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Russia’s millionaires are leaving in their droves

Almost three times as many Russian millionaires are expected to leave the country this year than in 2019, the year before the pandemic, according to a report by Henley & Partners, a company that helps wealthy clients move abroad.

As Western sanctions make life harder for its elite, Russia is predicted to suffer a net loss of around 15,000 high net-worth individuals (HNWIs) — defined as people with more than $1 million in assets — in 2022, compared to 5,500 in 2019, according to the report. That equates to about 15% of Russia’s millionaire population, it said.

Andrew Amoils, head of research at analytics company New World Wealth, which contributed data to the report, said that Russia was “hemorrhaging millionaires.”

“Wealth migration figures are a very important gauge of the health of an economy,” he told CNN Business.

“It can also be a sign of bad things to come as HNWIs are often the first people to leave… if one looks at any…

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