Russia continues to produce dollar billionaires, despite the stagnation of the economy and the fall in the standard of living of the population, which has lost 10% of real disposable income over the past 8 years.
About 500 “super-rich” citizens of the Russian Federation own assets worth $ 640 billion, owning 40% of all financial assets of the country, analysts from the Boston Consulting Group (BCG) calculated, the findings of which are cited by RBC.
The wealth of less than 0.0001% of the adult population exceeded Russia’s international reserves, which are managed by the Central Bank ($ 605.9 billion), as well as the savings in banks of all citizens combined (32.9 trillion rubles, or $ 455.6 billion).
In terms of the current exchange rate, the assets of the five hundred richest Russians (46.2 trillion rubles) are twice the annual size of the federal budget (22.6 trillion rubles) and by 15% the annual revenues of the entire budget system of the country (including regions and extra-budgetary funds), which are estimated about 40 trillion rubles.
The segment of the richest Russians (with assets of more than $ 100 million) accumulates about four times more funds than the world average (13%).
There are now 57 thousand dollar millionaires in Russia, and the established trends make it possible to predict that in five years there will be more than 75 thousand of them, although their share in the growing volume of private capital in the country will remain unchanged, Sergey Ishkov, managing director and partner of BCG in Moscow, told RBC.
The total volume of private wealth in Russia at the end of 2020 is estimated by BCG at $ 4.1 trillion.
Of these, $ 1.6 trillion falls on financial assets – cash, deposits, bonds, stocks, pension plans. Their volume in 2019-20 grew at an average rate of 13% per year, which is higher than both the indicators of the Eastern Europe region (+ 12%) and the world average (8.3%).
Real assets – real estate, land, tangible assets – are growing at an average rate of 9.1% per year and have reached $ 2.8 trillion.
Private sector liabilities (mainly debt) are estimated by BCG at $ 0.3 trillion, and their average growth rate is 11.9% over the past five years.
Global financial wealth at the end of 2020 reached an all-time high of $ 250 trillion due to the growth of household savings and unprecedented injections from central banks, dispersed stock markets and allowed governments to launch large-scale aid programs.
Over the next five years, BCG predicts, the regions of North America, Asia (excluding Japan) and Western Europe will mainly generate global financial wealth: they will account for 87% of the growth of financial assets in the world in the period until 2025.