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  1. Wealth
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May 31, 2008

Moscow Moolah

By Spear's

Spear’s is launching in Russia. Our UHNW comrades are renowned for swift earning and extravagant spending, and they’re not grinding to a halt any time soon.

Spear’s is launching in Russia. Our UHNW comrades (there are an estimated 87 dollar billionaires in the country, with an average age of 46) are renowned for swift earning and extravagant spending, and by the looks of things, they’re not grinding to a halt any time soon.

The Russian UHNW market, according to a 2007 world wealth report from Capgemini, is one of the fastest growing markets in the world (growth rate is 15.5 per cent per annum) amounting to a current 140,000 dollar millionaires in the country. According to PWC research, Russian UHNW capital accounts for approximately $300-400 billion, 80 per cent of which is held in offshore jurisdictions.

The sentiment is mixed: on the one hand, there is persistent insecurity regarding the Russian state and financial system; on the other, steadfast loyalty to the motherland and a firm belief in its potential for political stability and increased economic transparency. Those who don’t frequently travel to Switzerland, Cyprus and the BVI are opting for onshore private banking and wealth management.

Perfect timing, then, for the September launch of Spear’s WMS Russia, following a licensing agreement between Luxury Publishing and Mediacrat, an established Moscow-based publishing house. In tandem with the rise in the number of financial institutions and assorted products and services on offer in the country, a Russian version of the London-based Spear’s WMS will provide exclusive insight into the country’s financial climate and its ongoing deals and investment opportunities, as well as profiles of movers and shakers in the Russian market and in-depth national and related global trend analysis.

It’ll be in cyrillic, I might add, and edited by the well-known Alexander Gafin, vice-chancellor of Moscow’s Independent Institute for Political Strategy & Public Relations and a full member of Russia’s commission for UNESCO. Our esteemed new editor of Spear’s WMS Russia has already got a taste for award-winning medals, having won the Golden Pushkin Medal for patronage of the arts. Alexander also knows his way around the world of private banking and wealth management, being a former director of marketing of Alfa Bank, the leading privately owned bank in Russia.

So our Russian readers are in good hands. Time now to settle down and think about preserving wealth for future generations rather than blowing one’s moolah on football teams and yachts, learning about Liechtenstein, passport portfolio management and reducing your monthly bill from Kroll. Reactionary be gone!

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