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Leaving is no longer fashionable: in Russia the number of millionaires who want to leave the country has drastically decreased

Date: July 13, 2024 Time: 20:21:48

The departure of millionaires from Russia is decreasing. This year only about a thousand people with liquid assets of more than a million dollars will leave the country.

Photo: Alexey BULATOV. Go to Photobank KP

IT’S NO LONGER FASHIONABLE TO GO OUT

The departure of millionaires from Russia is decreasing. This year only about a thousand people with liquid assets of more than a million dollars will leave the country. That is, we are talking about those who, if they sell their apartments, country houses, cars, shares and even add money from bank accounts and foreign exchange reserves, in total they will add up to at least a million dollars.

With current housing prices, it seems that half of Moscow is like this, but according to the citizenship and residence planning consultancy Henley & Partners and the research firm New World Wealth, at the beginning of the year there were only 68.4 billion millionaires in Russia. (of which 43 billionaires). This is 24% less than 10 years ago. And almost half of them are Moscow millionaires – 30.3 thousand people, including 23 billionaires.

So the rich who are going to leave the country this year are only about 1.5%: a drop in the ocean. In 2023, the number of relocated Russian millionaires was estimated at 3 thousand people, and in the year of the start of the special operation (2022) – 15 thousand. It was the greatest result in the world. Then, however, many returned and the adjusted figure of 8.5 thousand put Russia in second place in the world after China.

ISRAEL: NOT LIFE, BUT BOND

For many years, Israel was considered one of the most attractive countries for departing Russians. However, the war with Hamas has destroyed the image of a “safe haven,” analysts at Henley & Partners note, and Israel is now not among the 10 most attractive countries for millionaires to move to.

“Yes, even before Israel could attract something, it was only with the prospect of obtaining a passport from this country, which provides the opportunity to move almost freely around the world,” investor Alexey told kp.ru. – The earth, the dust, the houses are built with something unknown. In winter, when it is more than 15 degrees outside, it is cold in the house, you turn on the air conditioning at full blast and it is not very pleasant to breathe everything that pumps in from the street. The style of communication on the street: how can I say this so as not to offend anyone? In general, after Moscow you have to get used to it. On religious holidays, neither transport nor shops operate; To buy something, you have to crawl to an Arab store. In short, the link…

Our interlocutor liked Berlin: there was always somewhere to go, he didn’t stay at home. From a business point of view, Bali is interesting: according to him, there is the most favorable ratio between the cost of renting housing and the cost of buying it.

For many years, Israel was considered one of the most attractive countries for departing Russians. However, the war with Hamas destroyed the “safe haven” image.

Photo: REUTERS.

SWEDEN: 21ST CENTURY COMMUNITY

But on an emotional level, Sweden has gone further.

“I lived in Stockholm, in the Solna district; it is, as we would say, a residential area, not far from the center,” Alexey recalls. – Multi-story buildings, but a lot of vegetation, excellent ecology, some deer escape from the park – it’s so nice… People somehow organize themselves, celebrate holidays, buy costumes – not the prefecture or the municipality, but the people themselves. Round dances are performed in the style of the ancient Vikings with crowns and national clothes, and reenactments of festivals are held in honor of the ancient gods. Exotic, interesting. The sale of ice cream or anything else during the holidays is also organized by the residents themselves. A neighbor, Aunt Clara, will buy ice cream and sell it, she gets bored, wants to participate in the round dance, she walks away, another neighbor will stand behind the counter. In the patios there are barbecues with charcoal and ignition; you can go out and fry meat on the fire. And this is not bought by the government either, but by the people themselves, as in the taiga farm: what was left over they did not take home, but left it to others. This feeling of community is something apparently patriarchal, but in a new historical twist it is very attractive.

MOSCOW: I WANTED – I LEFT, I WANTED – I CAME BACK

However, my interlocutor prefers to live in Moscow.

“Well, what’s wrong with Moscow? Your home, your parents, your friends, everything that is dear and familiar to you,” he shrugs. – There are places to go, you can buy almost any product at any time of the day, people are predictable. If I want to go somewhere, Stockholm for example, I just grab it and go. But most of the day you sit in front of the computer and work. And in Moscow this can be done with the same success as in any other city in the world.

