Millionaires are leaving Russia in droves after its invasion of Ukraine and the West imposed sanctions.
According to a report by Henley & Partners -- a company that helps the wealthy move abroad -- almost three times as many Russian millionaires are expected to leave the country in this year than in 2019.
As Western sanctions take a toll on its elite, Russia is predicted to suffer a net loss of around 15,000 high net-worth individuals (HNWIs) -- people with over $1 million in assets -- in 2022 which is about 15% of Russia's millionaire population, the report said.
Andrew Amoils, head of research at analytics company New World Wealth, which contributed data to the report, said that Russia was "hemorrhaging millionaires."
"Wealth migration figures are a very important gauge of the health of an economy," he told CNN Business, adding that this usually precedes "any major country collapse in history."
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