JERUSALEM (VINnews) — More than 15,000 millionaires are expected to flee Russia this year, turning their backs on an imploding economy after Russia’s abortive invasion of Ukraine. The figure is based on an analysis of emigration data by the British-based Henley and Partners company. The report says that 15% of Russians with more than a million dollars in assets are expected to leave by the end of 2022 and find or purchase new citizenships.
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Andrew Amoils, a wealth analyst and head of research at New World Wealth says that“Russia is haemorrhaging millionaires. Affluent individuals have been emigrating from Russia in steadily rising numbers every year over the past decade, an early warning sign of the current problems the country is facing. Historically, major country collapses have usually been preceded by an acceleration in emigration of wealthy people, who are often the first to leave as they have the means to do so.”
Ukraine is projected to suffer the greatest loss of high net worth individuals as a proportion of its population, with 2,800 millionaires (or 42% of all high net worth individuals in the country) expected to have left the country by the end of the year.
A large number of millionaires (4,000) are expected to migrate to the UAE, which has created a business hub attracting many wealthy people but Israel is expected to be the destination for some 2,500 millionaires, who will seek to invest in a burgeoning and successful economy.
Large numbers of millionaires are also expected to move to “the three Ms”: Malta, Mauritius and Monaco, according to a report by British newspaper The Guardian.
“Malta has been one of Europe’s great success stories of the past decade, not just in terms of millionaire migration but also in terms of overall wealth growth,” Amoils said. “It is currently one of the world’s fastest-growing markets, with US dollar wealth growth of 87% between 2011 and 2021. Its citizenship by naturalisation process has brought substantial new wealth to the island nation and has been credited with propelling Malta’s strong growth in multiple sectors including financial services, IT and real estate. Approximately 300 millionaires are expected to move to Malta in 2022.”
Many wealthy people buying “golden passports” to Malta (and thereby the EU) often planned to spend little time in the country. At the time, Henley said it was “proud of the service that it has provided to Malta and its people”.
The Indian Ocean island nation Mauritius is described by Henley as a “wealth magnet” because of the creation of an international financial centre offering significant tax breaks. The country has no capital gains tax, no inheritance tax, and maximum tax rate of 3% of global companies.
Why is the frum world obsessed with millionaires and billionaires???? Why do we worship money??? Who cares where these people go or if they go anywhere at all???
The world would be a far better place if and when Russia CEASES TO EXIST !!!
Good question ask bmg or adopt a kollel that same question
When asked what kind of business enterprise he plans to run after he flees Russia, one fleeing Millionaire said, “A flea market.”
When I was growing up, Malta was considered the outhouse of Europe, and Mauritius was pretty much like Haiti today, you just didn’t want to be anywhere near the place. Look at them now!
There is just no telling how much our country would prosper if we reduced to the minimum, or better yet eliminated, the taxes on capital gains and earned interest, and eliminated higher tax rates on higher income.