More Than 15,000 Millionaires Expected to Leave Russia in 2022

THE GUARDIAN: Data suggests exits after invasion of Ukraine, and UAE to overtake US and UK as top destination for world’s wealthy

A luxury yacht in Dubai. The UAE is expected to attract the largest net inflows of millionaires globally in 2022. Photograph: Karim Sahib/AFP/Getty Images
More than 15,000 millionaires are expected to flee Russia this year, as wealthy citizens turn their back on Vladmir Putin’s regime after the invasion of Ukraine, according to an analysis of migration data.

About 15% of Russians with more than $1m (£820,000) in ready assets are expected to have emigrated to other countries by the end of 2022, according to projects based on migration data by Henley & Partners, a London-based firm that acts as matchmaker between the super-rich and countries selling their citizenships.

“Russia [is] haemorrhaging millionaires,” said Andrew Amoils, the head of research at New World Wealth, which compiled the data for Henley. “Affluent individuals have been emigrating from Russia in steadily rising numbers every year over the past decade, an early warning sign of the current problems the country is facing. Historically, major country collapses have usually been preceded by an acceleration in emigration of wealthy people, who are often the first to leave as they have the means to do so.” » | Rupert Neate, Wealth correspondent | Monday, June 13, 2022

Millionaires Call On Governments Worldwide to ‘Tax Us Now’

THE GUARDIAN: Group of 102 wealthy people say tax would help tackle gulf between rich and poor

Gemma McGough, a British entrepreneur and founding member of Patriotic Millionaires UK.Photograph: PA
More than 100 members of the global super-rich called on Wednesday for governments around the world to “tax us now” to help pay for the pandemic response and tackle the gulf between rich and poor.

The group of 102 millionaires and billionaires, including Disney heiress Abigail Disney, said the current tax system is rigged in their favour and needs to be rewritten to make taxation fairer for hard-working people and restore trust in politics.

“As millionaires, we know that the current tax system is not fair,” they said in an open letter published on Wednesday. “Most of us can say that, while the world has gone through an immense amount of suffering in the last two years, we have actually seen our wealth rise during the pandemic – yet few if any of us can honestly say that we pay our fair share in taxes.”

The super-rich signatories, who brand themselves as “patriotic millionaires”, called for the introduction of “permanent wealth taxes on the richest to help reduce extreme inequality and raise revenue for sustained, long-term increases in public services like healthcare”. » | Rupert Neate Wealth correspondent | Wednesday, January 19, 2022