Gap between rich and poor in Russia among the world’s biggest

 Published time: October 09, 2013 16:00                                                                            

RIA Novosti / Alexey KudenkoRIA Novosti / Alexey Kudenko

Wealth inequality in Russia is one of the highest in the world. A report by Credit Suisse says 35% of Russian household wealth controlled by just 110 billionaires. Worldwide, billionaires collectively account for 1 to 2 percent of the total wealth.

“Russia has the highest level of wealth inequality in the  world, apart from small Caribbean nations with resident  billionaires,” Credit Suisse’s annual global wealth report says.

According to the study there’s one billionaire for every $11  billion in household wealth in Russia. This compares to a 1  billionaire to $170 billion in the rest of the world.

An earlier report by Forbes showed the number of   billionaires in Russia has increased 13 fold since the turn of  the century – from 8 in 2000 to 110 people in 2013.

The huge wealth gap is a “parody” of the hopes for a prosperous  egalitarian society that some had  after the collapse  of the Soviet Union.

Russia’s 110 millionaires own around $10,976bn in assets, but the  median wealth is much lower, with half of the adult population  owning $871. This compares to $301,000 average wealth per adult  in the US, and $513,000 in Switzerland –  the country  with the highest wealth per adult in the world.

In a broader context, global wealth has more than doubled since  2000, reaching a new all-time high of 241 trillion US  dollars.  The household prosperity was up mostly   on the back of economic  growth and  rising population  levels in emerging nations, the report explained.


Categories: Societal

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