Russia got richer while the West shed trillions of dollars of wealth

[Martin Everson]

This is gonna be upsetting to some so please read with caution if you are easily offended by reality. Expect U.S to retaliate against UBS somehow for daring to tell it as it is .

P.S The largest wealth increases were recorded for Russia, Mexico, India and Brazil.

---- quote start

• Russia added $600 billion of total wealth last year, a report by UBS indicated.
• The number of millionaires and ultra-high-net-worth individuals also rose, despite the war in Ukraine raging on.
• Meanwhile, the US and Europe shed trillions of dollars worth of wealth, the Swiss bank reported.

Russians got richer last year even as the war in Ukraine raged on, while the US and Europe lost trillions of dollars, UBS reported.

Russia added $600 billion of total wealth, the Swiss bank found in its annual Global Wealth Report, published Tuesday.

The number of Russian millionaires also rose by about 56,000 to 408,000 in 2022, while the number of ultra-high-net-worth individuals — people worth over $50 million — jumped by nearly 4,500.

But the US lost more wealth than any other country last year, shedding $5.9 trillion, while North America and Europe combined got $10.9 trillion poorer, 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.

Russia's wealth gains came despite its invasion of Ukraine in February, which has led to the West imposing sanctions on the Kremlin that led to its economy shrinking and triggered a slump for Moscow-listed stocks.

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.

--- quote end


https://www.msn.com/en-us/money/mar...ed-trillions-of-dollars-of-wealth/ar-AA1fkRcQ
Download the wealth report below:

https://www.ubs.com/global/en/family-office-uhnw/reports/global-wealth-report-2023.html

 

[jafo]

I read this last night! I even entered it in my diary!
Of course, I read it but kept quiet. People will LOSE their minds if one brings this up!
I'm trying NOT to get canceled while on a business trip in the "West".

I don't remember exactly who asked why some of us waste our time in "sh1tty places" like Latin America, but maybe this will help:

Source: https://www.ubs.com/global/en/famil...MjMtZW4ucGRm/global-wealth-report-2023-en.pdf


Thank you for sharing, @Martin Everson

 

[FantomOffshore]

Nice find!

Don't forget to mention the law of large numbers though, and the fact that wealth per person is still 7x as high in North America and more 2x as high in Europe compared to China.

"The countries that lost substantial
wealth in 2022... were often
those that made sizeable gains
the year before"

Heading the list of losses in 2022 is the United States, which shed USD 5.9 trillion. This compares to a rise of USD 19.5 trillion a year earlier and is the first break in a remarkable sequence of gains dating back to the global financial crisis. (so over 2 years, the US gained about 10 trillion, 20x more than Russia last year). Losses exceeding USD 1 trillion were also recorded by Japan (down USD 2.5 trillion), China (down USD 1.5 trillion), Canada (down USD 1.2 trillion) and Australia (down USD 1.0 trillion).

Wow, look at the staggering median wealth of Russia, almost on-par with the luxurious nation of Indonesia! Does anyone know what 165.000 / 7.555 is? That number would be how much richer the median American is than the median Russian.

I agree this is going to be upsetting to some, "read" at your own risk. The West is in extreme decay, if you take 10 Russians and 2 Chinese, they will be likely be just a rich as a lower-Middle-class American! Very upsetting! This is it for the West, this is it.

 

[Alonzo]

the number of ultra-high-net-worth individuals — people worth over $50 million — jumped by nearly 4,500.

This gain is very suspicious.

 

[Martin Everson]

I told you for some it would make upsetting reading .

 

[wellington]

This is gonna be upsetting to some so please read with caution if you are easily offended by reality. Expect U.S to retaliate against UBS somehow for daring to tell it as it is .

P.S The largest wealth increases were recorded for Russia, Mexico, India and Brazil.

---- quote start

• Russia added $600 billion of total wealth last year, a report by UBS indicated.
• The number of millionaires and ultra-high-net-worth individuals also rose, despite the war in Ukraine raging on.
• Meanwhile, the US and Europe shed trillions of dollars worth of wealth, the Swiss bank reported.

Russians got richer last year even as the war in Ukraine raged on, while the US and Europe lost trillions of dollars, UBS reported.

Russia added $600 billion of total wealth, the Swiss bank found in its annual Global Wealth Report, published Tuesday.

