Russia’s Wealthy Find Sanctuary in London

REPLAY VIDEO
Your next video will start in
Pause

Recommended Videos

  • Info

  • Comments

  • VIDEO TEXT

April 10 (Bloomberg) -- Aliona Muchinskaya, director for Russia at Quintessentially Lifestyle, and Bloomberg’s Rob LaFranco examine how Russia’s wealthiest people are making their way to London and how her company helps to serve their lifestyle on Bloomberg Television’s “The Pulse.”

We fwalk the billionaires being affected.

But have you seen a difference in your kind of daily, you know, day-to-day dealing with a lot of these russian wealthy?

Well, in the last six months, we've had a definite increase of russian language request.

I would say it's about 20% so far.

About a year ago, we set up the desk for their particular reason because a lot of my ex-compatriots are coming to live in london.

London is still being seen as a financial capital of the world with stability and safety and tradition, as well as schooling and endless financial and business.

A lot of russians coming.

Definitely -- they're more -- i mean, i can hear more russian speakers that are walking down central london.

Not being detered by the threat of sanctions.

The talk of sanctions is not detering them, not changing their behavior in any shape or form.

Not really.

I just think that russians, and when i say russians, i mean -- ukrainians as well potential.

Well, they see london as a fantastic place to live, and i always say that if you have ideas and ambitions, london is the place to be.

They're coming here.

They have been coming here.

They are coming here.

But we can see they are on the increase in coming here.

Give us a sense, this is something, we've seen figures float around and pass each other in newspaper articles and various research about how many russian rich actually live in london.

I mean, we're talking about 150,000, 200,000, but it's very difficult.

What do you know?

What does bloomberg know about russian millionaires in london?

Yeah, i mean, it echos the sentiment.

We've heard that there is definitely a flee to safety, and that safety is in the west.

They fear much more -- they fear far less sanctions coming from the west.

They don't worry about losing their apartments.

I mean, ukraine, a apartment, i think he's less afraid about losing that to sanctions from the e.u. than he is to losing his fortunes in ukraine, where putin is unpredictable, violent , upheaval, riots and all that sort of thing.

We spoke to a high-end real estate broker a couple of weeks ago when we were first chasing the sanction story, thinking that russians were really going to pull their money from the west.

He said just the opposite.

He had one client who essentially hp given him the green light to purchase any property worth $10 million or more in london.

Well, that number jumped at the moment putin took crimea.

He wanted his money out of ukraine, out of the east bloc and into london.

Does the trend continue?

You talked about a pickup.

You talked about the fact that -- you both talked about the fact that they're seeing an acceleration in this process.

Does that carry on from here?

Are we going to have more and more russians arriving in london?

No, no, i'm not afraid, but is it something that's caused by a short-term story surrounding what's happening in the ukraine?

Ukraine is just a blip on an overall bigger trend, do you think?

Well, without the political situation, when i was growing up, i read about london, about england, about royal family, you know, oscar wilde, charles dickens.

Ought beautiful and more intricate things and, you know, like every russian person actually knows about all the adventures by heart.

We just think that -- i feel like i should go back and read my doe unanimous doyle.

Russians do read conan doyle on a regular basis, and there's a beauty of history and literature and royal family and tradition is very alluring for most people.

Is that the real reason?

Is that the reason they're coming here, for conan doyle and prince george?

That's why they're coming?

Well, you'll have to kind of think that it's not very realistic reason.

People are curious.

So when they come here, they satisfy their curiosity, they see an -- i'm talking on behalf of many russians leaving here, london does take -- london is most beautiful city in the world.

I was going to ask, because it's very romantic, and actual al lot of russians are very well read.

There's also an afinity with paris and the french language, but how much does it actual have the to do with asset prices in london going up?

Yeah, london is always a good market, and the wealthy coming in are driving everybody who can't afford to pay those prices out of the market.

I think it's a safe investment when you look at it that way, and i don't see that it's stopping.

The ukraine crisis is a rather momentary blip, and this has been happening -- london has been the wealth capital of the world for millionaires and billionaires for decades, if not hundreds of years.

I don't see it changing.

All right, thank you so much.

Now we're back in just a couple of minutes.

?

This text has been automatically generated. It may not be 100% accurate.

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change