Despite the ongoing conflict in Ukraine, Russia witnessed a significant surge in its wealth in the year 2022, while the United States and Europe faced substantial financial losses, according to the annual Global Wealth Report published by UBS.
The report revealed that Russia’s total wealth increased by a staggering $600 billion during the year. Notably, the number of Russian millionaires also saw a rise of approximately 56,000, reaching a total of 408,000 individuals. Moreover, the count of ultra-high-net-worth individuals, those with a net worth exceeding $50 million, soared by nearly 4,500.
In contrast, the United States encountered the largest wealth loss globally, shedding a massive $5.9 trillion. The combined financial setback for North America and Europe amounted to $10.9 trillion, as outlined by UBS.
While the US experienced a decline in the number of millionaires by one million, the nation still maintained its dominance, accounting for more than 50% of the world’s ultra-high-net-worth individuals, according to the bank’s findings.
Remarkably, Russia’s notable wealth increase unfolded amidst its military intervention in Ukraine, leading to Western-imposed sanctions that caused economic contraction and a decline in Moscow-listed stocks. UBS acknowledged the complexity of assessing wealth trends in Russia during such times but underscored it as one of the few countries that demonstrated economic growth in 2022.
Rising oil prices are proposed as a potential contributing factor to Russia’s wealth expansion, with oil exports serving as a critical economic driver for the nation. The report noted that the cost of benchmark Urals crude per barrel surged by approximately $7 over the course of the year.
While Russia experienced gains, other nations also witnessed noteworthy shifts in their wealth dynamics. Mexico, India, and Brazil added substantial amounts of wealth, according to UBS’s report. On the contrary, countries such as the US, Japan, China, Canada, and Australia faced significant wealth losses during the same period.
