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Russia got richer even as the war in Ukraine raged on last year, while the West shed trillions of dollars of wealth
By Jerry
- Russia added $600 billion of total wealth last year, a report by UBS indicated.
- The number of millionaires and ultra-high-net-worth individuals also rose, despite the war in Ukraine raging on.
- Meanwhile, the US and Europe shed trillions of dollars worth of wealth, the Swiss bank reported.
Russia added $600 billion of total wealth, the Swiss bank found in its annual Global Wealth Report, published Tuesday.
The number of Russian millionaires also rose by about 56,000 to 408,000 in 2022, while the number of ultra-high-net-worth individuals — people worth over $50 million — jumped by nearly 4,500.
But the US lost more wealth than any other country last year, shedding $5.9 trillion, while North America and Europe combined got $10.9 trillion poorer, UBS reported.
There were also 1 million fewer American millionaires by the end of 2022, although the US still accounted for over 50% of the world’s ultra-high-net-worth individuals, the bank said.
Russia’s wealth gains came despite its invasion of Ukraine in February, which has led to the West imposing sanctions on the Kremlin that led to its economy shrinking and triggered a slump for Moscow-listed stocks.