The number of Russian millionaires also rose by about 56,000 to 408,000 in 2022, while the number of ultra-high-net-worth individuals — people worth over $50 million — jumped by nearly 4,500.

But the US lost more wealth than any other country last year, shedding $5.9 trillion, while North America and Europe combined got $10.9 trillion poorer, 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.

Russia's wealth gains came despite its invasion of Ukraine in February, which has led to the West imposing sanctions on the Kremlin that led to its economy shrinking and triggered a slump for Moscow-listed stocks.

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.

--- quote end


https://www.msn.com/en-us/money/mar...ed-trillions-of-dollars-of-wealth/ar-AA1fkRcQ
Download the wealth report below:

https://www.ubs.com/global/en/family-office-uhnw/reports/global-wealth-report-2023.html

It's been known for quite some time... the West doesn't have insight as the funds flow UnionPay and similar (Chinese Rails) and Crypto.

10 properties on my road sold in the past year, 4 of them Russian, 2 of them Chinese [in-demand area].

Russian's are buying up everything, Chinese were also but apparently slowing this past month (economy back home slowing) having said that the spending power of Chinese is about 2,000$ per day, Russian's 1800$ and US Citizens 300$... (here anyway).

Remainder sold Swiss, German, French (retirement).

 

[uranium]

It's been known for quite some time... the West doesn't have insight as the funds flow UnionPay and similar (Chinese Rails) and Crypto.

10 properties on my road sold in the past year, 4 of them Russian, 2 of them Chinese [in-demand area].

Russian's are buying up everything, Chinese were also but apparently slowing this past month (economy back home slowing) having said that the spending power of Chinese is about 2,000$ per day, Russian's 1800$ and US Citizens 300$... (here anyway).

Remainder sold Swiss, German, French (retirement).

I would like to clarify some point here;
Those russians who are able to spend like you said 2k a day and buying everything are only 1% of russian population.
Report of 2023 will be much worse for Russia because a ruble is worth a cent now.
Central bank of Russia increased interest rate from 8 to 12% in one shot!
Just to stop inflation. Who is going to pay? Of course 99% of russian population.
Let's do a small comparison between 1 company and a big country Russia;
Russia gdp $2.063 trillion
In 2021, BlackRock managed over $10 trillion in assets under management, about 40% of the GDP of the United States
Now you know who control the world.

 

[jafo]

In 2021, BlackRock managed over $10 trillion in assets under management, about 40% of the GDP of the United States
Now you know who control the world.

When I was doing my due diligence into Blackrock circa the mid-90s, I bought stocks just to get the annual reports so I can read them. As time went by and I continued DCAing, I realized this: Why is BlackRock not the biggest company in the world even though it has 8.5 trillion USD in assets?

 

[uranium]

When I was doing my due diligence into Blackrock circa the mid-90s, I bought stocks just to get the annual reports so I can read them. As time went by and I continued DCAing, I realized this: Why is BlackRock not the biggest company in the world even though it has 8.5 trillion USD in assets?

But i wrote $10 trillion in assets under management.
You bought their stock in mid-90. I'm sure you had a very good return
I present to you the real president of United States

 

[jafo]

You bought their stock in mid-90. I'm sure you had a very good return

Yes. It's not bad but pales in comparison to e.g. #Bitcoin.

 

[Paul Tudor Jones]

The beauty of having a distorted world view is that anything one does not agree with is "CIA propaganda" and everything that happens to fit the preconceieved notions is taken as god's honest truth.

The report also claimed that in last year there are 104,000 NEW MILLIONAIRES in Iran in 2022
I wonder how they reached this number exactly, do they send UBS people to Tehran to interview people?

My guess is that they just took the Oil price increase in 2022 and extrapolated from that anybody involved in Oil business suddenly got massively richer.

As usual, anybody that believes this report is welcome to take his money out of the West and invest it in Russia and Iran. I can't wait and have my fingers crossed for guaranteed long-term success

P.S. My favorite part of the report:

 

[Alonzo]

The 500m+ column is far from accurate. So I assume that this HNWI data is misleading

108 apparently for the UK but this says otherwise and for Switzerland too.

The HWNI stats that I posted a few months ago was full of misinformation...

