More than 15,000 millionaires are leaving Russia amid widespread sanctions over the war in Ukraine. This exodus represents 15% of Russia's wealthy pool, amounting to nearly three times the 5,500 millionaires who left the country in 2019, according to Henley Global Citizens Report. The report is based on information including official immigration data and real estate purchases by millionaires.
Russia is "haemorrhaging millionaires," wrote Andrew Amoils, head of research at New World Wealth, who worked on the report with Henley.
"Wealthy people have been emigrating from Russia in increasing numbers every year for the last decade, an early warning sign of the current problems facing the country," Amoils added.
"Historically, large country collapses have generally been preceded by an acceleration in the emigration of wealthy people, who are often the first to leave because they have the means to do so."
Russia suffered heavy sanctions after its invasion of Ukraine on February 24, causing some of its millionaires to leave. Some oligarchs have fled to Dubai, United Arab Emirates, The Observer reported in March.
Overall, the UAE has "become the focus of intense interest among wealthy investors" and is expected to be the biggest winner, with some 4,000 millionaires from around the world expected to flock to the country in 2022, a record for the city and a jump of 208% over the net intake of 1,300 in 2019, according to Amoils. The United Arab Emirates used to attract about 1,000 millionaires a year before the pandemic, according to information from 'Insider'.
Amoils attributed the country's popularity to its status as an international trade hub, as well as its competitive tax rates.