Russia’s wealth is racing ahead of that of its eastern European counterparts, and its youthful rich will change the investment landscape. A report by wealth management think-tank Scorpio Partnership shows that Russian high-net-worth individuals control about $325 billion in assets, around $70 billion more than those in Poland, the next wealthiest country in the region.
For fund managers and private banks, the country offers significant opportunities. “Over recent years we have witnessed increased activity in the financial services sector as regard the promotion of private banking services to Russian clients,” says Ekaterina Lazorina, a partner in the financial services practice at PricewaterhouseCoopers.
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