Why Russian Millionaires Are Leaving Russia for the United States

Since 2022, a wave of wealthy Russian citizens has been seeking new homes abroad. It’s estimated that more than 15,000 Russian millionaires (about 15% of those with over $1 million in assets) left the country in 2022 alone. 

Analysts have described Russia as “haemorrhaging millionaires,” noting that affluent Russians have been emigrating in steadily rising numbers – often an early warning sign of deeper problems. 

These high-net-worth individuals are looking to protect their wealth and families amid unprecedented economic and political turmoil at home. 

Many are setting their sights on the United States, drawn by its stability and opportunity, and our U.S. immigration law firm has taken note of this trend. 

Below, we break down the key reasons driving Russian millionaires to leave and explain why the U.S. (especially via the EB-5 investor visa program) is an attractive destination.

Economic Sanctions Squeeze the Elite

One primary catalyst for this millionaire migration is the barrage of Western economic sanctions on Russia. These sanctions – described by U.S. officials as “the most significant package of economic sanctions in history” – have dealt a heavy blow to Russia’s economy. 

Sanctions have frozen key Russian financial assets and cut several major banks off from SWIFT, the global payments network, making international transfers exceedingly difficult. 

In practical terms, wealthy Russians now struggle to move money or conduct business abroad, as even neutral banks grow wary of dealing with “toxic” Russian funds. 

Major credit card companies, such as Visa and Mastercard, have pulled out of Russia, and global firms, including Ford and Apple, have suspended operations there. 

This isolation creates serious headaches for affluent businesspeople. It’s hard to grow (or even maintain) an international enterprise when you’re cut off from global markets and financial systems. 

Rather than watch their fortunes erode under these restrictions, many Russian millionaires are choosing to relocate to countries where their businesses and investments can continue unimpeded by sanctions.

Moreover, sanctions directly targeting oligarchs and elites have instilled fear in the wider wealthy class. Yachts, luxury properties, and bank accounts linked to prominent Russians have been seized or frozen by Western authorities as part of the sanctions enforcement. 

Even those not yet sanctioned feel the impact – the threat of being targeted looms large. The result is a strong incentive to preemptively move assets to jurisdictions where they will be safer (more on asset protection below). 

In short, the Western sanctions regime has both made it harder for rich Russians to do business and created uncertainty about their asset security, prompting many to seek refuge in more stable economies abroad.

Political Instability and Uncertain Future

Beyond the financial fallout, Russia’s internal political climate has grown increasingly unpredictable in recent years. Wealthy individuals thrive in environments where the rule of law is strong and policies are stable. 

In Russia, however, government corruption and sudden policy shifts have long been concerns, and these issues have intensified amid the current geopolitical tensions. Many prosperous Russians have concluded that their home country “cannot provide a suitable investment environment to protect their wealth, [offering] only economic uncertainty”. 

In other words, they see rising risks in staying put: power struggles or hardline policies could put their businesses at risk or impose new restrictions on private enterprise.

This sense of instability is amplified by domestic crackdowns on dissent and the consolidation of power by the Kremlin. When the future of the country’s political direction is unclear, the wealthy worry that staying might jeopardize not just their money but their safety or freedom. 

History has shown that in times of upheaval, regimes often look for internal “enemies” to blame for hardships. Russian millionaires are keenly aware of this pattern, and those who are not firmly in the ruling circle may fear becoming targets of convenience. 

The combination of economic troubles and political uncertainty has created a palpable anxiety among the Russian elite about what tomorrow holds. Relocating to a stable democracy like the United States – with strong institutions and predictable laws – is an appealing escape from that uncertainty.

Safeguarding Wealth and Assets

For any millionaire, one of the top priorities is protecting the wealth they’ve built. In the current Russian context, asset protection has become a driving force for relocation. 

Russia’s financial system and currency have proven volatile under pressure – the ruble’s value plunged and the stock market gyrated when sanctions hit. 

Wealthy Russians have responded by moving their money into safer forms and jurisdictions. Many have long maintained offshore bank accounts in U.S. dollars or euros as a hedge against ruble instability. Now, with economic conditions worsening, they are doubling down on strategies to secure their assets.

Transferring funds abroad and investing in foreign property are key tactics. Purchasing real estate in global cities is seen as a “safe deposit box” for wealth. 

