Richest 3% of Russians own 90% of the country’s financial assets (study)

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The richest 3% of Russians owned 89% of all financial assets in 2018, according to a joint study by the Higher School of Economics and the public bank VEB.

This is the first time that an in-depth study of wealth inequalities has been attempted in Russia, according to the business daily Kommersant. reported Friday. Last month Forbes magazine reported that the combined wealth of less than 100 Russian billionaires exceeds the bank savings of the general population.

The share of all financial assets held by the richest 3% totaled 89.3% last year despite a decline since 2013, according to Kommersant, according to the study.

The richest 3% held 92% of all term deposits and 89% of all cash reserves, he continued.

Conversely, the poorest 20% of Russians held 6% of all financial assets, 4% of term deposits and 5% of cash reserves in 2018.

About 13 percent of the Russian population Lives in extreme poverty by developed world standards. Russia put behind all of its Eastern European neighbors last year in an assessment by aid agency Oxfam of 157 countries’ commitment to poverty reduction.

Independent polls have also find that the Russians were very unhappy with President Vladimir Putin because of the unequal distribution of income.


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