Just How Rich Are Russia's Billionaires? - Bloomberg:
"In its 2013 Global Wealth Report, Credit Suisse asserts that Russia's transition to capitalism failed the country's people, creating an economy with the world's highest level of wealth inequality. According to the report, 110 Russian billionaires command 35 percent of the nation's wealth, while worldwide, billionaires account for 1 to 2 percent of total household wealth.
"At the time of transition there were hopes that Russia would convert to a high skilled, high income economy with strong social protection programs inherited from Soviet Union days," the report said. "This is almost a parody of what happened in practice."
Much is wrong with Russia's blend of crony capitalism and a powerful public sector. But Credit Suisse's picture of wealth inequality is as much a data quality problem as a real issue."
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