Wealth inequality has been on the rise in Russia for several years. According to StockApps.com, the wealthiest 1% of the country’s population hold almost 60% of the nation’s wealth. This makes it the highest level of wealth inequality in the world.
StockApps Financial analyst Edith Reads said, ” Wealth inequality is a severe issue in Russia and has been for some time. This is mainly due to the wealth disparity between Russian oligarchs. The stark economic inequality in Russia is reflected in the World Bank’s Gini Index, which measures income or wealth inequality. In 2022, it was calculated at 37, making Russia an unequal country.”
The number of high-net-worth individuals (HNWIs) has also been steadily increasing in Russia. In 2021, approximately 0.2 percent of Russian adults (or 311.9 thousand residents) owned over one million U.S. dollars.
The total wealth of the adult population in the country reached nearly 3.8 trillion U.S. dollars—with a significant portion belonging to roughly 6.2 thousand ultra-high-net-worth individuals (UHNWIs) whose net worth exceeded 30 billion U.S. dollars.
Richest Person in Russia
The wealthiest person in Russia is the businessman Alexei Mordashov. According to Forbes’s annual billionaire list, his and his family’s combined net worth was around $29 billion. He owns a third of one of Europe’s biggest tour operators Tui, and a majority stake in the Russian steelmaker Severstal.
Despite Russia’s economic challenges, Mordashov has been able to amass an impressive fortune and is said to be among the most respected business leaders in the country. Wealth inequality in Russia is expected to continue increasing in 2022, with Mordashov and his peers remaining the wealthiest people in the country.
Promoting Equality
The rise of wealthy oligarchs and billionaires amidst economic inequality shows that Russia’s economy needs to be reformed and more inclusive policies implemented to see sustainable growth in the future.
The disparity between rich and poor directly affects social cohesion, political stability, and public policies. This is why it is essential to find a way to combat such disparities and create more significant economic opportunities for all citizens.
This can be achieved through increased investment in education, infrastructure, and health services and the implementation of progressive taxation policies that promote greater economic equality and social justice.
Ultimately, reducing wealth inequality will help create a more prosperous and equitable society in Russia.
