Billionaire Stampede

Submitted by ub on Thu, 06/16/2022 - 10:09

Why are all the super-rich people quickly making plans or just outright leaving these two Communist countries on the fast track?

Russia – Hemorrhaging millionaires

Russia is reportedly expecting to feel a net loss of around 15,000 high-net-worth individuals in 2022, a massive 15 percent of its total millionaire population. 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 the emigration of wealthy people, who are often the first to leave as they have the means to do so.

China – Wealth emigration hurting

While China continues to lose large numbers of millionaires to migration it is expected to suffer a net loss of approximately 10,000 in 2022. However, this only equates to around 1 percent of the total high-net-worth population, which provides some comfort. General wealth growth in the country has been slowing over the past few years. As such, recent outflows of high-net-worth individuals may be more damaging than in the past.

In particular, the banning of Huawei 5G by several major markets such as Australia, the UK, and the USA was a big setback for China. Huawei was the crown jewel of China’s hi-tech sector and may well have emerged as the world’s biggest tech company if not for the global interference. China’s deteriorating relationships with Australia and the USA are also a major long-term concern.

  • Over 15,000 millionaires are expected to flee Russia in 2022, the Henley Global Citizens Report said.

  • The number of rich people leaving Russia this year is expected to be three times as many as in 2019.

  • The top destination for wealthy individuals fleeing Russia is the United Arab Emirates.

More than 15,000 millionaires are expected to leave Russia this year as the rich flee the country amid sweeping sanctions over the war in Ukraine, according to reports published this week. In any case, business and finance should be arriving, not departing.

The expected exodus accounts for 15% of Russia's millionaire pool, and it amounts to nearly three times the 5,500 millionaires who left Russia in 2019, according to the Henley Global Citizens ReportThe report is based on information including official immigration data and real-estate purchases by millionaires.

The two communist nations are betting on each other and against USA

Meanwhile, Putin and Xi agreed to boost ties in energy, and finance