CONFIDERI for Bloomberg 6 April 2019

CONFIDERI for Bloomberg

Olga Raykes for Bloomberg or why HNWI’s in Russia do not trust banks

There are at least 163 thousand millionaires in Russia, according to Knight Frank LLP – writes Bloomberg. Of their combined assets, 26 percent are in cash, the highest level in the world.

Russian conservatism is driven by history: The country’s rough transition to capitalism was followed by a series of currency devaluations, most recently in 2014. There’s little trust in the state or risky financial products sold by banks and there’s an understanding at any moment a new crisis may erupt, said Olga Raykes for Bloomberg.

More at Cash Is King (in U.S. Dollars) for Russia’s Millionaires