According to a report published on Monday, more than 15,000 millionaires are expected to leave Russia this year due to sanctions against the country.
The expected exodus accounts for 15% of Russia's millionaire pool and is three times the number of millionaires who left Russia in 2019. Information in the report includes official immigration data and real estate purchases by millionaires.
Andrew Amoils, head of research at New World Wealth, wrote that Russia is "hemorrhaging millionaires".
A sign of the current problems the country is facing is the rise in the number of affluent individuals emigrating from Russia every year. Major country collapses have usually been preceded by the emigration of wealthy people, who are often the first to leave as they have the means to do so.
Some of Russia's wealthiest people left the country after the sanctions were imposed. The Observer reported in March that some of the world's richest people have fled to the Middle East.
The country has become the focus of intense interest among affluent investors and is expected to be the biggest winner as some 4,000 millionaires from around the world are expected to flock to the country in 2022. The United States used to have about 1,000 millionaires a year before the swine flu hit.
Amoils said that the country's popularity was due to its status as an international business hub and low tax rates.
According to the migration trends report, 2,800 people are expected to leave the country this year. It is difficult to know if these millionaires will return to Ukraine once the war is over, as many of them may be granted residence in other European countries.
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