According to reports from the Swiss bank UBS, Russia’s wealth increased by $600 billion last year.
Russia’s total wealth increased by $600 billion last year despite sanctions and a military invasion of Ukraine. This is evident from the annual report of the Swiss bank UBS “Global Wealth Report”, reports Business Insider.
According to the report, the number of Russian millionaires has also increased by about 56,000 to 408,000 by 2022, and the number of high earners – people with a net worth of more than $50 million – rose by nearly 4,500.
Meanwhile, the United States lost more wealth than any other country last year, losing $5.9 trillion, while North America and Europe combined lost $10.9 trillion.
According to the bank, there will be 1 million fewer US millionaires by the end of 2023, although US citizens still make up more than 50 percent of the population. among the richest people in the world.
“UBS admits that “Russia’s wealth trends are hard to pinpoint right now,” but it stands out as one of the few countries to get richer in 2022. Rising oil prices could be one of the drivers of wealth as exports of goods critical to the Russian economy,” the article reads.
Mexico, India and Brazil also gained significantly in 2022, according to the UBS report, while the US, Japan, China, Canada and Australia lost the most.
Oil Profits
As previously reported by the mass media, in July Russia managed to record a record eight-month gain on oil exports – $15.3 billion, up nearly 20 percent. compared to June. This is due to the fact that Russian oil has surpassed the $60 price limit set by the G7 countries. Last month, the price reached $64 a barrel.
By breaking the price ceiling, Moscow has increased its oil revenues. However, compared to the same period last year, revenues from the sale of this raw material fell by more than a fifth.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
