Russians became wealthier after the war in Ukraine

Russians became wealthier last year, even as the war in Ukraine raged on, while Western countries lost trillions of dollars. This is stated in the Global Wealth Report compiled by the Swiss bank UBS Group.

According to this report, the number of Russian millionaires increased to approximately 408,000 in 2022, which is 56,000 or nearly 14 percent more than in 2021. The number of ultra-wealthy individuals—multi-millionaires with assets over 50 million dollars—grew by almost 4,500 people.

At the same time, in 2022, the U.S. and Europe lost trillions of dollars. The U.S. lost more wealth than any other country, losing 5.9 trillion dollars, while North America and Europe together lost about 10.9 trillion dollars, the report notes.

Since Russia’s invasion of Ukraine, many countries around the world, including the U.S., the European Union, and Japan, have imposed over 500 types of sanctions. However, according to experts from the Swiss bank, the trends in wealth in Russia are difficult to determine at this time, but they highlighted it as one of the few countries that became wealthier in 2022.