These investors look for countries with stable politics, strong property rights, and reliable currencies. It’s no surprise, then, that cities like London have been extremely popular – so much so that London earned the nickname “Londongrad” due to the influx of elite Russian money. 

As one migration expert noted, affluent individuals tend to seek out countries with secure sociopolitical environments and favorable financial laws. 

By acquiring assets in such places, Russian millionaires can insulate their fortunes from turmoil at home. If things take a turn for the worse domestically, they know their money (or properties) overseas will remain intact under the protection of a foreign legal system.

The United States fits the bill as a haven for assets: it has a robust rule of law, the world’s largest economy, and a stable banking system. 

For a Russian entrepreneur worried about sudden wealth taxes, asset seizures, or a collapsing ruble, moving capital to the U.S. (and ideally obtaining U.S. residency to go with it) is a logical step. 

It’s an insurance policy for their life’s work. They’ve seen what can happen to wealth left exposed – whether it’s sanctions freezing funds or domestic policies devaluing assets – and they are proactively seeking shelter under more secure skies.

Lifestyle and Personal Freedom Considerations

Not all motivations are purely financial or political. For many wealthy Russians, the appeal of a different lifestyle abroad is a significant factor. These are individuals who often have cosmopolitan tastes: they travel frequently, educate their children in Western schools, vacation on the French Riviera, and conduct business all over the world. 

Relocating can simply be the culmination of ties and preferences they’ve held for years. Some have spouses or family members who are foreign nationals; others have second homes in places like New York, Miami, or Los Angeles and feel more at home in those cities than in Moscow. As East-West relations deteriorate, those with strong cultural or personal links to the West find the idea of living in a Western country even more attractive.

Quality of life is another pull factor. High-net-worth migrants evaluate countries based on standard of living, education, healthcare, and overall freedom. 

The United States, for example, offers world-class universities for their children, a diverse and open society, and the freedom to express oneself without the censorship or scrutiny that might exist back home. 

Some wealthy Russians are also drawn to the vibrant business environment in the U.S. – they appreciate the entrepreneurial culture of Silicon Valley or the financial dynamism of Wall Street, and they want to be part of that action. 

In short, life in the West promises not just safety for assets, but a day-to-day lifestyle that aligns with their values and desires. 

Whether it’s enjoying a beachfront mansion in Miami or networking freely with global innovators, the lifestyle considerations make leaving Russia an enticing proposition for those who can afford it.

Fear of Reprisals and Security Concerns

A less talked-about but very real driver for many Russian millionaires is the fear of reprisals from their own government. In the current climate, voicing opposition or even remaining neutral can be dangerous for prominent figures. 

There have been reports of a “purge” atmosphere, where some businessmen who were once in favor suddenly find themselves out of grace. The fate of those perceived as disloyal can be grim – ranging from legal prosecution on trumped-up charges to mysterious “accidents.” This has created an environment of paranoia among the elite. 

As one observer quipped, many wealthy and powerful individuals are “s----ing themselves” in fear of what might happen next, given recent arrests and unexplained deaths in their circles (as reported by international media).

The stark reality is that some oligarchs fear the Kremlin’s wrath more than they fear losing money. Exiled Russian billionaire Mikhail Khodorkovsky (who himself was imprisoned for a decade in Russia) noted in a 2024 interview that oligarchs are “more afraid of Putin than [of] sanctions”, saying, “If it’s sanctions, it is only money. If it is Putin, it’s their lives.”. 

This chilling statement highlights why even those who have not been directly targeted might choose to quietly slip out of the country. 

The fear of ending up on the wrong side of a powerful regime is a strong motivator to seek refuge elsewhere. In the United States, by contrast, these individuals feel significantly more secure – they are beyond the immediate reach of Moscow’s reprisals and can breathe easier knowing their new country has a rule of law and respects individual rights. 

For many, peace of mind for themselves and their families is priceless, and they are willing to relocate anywhere that offers it.

Diversification of Assets and Plans

Wealthy people rarely keep all their eggs in one basket. Russian millionaires, in particular, have a long history of investing abroad to diversify their holdings. However, the recent crisis has accelerated this trend. They are not only moving money to different asset classes, but also different countries, spreading risk across multiple jurisdictions. 

