Russia will lose most millionaires this year as war spurs capital flight — and China is close behind – My Thou ghts
[I used to believe in Capitalism and I used to believe it is bad when the Rich flee. Nowadays as a NAZI I view things differently. This article is from a few months ago, so it would be interesting to see how many of the Rich fled Russia. But it is a fact that the Rich are fleeing China. I can't say how many are Jews and how many are non-Jewish. But all these Rich are heading to the West and the USA. I no longer view this as good for Whites. Why can't Whites have their own wealth? I view capitalism these days with great skepticism. I can see why Hitler and the Germans hated Capitalism. It's a scam. Jan]
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 on 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.