Despite the nation-wide sanctions and the Ukraine War, Russians became wealthier

Russians have only become wealthier in 2022, despite the conflict in Ukraine and sanctions put in place against it by western countries on the grounds that it instigated an invasion.

On the other side, the cost of living problem and soaring inflation caused the US and Europe to lose billions of dollars and to experience economic insecurity.

According to a survey released earlier this week by the Swiss bank UBS, Russia’s overall wealth increased by $600 billion in 2017.

By 2022, there were 408,000 millionaires in Russia, an increase of around 56,000. The number of very wealthy people increased to over 4,500. Ultra-high-net-worth persons are those who have accumulated wealth of exceeding $50 million.

The US suffered losses of $5.9 trillion, ranking among the nations that suffered more wealth losses than other nations. According to the UBS analysis, North America and Europe are now $10.9 trillion poorer.

“The total wealth of Iran, India, Mexico, and Russia also increased by more than USD 600 billion. The research said that 2022 was notable for the significant wealth losses experienced by Australia, Canada, and China, each of which lost more than $1 trillion.

The USD 2.5 trillion loss suffered by Japan and the USD 5.9 trillion loss suffered by the United States put an end to these. The highest percentage losses were recorded by New Zealand, Sweden, and Egypt, in part as a result of currency devaluations in comparison to the US dollar, the research said.

By the end of 2022, there were also 1 million fewer millionaires in America. The UBS analysis noted that, despite this, more than 50% of the world’s ultra-high net worth people reside in the US.

Despite the sanctions, which caused the Russian economy to contract and the stock market in Moscow to crash, wealth in Russia has increased.

Although the “wealth trends in Russia” are difficult to ascertain, the research said that it is one of the countries that became wealthier in 2022.

Refinitiv data revealed that the benchmark Urals crude barrel increased by $7 last year, indicating that oil prices were one reason that may have contributed to the sudden increase in wealth. An key part of the Russian economy is oil exports.

According to the UBS analysis, the US, Japan, China, Canada, and Australia will have lost the most money by 2022, while wealth will increase significantly in Mexico, India, and Brazil.