INVESTMENT CLIMATE

Upsurge in number of multimillionaires in Russia

According to Knight Frank independent global property consultancy, the number of Russian multimillionaires grew by 27% over the past year.

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By the number of the wealthy growth rate, Russia is ahead of South Korea and Brazil. The aggregate wealth of the richest Russians reached $1.2 trillion or 73.5% of Russia’s 2017 GDP. Over 38,000 Russian nationals have a personal wealth above $5 mio, whereas 2,620 individuals have amassed $50 mio each. Russians account for 2% of all multimillionaires of the world, while the US is leading with 31%.

According to the World Wealth Report, the number of wealthy people in Russia is growing because the national economy has overcome recession.

Knight Frank experts also noted that Russian millionaires are most cosmopolitan. Knight Frank points out that 58% of the richest Russians have dual citizenship while 45% of them consider an option of moving abroad to permanently reside abroad.

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