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Russia enters super-rich household top-5

Published time: June 10, 2014 13:56
Edited time: June 10, 2014 16:02
Reuters / Denis Sinyakov

Reuters / Denis Sinyakov

The number of super-rich Russians jumped in the last year, with the country home to 536 ultra-high-net-worth (UHNW) households each with at least $100 million. Russia is now fifth in the Boston Consulting Group (BCG) study of the extremely wealthy.

Also the number of millionaire households increased 18.5 percent to 213,000.

Image from bcgperspectives.com

Russian millionaires are getting richer at almost twice the pace of the middle class. In 2013 households with assets of at least $1 million increased their fortune by 25 percent, while others increased by just 14.5 percent.

Russian private financial wealth grew by 21.9 percent to $1.92 trillion, while the world increased by 14.6 percent to $152 trillion. The major share of income came from the stock market, with average profitability of 22.6 percent.

Put into global context, Russia is well behind the leaders of the BCG ranking.

By 2018 the US with 4,754 UHNW households will reach $54 trillion of private financial wealth remaining the world leader.

Russia’s strong 84 percent boost will still look weak as it will just reach $4 trillion. China will experience the same percentage growth as Russia, however in real terms the growth will be different – $40 trillion compared to $22 trillion in 2013. It would be the biggest increase in the list in terms of value.

In terms of growth rate India will show the highest rise, as the wealth of the richest households is forecast to grow 129 percent, to go up from $2 trillion to $5 trillion.

The most concentrated location for millionaires is Qatar were almost every sixth household very wealthy. It’s followed by Switzerland, where millionaires account for 12.7 percent of households, then come Singapore 10 percent, Hong Kong 9.6 percent, Kuwait 9 percent, Bahrain and the US 5.9 percen

United States United Kingdom China Germany Russia France Canada Hong Kong Switzerland Italy Austria Turkey India Australia Brazil

Image from bcgperspectives.com

Comments (10)

 

John Smith 11.06.2014 05:35

Arthur Pewtey 10.06.2014 23:21

By my calculations that's 1 in every 246,000 people in Russia. 1 every 1.4 million in china. One every 66,000 in the USA and one every 61,000 in the UK (a fair number of which will be Russian). On that basis distribution of wealth appears more balanced in liberal democracies.

  


Ac tually, it shows just the opposite, in that the wealth of Russia, as seen in the graph, is still well disbursed among the majority, with much less of it being held by a few, unlike in UK and USA where most of the wealth is held by a few. A well documented fact.

 

moribundus 11.06.2014 03:33

Arthur Pewtey 10.06.2014 23:21

By my calculations that's 1 in every 246,000 people in Russia. 1 every 1.4 million in china. One every 66,000 in the USA and one every 61,000 in the UK (a fair number of which will be Russian). On that basis distribution of wealth appears more balanced in liberal democracies.

  

What about the way? On local level we call it mafia, on big scale foreign policy.

 

Z Gus 11.06.2014 03:32

It's not something any country should be proud of! Is Russia also on the path to degrade most of his own citizens into paupers, and concentrate all material wealth in the hands of a few exploiters? This is the way of the West!

Bring back communism! Even if it was dictatorial at least it had principles. "All according to their needs (to share tha national wealth), and all according to their capabilities (contributing to the common effort)."

Has no one left in the world who lives by morals and humanistic values?

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