In spite of the war with Ukraine, Russia made a fortune in 2022

A study published by the Swiss bank UBS also showed an increase in the number of millionaires in the country ruled by Vladimir Putin.

Russia invaded Ukraine on February 24, 2022, marking the beginning of a war between the two countries, which continues to this day. Vladimir Putin decided he would finish what he started in 2014 when he annexed Crimea and was confident his forces could overtake the country in a matter of days. However, the will of the Ukrainians and the weapons of the West have thwarted his intentions.

Since then, it is estimated that tens of thousands of people have died on both sides, and thousands more have been injured due to the war. Volodomir Zelensky has been enduring the onslaught in part thanks to the arms aid of his allies, mainly from the United States and the European Union.

The Biden administration has sent and will send more money, weapons and humanitarian aid to Ukraine, with the explicit aim of further weakening its old Cold War adversary.

However, despite this context, Russia became more prosperous in 2022. This was revealed in the Global Wealth Report prepared by Credit Suisse and UBS. According to their findings, the country amassed an additional $600 billion to its total wealth, contrasting with losses in Europe and North America.

In addition, the country added 56,000 new millionaires, raising the total number of millionaires in the country to 408,000. At the same time, the number of people with a very high net worth (worth more than $50 million) increased by almost 4,500.

How is it possible that Russia has enriched itself despite the war? The study does not give a definitive answer in this regard. "Wealth trends in Russia are difficult to determine at the moment," the authors stated, although at least part of the answer could lie in oil.

The price increases for this natural resource could be key to Russia's wealth increase. The cost of a barrel of Urals crude oil has risen by about $7 over the past year, and this is proving to be an essential commodity in the Russian economy.

On a positive note, the report forecasts that global wealth will increase by 38% over the next five years, reaching $629 trillion by 2027.