As of 2011, Russia's high-net-worth individual (HNWI) market hit a combined wealth of US$941 billion, with just over 159,500 HNWIs in Russia.
Between 2007 and 2011 the total number of HNWIs within the Russian market decreased by 18.1%, while the HWNI market's wealth declined by 25%.
Research has shown that over 35% of Russian HNWI wealth was held offshore at the end of 2011.
The current wealth management leaders in the Russian HNWI market are UBS and Credit Suisse with local AuM of US$15 billion and US$10 billion respectively. Other prominent foreign players include Pictet and Goldman Sachs. The leading locally based private banks are UFG Invest, Troika Dialog and Third Rome.
Moscow is home to the largest portion of Russia's ultra high-net-worth individual (UHNWI) market (64% or 821 UHNWIs), and is now reported to be the city with the highest number of billionaires. There are also sizable Russian UHNWI populations in St Petersburg (99 UHNWIs), Yekaterinburg (38 UHNWIs), Novosibirsk (31 UHNWIs), Kazan (29 UHNWIs) and Kemerovo (27 UHNWIs).
Globlization has directly impacted these HNWIs and, like their counterparts from other parts of the world, they have been expanding and diversifying their asset base both locally and internationally and extending their family and personal interests into other countries.
St. Petersburg and Yekaterinburg were the top performing major cities for UHNWIs between 2007 and 2011, with UHNWI volume growth of 19% and 20% respectively.
For more information on the Russian HNWI market, see the latest: Russian HNWI Market Report
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