The fact is that during the so-called “fat years” the Russians traveled a lot, they saw that “life beyond the sea is not bad,” as the poet Pushkin wrote, who, by the way, never traveled outside the sea. Russia, they looked and looked, and we were convinced that in Russia it was no worse, and in some ways even better, in any case, more familiar, at home. And fewer and fewer people allow themselves to be seized, as the aforementioned classic wrote, by “restlessness, the passion for travel.” In addition, there is confidence that this foreign country will not escape you anywhere. If you wanted you went, if you wanted you came back. The main thing to remember is that there is no need to rush.

BUSINESS DIRECTORS ARE SIGNED BY THE EMIRATES

In total, in 2024, 128 billion dollar millionaires will move to other countries: this is the maximum in the entire history of research. Last year there were, for example, 120 thousand. Even though the number of millionaires leaving Russia has drastically decreased, we will be among the top five countries of origin. And the leader in the number of departures, as a year ago, remains China: 15.2 billion dollar millionaires plan to leave the country. Unexpectedly, the United Kingdom took second place: there it is estimated that the number of millionaires sitting on their suitcases is 9.5 thousand people, Henley & Partners reports. The reason is the tightening of tax rules.

Experts named the United Arab Emirates as the most attractive country for financial migrants. Of course, it’s not about living under the scorching sun, it’s about business: a zero income tax rate and business-friendly laws, experts say.

TRICK

WHERE TO GET MONEY TO LIVE ABROAD

“There are really problems when closing transactions between Russia and Europe,” says investor Alexey. – Russian payment systems are isolated from most of the world. This limits opportunities for Russians to do business abroad. But if you travel abroad just to live, you will be able to transfer sufficient amounts to your card without any problem.

This is how you do it. It is extremely difficult for a Russian to get a local card in a European country, says the interlocutor. Therefore, a VISA card is issued in some friendly buffer country, for example, in Kazakhstan. Rubles cannot be transferred to you from Russia, since we are isolated from this payment system.

“This problem can be solved with the help of cryptocurrency exchangers, which are found in large quantities on the Internet,” says our interlocutor. – I receive money for working in Russia in rubles on a Russian bank card. Then I make a transfer to a Russian bank to a certain private person who is associated with a crypto exchanger. To the bank, this seems like a normal transfer between individuals. Then from the cryptocurrency exchange they transfer me money for a Kazakh “Visa” on whatever I order; I prefer tenge. Well then I can pay with this card all over the world. If the client is ahead, he immediately transfers not rubles to the card, but crypts to my crypto wallet, and I myself convert this electronic money into tenge and transfer it to my Kazakh card.

EXPERT COMMENTARY

GEOGY OSTAPKOVICH: IT IS NOT WORTH OVERESTIMATING THE INFLUENCE OF THE MILLIONAIRE OUTPUT ON THE RUSSIAN ECONOMY

“In general, we do not observe any major trend of departure of dollar millionaires,” Georgiy Ostapkovich, director of the Market Research Center at the Higher School of Economics, told kp.ru. – All of these sanctions largely apply to people abroad; They keep an eye on the rich Russians and don’t let them have much fun. If you start doing business, they will definitely begin to know your attitude towards SVO. If, like Oleg Tinkov, we say that they are against it, then the Western business community accepts them. If you do not want to make such statements, sit like a calm tourist, they will not let you do business. And it is difficult with transactions, with the acquisition of real estate. You see Fridman (Mikhail Fridman, co-owner of the Alfa Group) arrived, others returned. Yes, business freedom abroad is, in principle, greater than here, but this freedom does not currently apply to our entrepreneurs.

For the country, the reduction of the exodus is something positive. But it should not be overestimated, says the expert.

“Its impact on the economy is five decimal places and four zeros,” Ostapkovich assessed. – Well, people go from here to there. Those who continue to do business in Russia, even if they live months abroad, what harm do they do? They pay taxes here if they are Russian residents. But large foreign companies cannot be removed from the country.

TOP 10 most attractive countries for millionaires in 2024

Country How many millionaires will come?

United Arab Emirates 6700

United States 3800

Singapore 3500

Canada 3200

Australia 2500

Italy 2200

Switzerland 1500

Greece 1200

portugal 800

Japan 400

TOP 10 countries where millionaires will go in 2024

Country How many millionaires will leave?

china 15200

UK 9500

india 4300

South Korea 1200

Russia 1000

Brazil 800

South Africa 600

Taiwan 400

Vietnam 300

Nigeria 300

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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