Russia is literally bleeding money. One of President Putin’s great achievements was creating a wealthy elite that was loyal to him, but the wealthiest Russians have now had enough of the pariah nation.
“Migration applications suggest that 15,000 Russian millionaires are likely already attempting to leave,” the ministry said, with most heading to the United Arab Emirates and Australia
The news corresponds with a study earlier this week by the London-based Henley & Partners which facilitates residency applications and citizenship applications and which has apparently seen an uptick in Russian applications to get out of dodge since Putin’s invasion of Ukraine Feb. 24 of this year.
The group’s Private Wealth Migration Dashboard keeps tabs on some 150,000 super rich and monitors movement into and out of 62 countries, including Russia and the UAE. Some of the movement of wealthy people was expected after a halt during the height of the pandemic, but the group says geopolitics play a greater role than ever.
The exodus of 15,000 of the richest Russians is part of a huge movement of people unwilling to live under Putin’s increasingly unhinged autocracy. It is unclear if those fleeing will be able to take their assets with them or if Putin has complicated the process.
The Russian economy is in danger of collapsing as sanctions bite and there is no end in sight of restrictions from abroad. The European Union is threatening to end oil and gas imports and growing numbers of individuals, businesses and banks are cut off from international markets.