Senior Ukrainian officials have significantly increased their personal wealth over the past two years despite the conflict with Russia, an analysis of self-reported income and assets has revealed.
The study was conducted by the Ukrainian business news site Ekonomicheskaya Pravda based on mandatory disclosures required from officials concerning themselves and their family members. The deadline for reporting on the previous year expired on March 31, meaning that a complete dataset is now available to the public.
A third of the senior officials picked by the newspaper for their sample reported new major assets, such as vehicles or real estate, the outlet reported on Wednesday.
For their study, the journalists picked 2,200 top-tier members of various branches of the Ukrainian government, prioritizing those whose family names are most common in the country. They tracked the changes in the holdings of these individuals by examining disclosures from this past year and previous years. The open hostilities with Russia started in February 2022.
The officials chosen by the outlet reported 721 cars, 268 apartments, and 90 homes newly owned by their households over that period of time. The second half of 2022 saw the highest numbe of acquisitions in all three categories, but there has been only a relatively small drop in the rate of purchases since.
The public servants also managed to boost their ownership of liquid assets in the form of cash and bank deposits by roughly a quarter. The US dollar was the most popular currency among Ukrainian officials, with a $6 million increase reported by the 2,200 people studied.
The outlet stressed that it likely underestimated the increase in wealth among officials since “not all of them follow their duty” and disclose their assets accurately. For instance, a former regional head is currently being investigated after failing to mention property worth some $1.8 million, which a news outlet had linked to members of his family.
Some of the changes were due to changes in marital status, the report said. One MP, who married a wealthy businessman in 2023, consequently reported dozens of land plots owned by her new family, according to the article.
The Ukrainian government relies heavily on foreign credit and aid to remain operational. Its central bank reported last month that in January and February a shortfall of financial support from other nations forced it to shift to borrowing domestically and depleting reserves to cover the budget deficit.