Russia: 110 Russians Own 35% of the Money

DAILY EXPRESS: Just 110 people own more than a third of Russia's total wealth, the highest level of inequality in the world barring small Caribbean nations, a new report says.

Investment bank Credit Suisse said that the group owned 35% of household wealth.

Worldwide, billionaires account for just 1-2% of total wealth but Russia has one billionaire for every 11 billion dollars (£6.9 billion) in wealth while in the rest of the world there is only one for 170 billion dollars (£107 billion).

The fall of Communism saw Russia's most prized assets sold off to a small circle of businessmen later known as oligarchs. President Vladimir Putin allowed them to keep their wealth in exchange for their political loyalty. » | AP | Wednesday, October 09, 2013