Russians got richer last year even as the war in Ukraine raged on, while the US and Europe lost trillions of dollars, UBS reported.
There were also 1 million fewer American millionaires by the end of 2022, although the US still accounted for over 50% of the world’s ultra-high-net-worth individuals, the bank said.
UBS acknowledges that “wealth trends in Russia are difficult to determine at this time,” but did highlight it as one of a handful of countries that had gotten richer in 2022.
Rising oil prices could be one factor behind the wealth increase, with exports of the commodity a key economic engine for Russia.
The cost of a barrel of benchmark Urals crude jumped by about $7 last year, data from Refinitiv indicated.
Mexico, India, and Brazil all also added significant amounts of wealth in 2022, UBS’s report suggested, while the US, Japan, China, Canada, and Australia lost the most.
This is the best summary I could come up with:
Russians got richer last year even as the war in Ukraine raged on, while the US and Europe lost trillions of dollars, UBS reported.
There were also 1 million fewer American millionaires by the end of 2022, although the US still accounted for over 50% of the world’s ultra-high-net-worth individuals, the bank said.
UBS acknowledges that “wealth trends in Russia are difficult to determine at this time,” but did highlight it as one of a handful of countries that had gotten richer in 2022.
Rising oil prices could be one factor behind the wealth increase, with exports of the commodity a key economic engine for Russia.
The cost of a barrel of benchmark Urals crude jumped by about $7 last year, data from Refinitiv indicated.
Mexico, India, and Brazil all also added significant amounts of wealth in 2022, UBS’s report suggested, while the US, Japan, China, Canada, and Australia lost the most.
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