Diversification here is about more than prudent investing – it’s about personal contingency planning. By obtaining foreign residency or citizenship (through “golden visa” programs, for instance), they secure a bolt-hole – an escape route – should things continue to deteriorate in Russia.

A recent study of investor visa programs found that most participants are elites from less developed or authoritarian countries who use these visas as a “foothold in a stable and democratic country” – effectively an insurance policy or exit option for the future. This perfectly describes the mindset of many Russian millionaires today. 

They have watched as opportunities inside Russia dwindle and uncertainties grow; thus, they hedge their bets by establishing themselves abroad. 

Many already invested in Western stocks, kept money in Swiss banks, or bought properties in sunny Mediterranean locales over the years. 

Now they are also pursuing second passports or long-term residence visas overseas as part of their wealth management and life planning. 

By diversifying where they live and do business, they ensure that no single geopolitical event can wipe them out or trap them in a bad situation.

These millionaires are bringing capital, and often talent, to their new homes. And while Russia experiences a capital and brain drain, the countries receiving these individuals gain from their investments and entrepreneurship. 

It’s a classic case of wealth following stability and opportunity. For the millionaires, it’s about having options: Plan A might be to improve conditions in Russia, but Plan B (and C) involves a comfortable life somewhere else if needed.

Declining Opportunities in Russia’s Economy

Another practical reason pushing rich Russians to leave is the stark loss of economic opportunities at home. 

The combined impact of sanctions, war-related disruptions, and the exodus of foreign companies has caused Russia’s economy to stagnate and certain industries to shrink. 

The vibrant international business scene that once existed in Moscow or St. Petersburg has dimmed significantly. 

Over 1,000 multinational companies have curtailed their operations in Russia (many far beyond what sanctions strictly required). Iconic global brands have closed shops and projects, leading to fewer partnerships, less foreign capital, and a general drying up of high-end business deals. 

For ambitious entrepreneurs and investors, this is a bleak environment – there’s simply less to do and less profit to be made when the economy is turning inward and shrinking.

Wealth indicators reflect this decline. Russian billionaires collectively lost roughly 27% of their wealth in the span of a year following the 2022 crisis, a clear sign of how asset values and business valuations fell. Dozens of Russia’s richest dropped off Forbes’ billionaire list as their companies’ fortunes declined. 

Such metrics send a message: staying in Russia could mean watching your wealth and business empire slowly erode, not due to your missteps but due to macroeconomic and political factors outside your control. Many millionaires are not content to accept that fate. 

They are seekers of growth, and if they perceive that growth is no longer possible (or safe) in Russia, they will look elsewhere.

In contrast, the United States economy continues to brim with innovation, new ventures, and global trade. A Russian tech investor or real estate tycoon relocating to the U.S. finds a much more welcoming and dynamic market in which to deploy capital. 

From Silicon Valley startups to New York real estate, there are abundant opportunities to multiply wealth. Additionally, by basing themselves in a country that is integrated into the global financial system (rather than cut off from it), these individuals can more freely pursue deals around the world. 

In essence, it’s a pivot from a constricting market to an expansive one. The calculation is straightforward: if Russia’s pie is shrinking and one’s slice along with it, why not move to a bigger pie?

The EB-5 Investor Visa – A Pathway to a New Life in the U.S.

For Russian millionaires determined to relocate to the United States, one particular immigration route stands out: the EB-5 Immigrant Investor Visa. This program offers a direct path to U.S. permanent residency (a green card) for investors and their immediate families, provided they make a qualifying investment in the American economy. 

Under the EB-5 program, an individual must invest a minimum of $1,050,000 (or $800,000 in a Targeted Employment Area with higher unemployment) in a new U.S. business and create at least 10 full-time jobs for U.S. workers. In return, the investor, their spouse, and children under 21 can receive green cards, granting them the right to live, work, and study anywhere in the United States.

From a Russian investor’s perspective, EB-5 checks all the boxes: it’s a legal, secure way to obtain U.S. residency while simultaneously diversifying their assets. Instead of simply parking money in a foreign bank or property, they are actively investing in a business that contributes to the U.S. economy. 

Many view it as a win-win: they help create American jobs (which is politically and socially welcomed), and they gain a Plan B residence in one of the world’s most desirable countries. 

