110 oligarchs own a third of Russia's wealth

 

Agency
Wednesday 09 October 2013 18:57
Comments

A staggering 35 per cent of household wealth in Russia is owned by just 110 people, the highest level of inequality in the world barring a few small Caribbean islands, a report by a major investment bank says.

By contrast, billionaires worldwide account for just 1-2 per cent of total wealth, Credit Suisse said. Russia has one billionaire for every $11bn in wealth while the rest of the world has one for every $170bn.

The fall of communism saw Russia’s most prized assets sold off to businessmen later known as oligarchs. President Vladimir Putin allowed them to keep their wealth in exchange for political loyalty.

AP

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in