Russia is the most unequal major economy in the world, with almost two-thirds of its wealth controlled by millionaires, a wealth research company has said.
Some 62% of Russia’s wealth is held by US dollar-millionaires and 26% of its wealth is held by billionaires, New World Wealth said in a report on Wednesday. Russia’s economy is climbing out of recession and the International Monetary Fund sees it growing by 1% in 2017, CNBC reported.
“If millionaires control over 50% of a country’s wealth then there is very little space for a meaningful middle class,” New World Wealth said.
Japan—the world’s third-largest economy—was the “most equal” major country by this measure, with millionaires controlling only 22% of total wealth.
The US was “surprisingly equal,” with around one-third of total wealth held by millionaires.
“This is surprisingly low considering all the negative press that the US gets in terms of income inequality,” New World Wealth said.
Income inequality, along with stagnating real wages and the welfare of the working and middle classes, is in focus in the US ahead of the presidential election in November.
New World Wealth ranks the US eighth in the world for average wealth per person, which it puts at $151,000.
Up top on this measure was Monaco, where over 5% of the 40,000 residents are worth over $10 million. Wealth per capital stands at just under $1.6 million in the country.
India—the world’s fastest growing economy—was the “unequal” major country by this measure, with millionaires controlling 54% of total wealth.
In UK, 35% of millionaires control total wealth and Australia with 28%.
