Profit, but: in seven years, only gold and deposits have generated income above inflation

Over the past seven years, only two financial instruments have shown returns above official inflation — gold and ruble-denominated bank deposits. This follows from the analysis of the Association of Russian Banks (ARB), which was reviewed by Izvestia. From 2019 to 2025, prices increased by almost 63%. During this time, the value of gold has almost quadrupled, and the yield on deposits has been about twice as high as inflation. Investments in stocks, currencies, and real estate did little to preserve the purchasing power of savings. What tools can bring profit this year is in the Izvestia article.

Why gold and deposits have overtaken inflation

The price increase from 2019 to 2025 reached 62.9%. And, as follows from the analysis of the Association of Russian Banks, gold has become the most profitable instrument over the past seven years, this asset has increased in value by 295%, that is, it has almost quadrupled in price.

The precious metal in ruble terms has increased many times over this period, largely due to devaluation and global price increases for protective assets, said Denis Astafyev, fund manager and founder of the SharesPro fintech platform. Precious metals will always be perceived, especially in times of crisis, as a protective asset and a safe haven capable of preserving capital. There will always be demand for such investment instruments, he added.

Photo: Global Look Press/Sven Hoppe

Over the past seven years, deposits have also helped keep money from inflation. The maximum rate on them for the entire period was 115%, according to the ARB. Deposits have shown good returns due to the long period of tight monetary policy. Since December 2024, the key rate has been at a record 21% for six months. Therefore, ruble-denominated bank deposits offered good conditions to make money from this situation.

Main beneficiary: what benefits will Russia get from rising gold prices

This can bring additional income to the country.

The one who managed to deposit money into the account at the beginning of last year before the key was lowered was able to make the most profit, said the financial adviser and founder of Rodin.Capital Alexey Rodin.

The average result of depositors strongly depended on the strategy. Those who kept money on deposits formally and rarely renegotiated the terms earned moderately. But those who regularly shifted funds during peak interest rates, especially in 2024-2025, could receive a cumulative return at or above inflation in seven years. As a result, deposits during this period became not just a tool for saving money, but a full-fledged alternative to more risky investments, explained Denis Astafyev, an entrepreneur, fund manager and founder of the SharesPro fintech platform.

Which assets do not help protect against inflation

The profitability of other core assets failed to outpace inflation. The housing cost index has increased in proportion to the price increase over the past seven years. The Moscow Exchange index increased by 13.9%, and over the past year it even decreased slightly (by 4.6%). And the RTS index increased by only 2.5%. In 2025, the market became more unstable, so the return on investment continued to fall, ARB notes.

Photo: IZVESTIA/Sergey Lantyukhov

In ruble terms, real estate prices rose at about the official inflation rate. But the real return for the investor turned out to be lower due to high costs: when buying, you need to pay VAT and realtors' commissions, when selling, taxes, plus fixed maintenance and repair costs, explained Igor Rastorguev, a leading analyst at AMarkets.

The profitability from renting out housing averages 5-7% per annum after deducting expenses, which, taking into account the inflation of recent years, gives almost zero result. Commercial real estate shows the best figures — up to 10-12%, but the entry threshold there is much higher, the expert added.

One of the advantages of such an investment is a physical asset that can literally be touched, so its depreciation is unlikely, said Evgeny Shavnev, General Director of the real estate investment company Flip Group. However, the "entry point" is high enough, that is, in order for this facility to work as a plus, you need to buy it for cash and at the project stage.

The stock market is still not so clear, the expert believes. The Moscow Exchange index closed 2025 at 2,767 points, the second consecutive year in the red. This is due to the high key interest rate, geopolitics and the compression of domestic demand.

Photo: IZVESTIA/Yulia Mayorova

The growth of country risks, limited access to capital, business restructuring and the high cost of money in the economy were affected, Denis Astafyev agreed. High interest rates hinder the growth of stocks and force investors to transfer money to deposits and bonds. A change in the situation is possible with lower interest rates and increased predictability of the economy. But even in this case, the driver of profitability will not be the indices as a whole, but individual companies and sectors, the expert believes. In particular, over the past two years, a number of stocks have also been in the black, said Alexey Rodin.

Deposit zone: the share of short deposits has reached a record level

What is the threat to the economy and what can shift the interest of citizens towards long money?

However, all the same, the shares at best minimally covered inflation, said Maria Ermilova, International Financial Adviser, Associate Professor of Finance for Sustainable Development at Plekhanov Russian University of Economics.

What investments can you earn in 2026

The most understandable and conservative tools for a retail investor are bank deposits. In 2026, they can bring the investor about 15% per annum. If you operate with an average deposit size of 650-700 thousand rubles, then you can earn about 100-115 thousand rubles a year, said Alexey Rodin from Rodin.Capital.

Investors should also consider portfolio diversification, including gold, bank deposits and high-quality shares of Russian companies, Maria Ermilova believes. Despite the short-term risks, a long-term strategy can provide stable income and capital protection from inflation. It is important to regularly analyze the market and consult with experts before making decisions, she added.

Photo: IZVESTIA/Roman Pimenov

In general, gold will grow in the long term, Alexey Rodin believes. In an ideal scenario, by the middle of 2026, its price will reach $5.5–6 thousand per ounce. In his opinion, the sentiment of private investors towards this asset is quite positive in terms of forecasts.

Strong stock growth is possible only after the economy stabilizes and business conditions improve. Only certain industries are currently recovering, so it is better to act cautiously — a conservative strategy is safer, explained Maria Ermilova.

Experts agree that it is worth allocating funds between different asset classes. Currently, the most understandable and attractive options are bank deposits and gold.