Weaker Ruble Creating More Billionaires in Russia
World Economy

Weaker Ruble Creating More Billionaires in Russia

The number of taxpayers with an income of more than one billion rubles ($17.2 million) increased in Russia by almost 6% in 2014, according to federal statistics. Ruble devaluation and government policy to end the use of tax havens are said to be main factors.
Three hundred and nine Russians had an income of more than one billion rubles compared to 292 the year before RT quoted Federal Tax Service data on Friday as saying.
Russia also had 451,000 people with incomes between one and 10 million rubles, a jump of 13%. The number of people who submitted tax forms grew last year along with the amount of income tax paid, which was up over 12% at 58 billion rubles.
In April Forbes reported that the number of US dollar billionaires in Russia fell to 88 from 111.
Analysts say that the Russian currency’s devaluation and the anti- offshore policy helped Russians create new fortunes.
Some people adjusted to the situation and could take advantage of it, according to Roman Terekhin, partner from legal firm Delovoy Farvater. “It was possible to make money on currency rates, on the rise in prices for imported goods, etc. Those who receive a salary or have savings in foreign currency also saw growth in income as the ruble weakened and their income increased,” Terekhin said.


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