Originally published August 16, 2023 11:37 am PDT
In the midst of ongoing conflict with Ukraine, Russia witnessed a financial upswing in 2022.
UBS’s recent Global Wealth Report unveiled that Russia’s total wealth increased by a significant $600 billion in the span of one year, a report from Business Insider reveals.
This growth is evident in the rise of affluent individuals in the country.
Specifically, Russia saw an uptick of 56,000 millionaires, taking the count to 408,000 by the end of the year.
Furthermore, the number of ultra-high-net-worth individuals, those possessing over $50 million, experienced a surge, increasing by nearly 4,500.
Contrastingly, Western nations faced considerable economic dips.
UBS, a global financial services firm, detailed that the U.S. under the Biden administration alone registered a wealth drop of a staggering $5.9 trillion.
Furthermore, combined losses from North America and Europe culminated in a $10.9 trillion decline.
The repercussions of these financial shifts are evident in the millionaire demographic of the U.S., with a reduction of 1 million by the year’s end.
Nonetheless, it’s noteworthy that “the US still accounted for over 50% of the world’s ultra-high-net-worth individuals,” according to UBS.
It’s essential to highlight that these economic changes occurred against the backdrop of the West’s stringent sanctions on Russia following its launching of a military operation in Ukraine.
UBS pointed out that Russia emerged as one of the few nations that experienced wealth augmentation last year, albeit noting that “wealth trends in Russia are difficult to determine at this time.”
A probable factor contributing to Russia’s financial boom could be the spike in oil prices.
Data from Refinitiv showcased an approximately $7 surge in the price per barrel of the Urals crude, a pivotal export for Russia’s economy.
UBS’s report also shed light on other nations’ economic performances in 2022.
Countries like Mexico, India, and Brazil registered commendable wealth additions.
Conversely, significant losses were felt by the U.S., Japan, China, Canada, and Australia.
