May 12, 2012
Moscow has always been considered as one of the important world cities; in the Soviet time it was based on political criteria and the geopolitical role of the Soviet Union, but in the post-Soviet period Moscow is creating its name among world cities by growing its financial sectors and by taking advantage of the new market opportunities in all sectors
According to Forbes, Moscow today is where there are the highest number of billionaires living in a city and that number has increased by 21 in the last year alone (between 2010-2011). When you take a cab to downtown Moscow from the airport, you are welcomed by the signboards of McDonalds & KFCs everywhere and the numerous branded merchandise signals that the city of Moscow is fast catching up from its socialist past.
By 2020 the GDP (gross domestic product) of BRIC (Brazil, Russia, India andChina) nations will surpass the GDP of North America, and the Eurozone. For the qualified expat who comes to Moscow with an open mind, the opportunities are numerous.
Moscow offers some of the best benefits for highly qualified foreign managers. The big opportunities are in fast growing industries like retail banking, telecoms, manufacturing, and oil & gas.
A survey conducted in 2010 by HSBC bank has found that expatriates living in Russia are the wealthiest in the world, with 36 percent earning more than a quarter of a million dollars.
A third of all expats in Russia — the highest proportion in the world — make more than $250,000 per year, with almost half reporting an income of $200,000 per year or more. Among the sample, 42% of the expats were from the United Kingdom, 12% from the Netherlands and 6% each from the USA, France and Canada. It also works both ways as Russian firms looking for the stamp of respectability in international markets, hire expats to reassure foreign investors that the company is not mired in corruption.
So while Russia may indeed have the best-paid expat jobs, those filling these posts tend to know the country well, speak the language or offer some unusual skill. Moscow is one of the most expensive cities in the world for expats to live in. Lots of money is spent on rent, international schooling for children and other expenses.
Russia’s most serious economic risk stems from its dependence on the price of oil to remain above $115 a barrel. To overcome that, in November 2009, the then President Dimitry Medvedev started the Skolkovo Innovation Centre (or the Russian silicon valley) in Moscow. It works towards building intellectual capital and encouraging the development of various technologies. The start-up exhibition and Conference «42» took place on May 28th and 29th, 2012 in Moscow. The event attracted more than 1,500 people including successful Internet-entrepreneurs, venture capital investors, business-angels, highly-regarded experts and specialists in the field of new technologies to Moscow. In short, the timing seems right for the expats who would like to move to Moscow for an adventure that they won’t regret!
About me: Ranjeev RAJAN – I am currently doing an MBA in the Moscow School of Management SKOLKOVO, which includes an exchange program with MIT Sloan in Boston, USA. I am interested in topics such as Startups, innovation and emerging markets. I have worked with Internet and technology startups and large corporations for many years, helping managers, founders and investors unlock growth. I am available for projects as a growth hacker, interim CEO/CTO or for technical/management due diligence.
For more details, project references and contact data, please email me at email@example.com