Friday, July 26, 2019

Almost all the money in Russia moved into the pockets of millionaires

More than half — 55 percent — of private savings in Russia are concentrated in the hands of people whose wealth exceeds a million dollars. It is reported by RIA Novosti with reference to the study of Global Wealth international consulting company BCG.

According to the authors of the study, the super-rich segment (with a fortune of more than $ 100 million) has become the largest in the world: 40 percent of savings in Russia, while in the world it reaches only 12 percent. In second place in Russia in terms of share in total private capital, were those whose fortune does not exceed $ 250 thousand - 39 percent.

Globally, the number of dollar millionaires increased by 2.1 percent - to 22.1 million in 2018. Most of them in North America. According to analysts, until 2023 the most rapid increase in the number of millionaires will be observed in Asia (excluding Japan). There, this figure will grow by 10.1 percent, in Africa the growth will be 9.8 percent, and in Latin America - 9.1 percent. The total number of millionaires will grow to 27.6 million people.

The share of invested capital in the total volume of private capital in 2018 in Russia was 81 percent, on average in the Eastern Europe region - 74 percent, in the world - 59 percent.

Judging by the statistics of the Central Bank, the net outflow of capital from the private sector from Russia in January-April 2018 amounted to about $ 21 billion against $ 17.9 billion in the same period of 2017.

In April 2019, it became known that seven thousand dollar millionaires had left Russia. Most of them moved to Australia, USA and Canada. In total in Russia there are more than 163 thousand millionaires, while more than a quarter of their total wealth is kept in cash. This proportion is more than twice as high as in Europe (12 percent) and almost three times the rate in the United States (9 percent).

RIA News, July 15