millionaires, Russia now ranks 22nd. Interestingly, the country ranks 5th as regards the number of dollar billionaires.
Previously, Forbes reported there are 2,153 billionaires on the 2019 list, down by 55 people from 2018. Only Brazil and the United States have seen the increased number of billionaires, with the US remaining home to the highest number of billionaires.