The number of high net-worth individuals, or Russians with more than $1 million in assets outside their primary residence, declined to 97,100 from 135,700 in 2008, "wiping out two robust years of growth," said Jean-Marie Deluermoz, Merrill Lynch Wealth Management emerging markets director.
Last year, Merrill Lynch reported that Russia had one of the 10 fastest-growing populations of wealthy individuals after the group grew 14.4 percent in 2007.
The report, which is based on surveys by more than 1,300 finance advisers, said the drop in the number of Russian wealthy this year significantly outpaced that of the world as a whole.
The worldwide figure fell 14.9 percent to 8.6 million people, with India experiencing one of the sharpest declines, Deluermoz said.
The return to high levels of wealth will depend on the revival of commodity prices, which is in turn dependent on a resurgence of consumer spending in the United States, Deluermoz said.
"The whole chain has to put itself in motion, and we're just about to start seeing this happen," he said.
In last year's report, Merrill Lynch said Russian clients showed a particular preference for passion investments -- yachts, planes, luxury collectibles and art -- but this year they are increasingly turning to marked-down real estate abroad.
"Russian clients are going to buy real estate in places like Florida ... where prices have fallen," Deluermoz said.
While the number of Russian billionaires has fallen to 32 this year on Forbes' rich list from 87 the year before, there are enough wealthy people remaining with money to spare, Deluermoz said.
"Even if you've lost 20 percent of your net worth, you're still wealthy. Furthermore, you want to recoup some of the money you've lost," he said.
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