EURASIA LIFT

Human Rights Issues in Eurasia / Правовые Вопросы В Регионах Евразии

RUSSIA = A Country of Beggars and Choosers / Moscow Ahead New York

Posted by Info on 30/05/2011

Russia already ranks in seventh place on the list of countries with the largest number of the “richest millionaires,” whose assets are worth $30 millions or more, behind the United States, China, Germany, the UK, India and France.
Moreover, Russia’s millionaires beat out their foreign competitors by the wealth that is concentrated in their households: an average rich family here has $2.1 million, putting Russia in fifth place behind Switzerland ($4.2 million), Singapore ($4 million), the United States ($3.7 million) and Hong Kong ($2.9 million). Russia ranks third in the world in its number of billionaires, behind the United States and China. Moscow has become the world capital of billionaires (79 billionaires) ahead of New York City (58 billionaires).

The authors of Deloitte’s survey took different sources of wealth into account, including financial assets such as stocks, bonds and other investments, and non-financial assets including real estate, expensive goods and business ownership. By this methodology, the present and future millionaires in Russia could also be divided into two subgroups – active “earners” and passive “owners.” “Future millionaires could earn their capital in traditionally highly-profitable sectors of the Russian economy, such as oil and gas, metallurgy and extractive industry, electric-power industry, transport, retail trading and telecommunications.

BUT a survey conducted by the Moscow Higher School of Economics (HSE) found that 60 % of the population in Russia has the same real income it had 20 years ago when the Soviet Union collapsed, and some even became poorer. HSE’s research found that income inequality between the late 1980s and the late 2000s in Russia has grown eight times faster than in Hungary, and is five times greater than in the Czech Republic. At present, the Gini coefficient, a statistic that determines income and wealth inequality worldwide, is twice more in Russia than in Sweden, and equivalent to those in Iran, Turkmenistan, Laos, Nigeria….more HERE

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