Finance Inquirer
No Result
View All Result
Monday, July 4, 2022
  • Login
  • Home
  • Business
  • Technology
  • Finance
  • Stock Market
  • Submit a News Releases
Subscribe
Finance Inquirer
  • Home
  • Business
  • Technology
  • Finance
  • Stock Market
  • Submit a News Releases
No Result
View All Result
Finance Inquirer
No Result
View All Result
Home Business

Russia will lose the most millionaires this year as war spurs a ‘tsunami’ of capital flight — and China is close behind

Tom Hagler by Tom Hagler
15.06.2022
in Business
Russia will lose the most millionaires this year as war spurs a ‘tsunami’ of capital flight — and China is close behind
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

concrete wall with painted united states, china and russia flagsUS, Russia, China flags

iStock/Getty Images Plus

  • Russia is experiencing the world’s biggest net migration of millionaires this year.
  • Henley & Partners projects 15,000 high net worth individuals will leave the country by the end of 2022.
  • China is also seeing steep declines, with the mainland expected to lose 10,000.

Russia is expected to lose more millionaires via net migration this year than any other country, as its war on Ukraine stresses the economy, a new report says.

Henley & Partners said Monday that a “tsunami of capital has left Russia and Ukraine” in its latest report on private wealth and investment migration trends worldwide.

Russia will lose 15,000 millionaires, representing 15% of the country’s high net worth individuals (HNWI). Mainland China is second with an expected net outflow of 10,000, and Hong Kong will lose 3,000.

Western sanctions have crippled key parts of the Russian economy, while top international businesses have pulled out. Moscow has also imposed strict controls on its currency and stock markets to limit capital flight. 

And in China, Beijing has taken a hard stance on businesses with crackdowns on tech companies and cryptocurrencies. Strict COVID lockdowns also slammed Chinese stocks earlier this year.

Meanwhile, Ukraine’s economy is collapsing from Russia’s attacks and its blockade of key exports like grains. Henley estimated the country will see net migration of 2,800 millionaires, representing 42% of Ukraine’s HNWIs.

On the flip side, the biggest projected gainer this year from millionaire migration is the UAE, with a net inflow of 4,000, up 208% compared to 2019, the report said.

Australia follows with 3,500 HNWIs in 2022. Singapore and Israel should see respective gains of 2,800 and 2,500. 

The US will get a net inflow of 1,500 millionaires, but that’s an 86% drop from 2019. And the UK, which has cracked down on Russian wealth, will reverse from a major destination of millionaires to losing 1,500 this year.

Read the original article on Business Insider businessinsider?d=yIl2AUoC8zA businessinsider?i=XdkoS7CcQ-A:exWVzazGeK businessinsider?i=XdkoS7CcQ-A:exWVzazGeK businessinsider?d=qj6IDK7rITs businessinsider?i=XdkoS7CcQ-A:exWVzazGeK

  • Trending
  • Comments
  • Latest
Boeing and Pfizer are among the companies and trade groups to have donated $8 million to Republicans who voted against certifying Biden’s election victory, a report says

Boeing and Pfizer are among the companies and trade groups to have donated $8 million to Republicans who voted against certifying Biden’s election victory, a report says

04.01.2022
Twitter Suspends mRNA Inventor Dr. Robert Malone

Twitter Suspends mRNA Inventor Dr. Robert Malone

29.12.2021
Anesthesiologist Salary in the USA.

Anesthesiologist Salary in the USA

24.01.2022
3 planes are flying potatoes into Japan to help tackle the country’s shortage of fries, which has caused McDonald’s to ration servings

3 planes are flying potatoes into Japan to help tackle the country’s shortage of fries, which has caused McDonald’s to ration servings

29.12.2021
Take the best photos of your life with the new vivo Y76 5G now available

Take the best photos of your life with the new vivo Y76 5G now available

Complete your Christmas shopping with up to 75% off on devices at vivo’s Big Christmas Sale on Shopee

Complete your Christmas shopping with up to 75% off on devices at vivo’s Big Christmas Sale on Shopee

AirPods 3 vs AirPods 2 – What’s the Difference?

AirPods 3 vs AirPods 2 – What’s the Difference?

Want to be a content creator? Here are 5 valuable tips from today’s top Pinoy online celebrities

Want to be a content creator? Here are 5 valuable tips from today’s top Pinoy online celebrities

Florida offers new training for teachers that says it was a ‘misconception’ that ‘the Founders desired strict separation of church and state’: report

Florida offers new training for teachers that says it was a ‘misconception’ that ‘the Founders desired strict separation of church and state’: report

03.07.2022
A Florida state board removed a pediatrician who advocated that children under 5 get the COVID-19 vaccine

A Florida state board removed a pediatrician who advocated that children under 5 get the COVID-19 vaccine

03.07.2022
24 great gift ideas for your best friend, whether they’re a foodie, movie buff, or always outdoors

24 great gift ideas for your best friend, whether they’re a foodie, movie buff, or always outdoors

03.07.2022
27 best movies starring the cast of ‘Stranger Things,’ according to critics

27 best movies starring the cast of ‘Stranger Things,’ according to critics

03.07.2022

Recent News

Florida offers new training for teachers that says it was a ‘misconception’ that ‘the Founders desired strict separation of church and state’: report

Florida offers new training for teachers that says it was a ‘misconception’ that ‘the Founders desired strict separation of church and state’: report

03.07.2022
A Florida state board removed a pediatrician who advocated that children under 5 get the COVID-19 vaccine

A Florida state board removed a pediatrician who advocated that children under 5 get the COVID-19 vaccine

03.07.2022

Categories

  • Business
  • Finance
  • News
  • Stock Market
  • Technology
  • Без рубрики

Site Navigation

  • Home
  • Contact Us
  • Submit a News Releases
Finance Inquirer

We offer multimedia features, easy channel navigation, strong social media presence and numerous engagement platforms that allow the readers to experience content anytime, anywhere, always.

No Result
View All Result
  • Home
  • Business
  • Technology
  • Finance
  • Stock Market
  • Submit a News Releases

© 2021 financeinquirer.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In