According to the Moscow Times, which quotes data from Russian analytics firm Frank RG, Russian HNW individuals keep about $140 billion of their wealth at home, with $315 billion abroad. This is in spite of Russian president Vladimir Putin's call for them to repatriate funds as part of a "de-offshorization" drive.

Compared with 2017, this year Russian banks saw a 15.1 per cent increase in the accounts of their Russian clients; however, only 5 per cent of this growth was the result of a return of capital from abroad, the report said.

The report added that the study, which covered 27,000 people, was carried out between April and October this year, taking figures from 11 Russian banks and their private banking arms.

The data helps explain, for example, why Russian HNW individuals are among the most enthusiastic holders of citizenship-by-investment programs and similar schemes.