• Chart: How Russia’s Ultra-Wealthy Eclipse Their Country’s Economy | Statista

According to The Economist, approximately 85 percent of Russian billionaire wealth can be attributed to the so-called crony sector, where business and political power players work together to share profits and favors. Russian President Vladimir Putin has been known to use this class of the loyal and influential to cement his power for years. Out of the country’s richest mentioned on the Bloomberg Billionaires Index, Gennady Timchenko of investment firm Volga Group appeares on the UK sanctions list, while Petr Aven of ABH Holdings, Mikhail Fridman of Alfa Group and Alisher Usmanov of Metalloinvest are being sanctioned by the EU.

The U.S. also exhibited an extraordinarily high billionaire wealth at between 14-15 percent of GDP. But despite the fact that the United States is home to around 35 percent of all the billionaires listed on the Bloomberg index, including the top 9 individuals with net worths between $95 billion and $221 billion, Russian billionaires are still richer in comparison to their country’s economic output.

France, India and Canada also ranked high for the wealth-to-GDP ratio. In their cases, the outcome is driven by extremely wealthy individuals that eclipse the wealth of other billionaires in the countries. They are Bernard Arnault of LVMH (net worth $138 billion) and L’Oreal heiress Francoise Bettencourt Meyers ($78 billion) from France, Reliance chairman Mukesh Ambani ($87 billion) and port operations magnate Gautam Adani ($84 billion) from India and Changpeng Zhao of Binance ($67 billion) from Canada. The second-richest Canadian, Sherry Brydson of investment firm Woodbridge, which controls Thomson Reuters, has a net worth of only $14 billion.

• Chart: How Russia’s Ultra-Wealthy Eclipse Their Country’s Economy | Statista

One thought on “• Chart: How Russia’s Ultra-Wealthy Eclipse Their Country’s Economy | Statista

  1. Reblogged this on The Most Revolutionary Act and commented:
    The U.S. also exhibited an extraordinarily high billionaire wealth at between 14-15 percent of GDP. But despite the fact that the United States is home to around 35 percent of all the billionaires listed on the Bloomberg index, including the top 9 individuals with net worths between $95 billion and $221 billion, Russian billionaires are still richer in comparison to their country’s economic output.

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