Two-thirds of Russian millionaires send their children to study overseas
About two-thirds of the children of large capital-holders in Russia have enrolled at overseas universities.
RNS reports that this was discovered through a study named Wealth Report: Russia, which was prepared by the Julius Baer Group and SKOLKOVO Wealth Transformation Centre.
As is evident from the report, the average age of owners of large capital-holders in Russia is 50-55 years. They are generally in their first marriage, and have three children.
The report shows that the fortunes of such businessmen were earned through their own efforts. At the same time, privatization and state contracts played a significant role in increasing their savings, which is typical for a quarter of Russia's billionaires.
Among the millionaires, 25% were allowed to temporarily move abroad. Half plan to continue living in Russia for at least another 10 years.
Additionally, the report states that the share of millionaires among the entire population of Russia is about 0.1%.
Researchers interviewed 32 large-capital holders in Russia, and concluded that most of them intend to continue business management in the country over the next five years (33%). 17% are ready to do business publicly through an IPO, while 16% of respondents said that they will sell their business. Another 6% are planning to transfer the business to their family, and the rest have not yet planned their further actions. It is noted that for most of the businessmen, their business priority is the safety and security of capital.
In February, the Russian government opposed a ban on overseas education for children of officials.