The global wealth report for 2016 published last November by the bank Credit Suisse revealed that among all major economies, Russia had by far the highest concentration of wealth in the hands of an oligarchy. The report found that the top decile owns a stunning 89 percent of all household wealth in Russia, up by 2 percent from 2015. This compares to 78 percent in the United States and 73 percent in China.
The report further stated that no less than 122,000 individuals from Russia belong to the world’s wealthiest 1 percent. There are some 79,000 US-dollar millionaires living in Russia. The country also has the world’s third largest number of billionaires, 96, topped only by the 244 living in China (which has almost 10 times the population of Russia) and the 544 billionaires in the US.
The headline says it all.
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Yup! The Grand Theft that transpired in the past 30 years has made some criminals extremely wealthy, primarily through crony deals like privatizing public assets, privatizing gains and socializing losses. It remains to be seen what the people will do about it...
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