Compared to other visa options, EB-5 does not require extraordinary talents, family sponsorship, or employer backing – it’s squarely aimed at those with capital to invest. 

And unlike some other countries’ “golden visa” programs that might only give temporary or conditional status, the EB-5 leads to permanent residency and eventually the option of U.S. citizenship.

It’s worth noting that even before the recent turmoil, savvy Russian investors were utilizing EB-5. In 2019, for example, around 60 Russians applied for EB-5 visas – a number that could rise as more millionaires look for reliable paths out of Russia. Our law firm has observed a growing interest in EB-5 from clients who have the means to invest and see America as the safest harbor for their families and fortunes. 

Of course, the process comes with its complexities: sourcing of funds must be documented (which can be challenging given Russian banking hurdles), and the investment must be carefully chosen to meet all criteria. But that’s where experienced immigration attorneys (like us) come in – to guide investors through the EB-5 process smoothly, ensuring their funds are compliant and their petition is compelling.

Conclusion: Seeking Stability, Opportunity, and Peace of Mind

In summary, Russian millionaires are leaving their homeland for a multitude of interlocking reasons. Western sanctions have constrained their businesses and threatened their wealth, the domestic political climate has grown uncertain and risky, and the Russian economy offers diminishing returns for those with ambition. 

Add to that the allure of a more comfortable life abroad – with personal freedoms and global connectivity – and it’s clear why the United States and other stable countries are drawing in Russia’s rich and talented. This is not about lack of patriotism; it’s fundamentally about human nature and prudent planning. When faced with danger or stagnation, those with the means will seek safety and growth elsewhere.

For the United States, this influx can be seen as a vote of confidence: America remains a beacon for those chasing the classic promises of prosperity and liberty. 

Through mechanisms like the EB-5 investor visa, the U.S. is also wisely leveraging this trend for its benefit – attracting foreign capital and job creators to its shores. 

Our immigration law firm stands ready to assist Russian investors (and other international investors) who want to make this transition. We understand the unique challenges they face, from moving money out of Russia to adjusting to a new legal system, and we specialize in smoothing that journey.

Ultimately, the story of Russian millionaires leaving for the U.S. is one of self-preservation and hope. They are preserving their wealth, yes, but also hoping to secure a better future for their children, a more predictable environment for their enterprises, and a life free from fear. 

The United States, with its robust economy and rule of law, is offering exactly what they seek – stability, opportunity, and peace of mind. In these uncertain times, it’s no wonder that America beckons as a land of refuge and reinvention for those who can leap. 

And with programs like EB-5 in place, that leap is more achievable than ever. We encourage anyone considering this path to consult with qualified immigration counsel and explore how to turn the dream of a secure American future into reality.

Unlock Your American Dream: Free EB-5 Visa Consultation

Ready to explore your path to U.S. residency through investment? Book a free online consultation with a SmartInvestorVisas.com attorney.

Whether you're interested in the EB-5 Regional Center option or simply want to understand your residency-by-investment choices in the U.S., our expert advice can clarify the process and help you chart the optimal path to securing your American future.

Your capital could be the key to unlocking a new life in the United States, and with the right strategy, you can make the transition smoothly and successfully. At Smart Investor Visas, we specialize in guiding clients through this journey—from evaluating eligibility to navigating paperwork and regulations.

Take the next step toward your U.S. immigration goal. Reach out for a personalized consultation and learn how you, too, can turn your investments into the American Dream.

Sources:

• Shaw, E. (2022). Millionaire Migration Rises and Heads to New Destinations. Migration Policy Institute.

• Neate, R. (2022). More than 15,000 millionaires expected to leave Russia in 2022. The Guardian.

• Muniz, L. (2022). Thousands of Russian millionaires attempting to leave the country, says UK. Politico.

• Durrani, A. (2022). U.S. tightening the noose on Russia with its immigration system. EB5Investors Magazine.

• Barella, K. (2015). Impact on Russian Investors Due to U.S. Sanctions. EB5InvestmentLaw Blog.

• Asia Times Staff (2024). Oligarchs ‘fear Putin more than losing their billions’. Asia Times.

• Yale CELI (2024). Over 1,000 Companies Have Curtailed Operations in Russia—But Some Remain. Yale School of Management.

• USCIS EB-5 Investor Program Overview – Wikipedia.