Fewer than 100 Russian billionaires now have a combined wealth that is greater than the entire population’s savings, according to figures published by Forbes.
Russia is regularly named in international ratings as one of the most unequal of the world's major economies, with an estimated 89 percent of the country’s wealth owned by its richest 10 percent, according to Credit Suisse.
Overall, 98 Russians with a combined wealth of $421 billion were included in Forbes magazine’s annual list of billionaires published Tuesday.
The Russian billionaires’ total wealth topped Russian citizens’ bank deposits, which totaled 27.7 trillion rubles ($420.7 billion) last month.
Official data suggests that in 2018, Russians saved the least amount of money — 5.6 percent of their earnings — than any year since 2008.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
