The Boston Consulting Group has released a report showing that the personal financial wealth of Russians will grow faster than anywhere else on the planet, save India.
Buoyed by a flood of cash from oil and gas exports, the value of stock, bonds and other financial assets held by Russians will grow at 12 percent yearly through 2010.
Personal financial wealth in India, meanwhile, will grow at 13 percent; in China, 11 percent; and in Brazil, 6 percent, according to the report, released Tuesday.
To be sure, Russia and the other so-called BRIC countries are still playing catch-up: In 2005, Russians boasted just $558 billion in financial assets, versus $31 trillion in the United States and $12 trillion in Japan. The report only measures investors’ financial assets and not cash tied up in a business or home.
Source: Moscow Times | Global Wealth 2006 study by BCG
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Ha – I hope so David 🙂
Well the money is still highly concentrated in Moscow as you might imagine. I have seen living standards rise though our here in the regions, our flat here (300km outside Moscow) has increased 100% in value over 3 years which is fairly dramatic.
As they say though in that article:
Great, I hope that includes you. I wonder where that money will be spent and if it will have a trickle down or will the rich get richer?