Super Wealthy Russians Around the World
Emigration is nothing new to Russia. In the 17th century, a major ethnic Russian emigration took place after Patriarch Nikon reformed the religious practices of the country and Old Believers were split from the official arm of the Russian Orthodox Church. In the 1800s emigration was still driven by beliefs as religious dissidents fled a centrist authority. Then followed several ‘waves’ of emigration over the next century – initially fuelled by politics but increasingly driven by finance, and believe it or not, also by fun.
Millions of Russians. Everywhere!
These days between 20 and 40 million ethnic Russians reside outside of the Russian Federation. Almost 40,000 live in the United Kingdom, close to a million in Israel, more than 1.2 million in Germany and a staggering 3.1 million in the United States. The political refugee was almost entirely replaced by the financial pioneer, particularly after the fall of the Iron Curtain as super-wealthy Russians started exploring foreign shores for entertainment as much as opportunities. Known as ‘The Land of the Free’, the United States has a lot to offer migrants from more reserved countries like Russia.
Record Numbers of US Billionaires are Immigrants
Impossibly rich Russians have become a staple in the United States where they put the spending habits of Hollywood stars to shame. They are snapping up prime property, sports teams, private jets and luxurious yachts – truly living the American Dream. Former deputy finance minister Andrei Vavilov spent US$37 million on a penthouse in the Time Warner Centre in New York. Also keen on The Big Apple, Russian entertainment icon and billionaire Igor Krutoy bought an apartment in the Plaza Hotel for US$48 million to add to his US property collection which features a mansion in the Hamptons. Another Hampton-bound Russian is Igor Sosin – confirmed billionaire bachelor and owner of the Russian equivalent of Home Depot and Petco. Sosin has rented a massive estate in Southampton and rumour is he’s shopping for property as he spends months on end in the US.
Well Blimey, the Russians are in Britain too!
It is a well-known fact that some of Britain’s top football teams are owned (or were owned) by Russian oligarchs. And it’s not just Russian sports enthusiasts making their way to the UK. Andrey Andreev is one of the youngest super-rich Russians living in London. As the founder of the infamous dating site Badoo and a range of other internet businesses, Andreev brings his deep interest in tech investments as well as an economic boost and job opportunities to the UK. Also a London resident, the Russian entrepreneur and philanthropist Yelena Baturina is the only female Russian billionaire. Baturina manages her international hotel chain which has assets in Russia, Ireland and Australia from London. She is also interested in renewable energy and invests in several real estate projects in the UK and the US.
Rich Russians, Please Stay?
As the very wealthy Russian entrepreneurs are fuelling the high-end real estate market and economy on foreign shores, the last thing these countries could want is for these spenders to repatriate their assets. In a report on immigration and entrepreneurship by the Kauffman Foundation it was revealed that immigrants are twice as likely to be entrepreneurs as native-born people. As former US president Ronald Reagan said, ‘Entrepreneurs are responsible for almost all the economic growth in the United States.’ With a healthy appetite for risk, and in the case of wealthy Russians, the finances to back it up, these entrepreneurs are of tremendous benefit to the countries they chose to call home.