Russia's high net worth individual wealth and volume declined by 25 and 18 per cent respectively between 2007 and 2011, new research shows.

According to the report, High Net Worth Trends in Russia to 2016, the wealth of HNW individuals in the country was negatively influenced by a “significant depreciation” of the local currency against the US dollar, coupled with a weak local equity market. Volumes were also impacted by the emigration of over 20,000 wealthy Russians during the four-year review period. 

The firm predicts that growth in HNW individual wealth and volumes “will improve over the forecast period”, as businesses develop and overseas investors begin moving in as Russia joins the World Trade Organisation, WealthInsight said.

As of 2011, there are just over 159,500 HNW individuals in Russia, with a combined wealth of $941 billion. The country is also home to 1,293 UHNW individuals, with a combined wealth of $481 billion and an average wealth of $372 million per person.