According to a recent report by RBC, rich citizens of Russia keep less than one third of their money in home-based accounts and increasingly move funds to foreign banks.

Wealthy Russians keep only 30% of their money in their homeland

According to a recent report by RBC, wealthy citizens of Russia keep USD 315 billion in foreign holdings outside the country, having left in home-based accounts only 140 billion.

RBC took the numbers from the report by Frank RG on private banking.

The total amount of financial actives owned by private individuals from Russia is estimated at 455 billion US dollars.

The research has been conducted in April-October 2018 and included 11 Russian banks and their private banking departments. 27 thousand affluent individuals and their wealth had been analysed by the researchers.

Analysts concluded that economic sanctions against Russia, which are currently being implemented by the USA and the European Union, are not prompting the oligarchs to move the money back to the country, but instead are having just the opposite effect — wealthy individuals are increasingly moving their funds into accounts in foreign banks.

We reported earlier that Russia is the country with the highest wealth inequality in the world — it jumped ahead other contenders such as India and Brazil, and far exceeds the gap between the haves and have-nots in other countries with 65% of financial actives owned by the top 1% in 2016. Worldwide, the richest citizens controlled 47% of the total wealth, according to the 2018 review by Credit Suisse. The USA is #4 in the inequality rating with 35% of the wealth owned by the top 1%.

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