More than a third (35% to be precise) of Russia’s household wealth is owned by just 110 people. According to a report released by a major investment firm, this is one of the highest level inequalities in the world. By contrast, billionaires in other parts of the world account for just 1-2 % of the total wealth.
Statistically speaking, Russia has one billionaire for every $U.S. 11.6 billion in wealth. The report published by Credit Suisse further reveals that the wealth in other parts of the globe is distributed evenly; there is one billionaire for every $U.S. 170 billion in wealth. It has been argued that during the fall of communism, Russia’s most prized assets were sold off to a small circle of entrepreneurs later referred to as oligarchs.
Unlike what experts projected, the fall of the Soviet Union did not turn into a highly skilled economy with wealth distributed evenly. The 35% of Russia’s wealth controlled by its billionaires translates to $U.S. 420 billion.
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