What’s the world’s most unequal country? Any guesses?
Russia has the highest level of wealth inequality in the world, apart from small Caribbean nations with residentbillionaires. Worldwide, there is one billionaire for every USD 170 billion in household wealth; Russia has one for every USD 11 billion. Worldwide, billionaires collectively account for 1%–2% of total household wealth; in Russia today 110 billionaires own 35% of all wealth.
The vast majority of Russians have little to their names – over 90% have less than $10,000, meaning there is a huge gap between the haves and the have nots. It is, ironically, the complete opposite of the communist ideals that Russia would have held a generation ago. It’s swung from one extreme to the other. Somewhere in the middle there’s a medium to be found. Let’s hope the next generation of Russians find it.
This graph is from Business Insider, who contrast it with the US.