 

[FantomOffshore]

I would like to clarify some point here;
Those russians who are able to spend like you said 2k a day and buying everything are only 1% of russian population.
Report of 2023 will be much worse for Russia because a ruble is worth a cent now.
Central bank of Russia increased interest rate from 8 to 12% in one shot!
Just to stop inflation. Who is going to pay? Of course 99% of russian population.
Let's do a small comparison between 1 company and a big country Russia;
Russia gdp $2.063 trillion
In 2021, BlackRock managed over $10 trillion in assets under management, about 40% of the GDP of the United States
Now you know who control the world.

There are two ways to go about stopping this inflation, either reducing imports for the Russian war machine or shuffling the cost over to the Russian population by making everything they import dearer. Only a select few could have the slightest clue what is going to happen next.

It's been known for quite some time... the West doesn't have insight as the funds flow UnionPay and similar (Chinese Rails) and Crypto.

10 properties on my road sold in the past year, 4 of them Russian, 2 of them Chinese [in-demand area].

Russian's are buying up everything, Chinese were also but apparently slowing this past month (economy back home slowing) having said that the spending power of Chinese is about 2,000$ per day, Russian's 1800$ and US Citizens 300$... (here anyway).

Remainder sold Swiss, German, French (retirement).

In my street 50 properties were sold, 48 were Swiss, German, French (young couples), 1 was Russian (corpulent Russian with a passion for cooking) and 1 was Chinese (incredibly petite entrepreneur, mentioned something about an Arabian fairy-tale).

 

[Donsted]

Well done Russia. The West deserves to get poorer. I feel no mercy for them

 

[Marshal]

No matter what you write here guys russians will never be rich. Just look in what conditions they live outside of their capital city. Yes, it's hard to believe, but if you visit it once you would never want to go back there. They don't even know what is a toilet. Using some shithole outside. No water, or piped gas in their homes. Drunks everywhere. Crazy country with almost no laws and everyone is worshipping one guy like he is some god. They have beautiful land, but they are destroying it. Yes, there are some super rich people living there, but it's a very small percentage. They are using their land to get rich. Take away their land and they are nothing. Complete opposite to Japanese people for example.

 

[jafo]

No matter what you write here guys russians will never be rich. Just look in what conditions they live outside of their capital city. Yes, it's hard to believe, but if you visit it once you would never want to go back there. They don't even know what is a toilet. Using some shithole outside. No water, or piped gas in their homes. Drunks everywhere. Crazy country with almost no laws and everyone is worshipping one guy like he is some god. They have beautiful land, but they are destroying it. Yes, there are some super rich people living there, but it's a very small percentage. They are using their land to get rich. Take away their land and they are nothing. Complete opposite to Japanese people for example.

Interesting perspective.
Definitely a different outlook than I have of Russia.
Of course, I've only visited Moscow, St. Petersburg, Sochi, Novosibirsk, Yekaterinburg, Nizhny Novgorod, and Rostov-on-Don. I spent almost 90% of my time in the first three, so my perspective can be skewed. Furthermore, I visit either clients or suppliers and they are very well off, so definitely my personal experience is influenced by this.

Also this: The top 5 engineering graduate producing countries - Engineering Institute of Technology

 

[Martin Everson]

Just look in what conditions they live outside of their capital city. Yes, it's hard to believe, but if you visit it once you would never want to go back there. They don't even know what is a toilet. Using some shithole outside. No water, or piped gas in their homes. Drunks everywhere. Crazy country with almost no laws and everyone is worshipping one guy like he is some god. They have beautiful land, but they are destroying it. Yes, there are some super rich people living there, but it's a very small percentage.

Sounds exactly like rural trailer park Trump supporting America to me. You just missed the bit about people strung out on Opioids .

 

[romekk]

I wonder how the average resident outside moscow and petersburg would react to this information. a small hint - many of such people do not have a toilet at home.

 

[jafo]

I wonder how the average resident outside moscow and petersburg would react to this information. a small hint - many of such people do not have a toilet at home.

I am NOT subscribing or endorsing the Tu Quoque Fallacy, but right now, in December 2023, I have "relatives" in Portugal living in <cortiços>. "a small hint - many of such people do NOT have a toilet at home EITHER and they are in the Schengen zone." Confirm for yourself...

Source: Portugal almost 2.6 million people at risk of poverty

PS. If you want to go help them in Portugal so they can be better off than these "damn Russ1ans" and your statement to become 100% true, I'll give you their names and addresses

 

[romekk]

I am NOT subscribing or endorsing the Tu Quoque Fallacy, but

lol, that is what you just did.

all oligarchs' kids living in russia, right?